[#najibiscrackingup! ]...Breaking News : Bank Negara Drops Atomic Bomb On Najib's And Apandi Ali's Head

[#najibiscrackingup! ]...Breaking News : Bank Negara Drops Atomic Bomb On Najib's And Apandi Ali's Head

Folks, this is the latest news that is burning up bandwidth in KL this evening.  

After yesterday's "finger pointing at Bank Negara Malaysia" statement by the Attorney General's Chambers, Bank Negara Malaysia has just released the following retort against the Attorney General's Chambers. 

Here is a snapshot of the release as well as the text below this:

Here is the text :

Statement on 1MDB by BNM

The Attorney General’s decision with respect to the investigations on 1Malaysia Development Berhad (1MDB) relates to Bank Negara Malaysia’s recommendation to initiate criminal prosecution against 1MDB for breaches under the Exchange Control Act 1953 (ECA). It is to be noted that under the Federal Constitution, the decision to initiate criminal prosecution lies solely with the Attorney General.

As an investigative authority, the Bank is duty bound to conduct its investigations with the highest professional care and diligence. 

The Bank at all times expects full and accurate disclosure of information by applicants in considering any application under the ECA. On its part, the Bank concluded that permissions required under the ECA for 1MDB’s investments abroad were obtained based on inaccurate or without complete disclosure of material information relevant to the Bank’s assessment of 1MDB’s applications.

Therefore, the Bank has revoked three permissions granted to 1MDB under the ECA for investments abroad totalling USD1.83 billion and also issued a direction under the Financial Services Act 2013 to 1MDB to repatriate the amount of USD1.83 billion to Malaysia and submit a plan to the Bank for this purpose.

The Bank will continue to extend its full cooperation to ongoing investigations by the Royal Malaysia Police and the Malaysia Anti-Corruption Commission.  

Bank Negara Malaysia

09 October 2015

My comments in blue :  This is a very carefully worded statement by BNM. The way I read it, it exposes the 'baru jatuh dari langit, kita semua tahu pasai apa' newly appointed by the Boogey's Man Attorney General Apandi Ali as a complete bullshitter. 

Note the following:

• "..under the Federal Constitution, the decision to initiate criminal prosecution lies solely with the Attorney General."

In other words it is Apandi Ali who is not doing his job. Dont try to blame it on Bank Negara Malaysia.

• the Bank is duty bound to conduct its investigations with the highest professional care and diligence

In other words, Apandi Ali's contention that there was insufficient evidence or that there was no new evidence is bullshit. This is not a "kes curi itek" in the kampong ok. 

Apandi Ali is not an expert on banking regulations.  As the Government's sole banking and financial regulator, BNM is the technical expert on banking laws, financial regulations and the compliance or breach thereof. Not Apandi Ali. Bank Negara Malaysia knows what they are talking about and what they are doing.

• the Bank concluded that permissions required under the ECA for 1MDB’s investments abroad were obtained based on inaccurate or without complete disclosure of material information

This is not a subjective matter, ie subject to interpretation, debate or argument. 

Merriam Webster says that the word 'inaccurate' is also synonymous with "false, incorrect, untrue, untruthful, wrong".     I hope Apandi Ali knows what is Merriam Webster. 

If 1MDB had submitted information which Bank Negara in their expert opinion believed was  "false, incorrect, untrue, untruthful, wrong"  then that was a crime.   That is why Bank Negara had recommended criminal charges in Court against 1MDB. 

• the Bank has revoked three permissions granted to 1MDB under the ECA for investments abroad totalling USD1.83 billion and also issued a direction under the Financial Services Act 2013 to 1MDB to repatriate the amount of USD1.83 billion to Malaysia 

So Bank Negara Malaysia had already revoked permissions granted to 1MDB for investments abroad totalling USD1.83 billion (RM7.57 billion).  

Permission granted by whom? According to the Kway Teow seller, by the Minister of Finance.

BNM had also asked 1MDB to bring back the USD1.83 billion which UNTIL today 1MDB has NOT done.  This is a super clear breach of Malaysia's financial regulations. So 1MDB has broken the law.  This is not subject to interpretation, argument or debate.

Under the powers vested in Bank Negara, which is the Government's own banking and financial regulator, they had revoked whatever permissions granted to 1MDB. 

There is no more argument. 1MDB did not comply.

Bank Negara even told 1MDB  "to repatriate the amount of USD1.83 billion to Malaysia" and gave 1MDB time  "to submit a plan to the Bank for this purpose"

All this - 1MDB did not do and has not done until today. That is breaking the law. 

Not having any experience running the AG's Chambers or perhaps not properly understanding the expert role of Government regulatory bodies like Bank Negara Malaysia, Apandi Ali still went ahead and did what was expected of him as the "brand new jatuh dari langit, kita semua tahu pasai apa" Attorney General of Malaysia. 

Hence Apandi Ali's predicament today.  He is certainly the laughing stock of the AG's Chambers, of Bank Negara Malaysia and the whole country.

What a way to cap a career.