Friday, October 09, 2015

Royal rebuke exposed more of Zeti's incompetency


The first two para in Bank Negara Malaysia's description of "About the Bank" in their website [read here] explains their role, crystal clear:
The role of Bank Negara Malaysia is to promote monetary and financial stability. This is aimed at providing a conducive environment for the sustainable growth of the Malaysian economy.

Bank Negara Malaysia’s monetary policy stance is to maintain price stability while remaining supportive of growth. Bank Negara Malaysia is also responsible for financial system stability. This is achieved by developing a sound, resilient, progressive and diversified financial sector which serves to support the sectors of the real economy. It also plays an important function in implementing initiatives to deepen and strengthen the financial markets, including the foreign exchange market.
Do the instant noodle foreign exchange experts need further explanation? Those still asking what else BNM can do should refer to their 1999 publication: The Central Bank and the Financial System in Malaysia: A Decade of Change. Probably there are more updated editions.

If it does not add up to 10, come back to a former "agent" for BNM interventions in Forex and Money Market. Happen to spend his semi-retired free time as a blogger these days.  

On the ringgit market, there had been a profit taking activities that saw a temporary breather from the bullish US dollar condition. It could also be a retracement but no intervention reported [read a report here]. The 1 year chart above indicate also a new base forming.

More important, the chart tell us that the country's foreign exchange ringgit market is not stable and not conducive for the sustainable growth of the Malaysian economy. Does it indicate Zeti doing anything?

If still defensive, we can only repeat this quote, "We must not let other people's limited perceptions to define us." At least you should appreciate as to why we are adamant to say Zeti is a smart academics but crumble under pressure.

There is more indicators of her incompetence.

Attorney General's clarification to the pre-council statement by the Rulers' Council was most interesting:
PRESS RELEASE

REGARDING STATEMENT ISSUED BY THE KEEPER OF THE RULERS’ SEAL ON BEHALF OF THE MALAY RULERS

With reference to the statement issued by the Keeper of the Rulers’ Seal on behalf of the Malay Rulers on 7 October 2015 and prior adverse or negative statements and comments against the Attorney General’s Chambers (AGC) on the delay in the completion of the investigation related to 1MDB and a decision thereon, the AGC wish to state the following.

The Task Force on investigations into 1MDB has never been dissolved or disbanded and the AGC has never made any statement to that effect. In fact the investigations conducted by the respective agencies were never at any time halted or hindered. The Attorney General has been constantly monitoring and giving instructions to the relevant agencies whenever the investigations were referred to the AGC, including instructions to expedite investigations.

As of today the Royal Malaysia Police (RMP) and the Malaysian Anti-Corruption Commission (MACC) have not completed their investigations as some key witnesses’ statements have yet to be recorded.

As for the Central Bank of Malaysia (CBM), the investigation was conducted into 1MDB for an offence under paragraph (4)(b) of Part 1 of the Fifth Schedule to the Exchange Control Act 1953 namely, knowingly or recklessly making a statement which is false in a material particular.

The investigation paper (IP) was submitted to the AGC on 21 August 2015. Having studied the IP, the Deputy Solicitor General 1, Datuk Tun Abd Majid bin Tun Hamzah, decided that there was no offence committed by the 1MDB officials and directed that no further action should be taken. The IP was returned to CBM on 11 September 2015. Hence the decision had been communicated to CBM on the same day.

However, on 1 October 2015 CBM transmitted a letter of request to AGC to have the decision reviewed. Having considered the request and the fact that there was no new evidence made available, the Attorney General decided to maintain the decision made earlier.

In this respect, the AGC would like to state that what had been in the news between 12 September 2015 until today concerning the IP still being with AGC and that discussions were ongoing, is inaccurate and not true.

ATTORNEY GENERAL’S CHAMBERS MALAYSIA
8 OCTOBER 2015
3.30 PM
According to the Exchange Control Act here, para (4) of Part 1 of the Fifth Schedule of Exchange Control Act reads:
4. No person in or resident in Malaysia shall—
(a) with intent to evade the provisions of this act, destroy, mutilate, deface, secrete or remove any documents;

(b) in furnishing any information for any of the purposes of this act, make any statement which he knows to be false in a material particular, or recklessly make any statement which is false in a material particular;

(c) obstruct any person in the exercise of any powers conferred on him by virtue of this part
The offense is punishable by fines up to RM10,000 or imprisonment up to 3 years or both.

The punishment is no misdemeanor but it looks like Bank Negara was investigating 1MDB on technicalities similar in nature to Dato Khir Toyo being imprisoned for transacting with someone with dealing with state government despite mush talked claiming it is bribe.

More cases of incompetence.

An operator of SSTDM and reformasi leaning, Wan Ahmad Fayshal posed several questions in Facebook here to create doubt. Pro-UMNO bloggers, Facebookers and politicians seemed to buy into his lies. WAF missed something cardinal. 
 Why was BNM only investigating on the above clause?

This blogger was made to understand that the alleged false information was related to othe Cayman Island investment that is placed in BSI account in Singapore.

It is logical since it was initially informed in Parliament and public as US dollar cash and become a weapon by pro-Tun to blame Arul Kanda as lying but it was voluntarily corrected as Units in a Sovereign Fund.

To be charged for a mistake, it would be a misdemeanor. That is unless there is a clear intention to deceive. Since it is voluntarily corrected, it is not. God knows what happen behind the scene, but there is something more puzzling.

Is that what Bank Negara only went after and found? Did BNM investigated but could only find a misdemeanor?

It would mean there is no issues despite the numerous allegations and money trail published. BNM was said to have done the money trail with collaboration with their overseas counterpart.

The money trail from 1MDB to Petrosaudi till Najib's account published by Sarawak Report had a major factual error on Good Star Ltd. It is heard The Edge bosses was angry with Clare Rewcastle for fabricating and publishing the piece of information.

Tempted to say BNM could not find anything wrong and found no credibility with the money trail, thus did not pursue those issues.
On that note. Dato Khairuddin and Matthias Chang could be in serious trouble for economic sabotage for fabricating an international level slander.

Under SOSMA, it is difficult to help unlike in 2010 [read here and here]. He has capable lawyers to help.

Heaven's do not play the same hunger strike game again. You are no Gandhi-ji. One could get sprayed like at Kota Baru airport for repeating the same trick.

Worse still, one could be seen as guilty by playing perception game. Kudin already did an Anwar with his dengue.
More on Zeti.

Oh boy, our so-called "salary", as the protun cybertrooper claim when lack of any intelligent argument, could be withheld for this but we will still do.

Is Zeti doing a cover-up by not investigating all these? It would be convenient to some to blame on AG also.

Zeti's claimed she did not know of the remittance of foreign money to the tune of RM2.6 billion into Najib's personal account at Arab Malaysia. She may not be telling the truth and suspiciously playing games.

We know. Foreign exchange, foreign remittances, BNM operations and exchange control are not something unfamiliar. At least, for the last 30 years. It cannot not be undetected.

The preliminary deduction is Zeti could be an accomplice but pretending to be victim, doing a blame game and subtly doing sabotage to regain credibility. If not, she is plainly as incompetent as her inability to manage the Ringgit market.

15 comments:

Anonymous said...

Now people have called you out on Zeti's incompetency as BNM Governor, you're personally attacking her and your ramblings are getting more off-tangent.

I thought that rant on Ali Hamsa was a one-off thing but seems to be your modus operandi.

Cheers.

Anonymous said...
This comment has been removed by a blog administrator.
Caspar Milquetoast said...

Well, the Sarawak Report hasn't been sued to kingdom come. Neither has the WSJ.

Clare Rewcastle-Brown is still publishing unimpeded in the UK. The brave talk about arrest, extradition and Interpol lists didn't seem to materialise.

It was reported that bank accounts in Singapore have been frozen. The Singapore authorities haven't denied reports about this.

The role and modus operandi of 1MDB has been questioned.

What is the Bank Negara Governorships role in any or all of the above?

As for defending the Ringgit, what are the "10 tools" available to her?

Does she have the ability to second-guess the forex market, the US Fed, the risk perceptions about Malaysia, the China slowdown etc etc?

Did the government's economics brains trust see any of these coming? Were they prepared for "black swan" events?

If you are bent on making the BN Governor a scapegoat for the woes of the Ringgit or the economy, what about the others who are equally responsible (or culpable)?

Are you giving them a "free pass"?

mapsscom said...

KESIAN ZETI.
HOWEVER,ALL GOVERNMENT SERVANTS[HAMBA KERAJAAN] ARE SUBJECT TO POLITICAL PRESSURE
SINCE THE TIME OF MAHATHIR.

KESIAN ZETI.
TO BE BRAVE.BOLD AND COURAGEOUS IN MALAYSIA IS AKIN TO BEING A ???

MAKLUMLAH,HILANG KERJA,MARUAH,MUNKIN DI JEL DAN DI ANGGAP SEBAGAI SAMPAH OLEH
HAMBA KERAJAAN YG LAIN2.

THERE IS NO MORAL GAINS AS WELL AS RESPECT AND INTEGRITY TO BE ACHIEVED IF
THE HAMBA KERAJAN WERE TO SPEAK THE TRUTH AND NOTHING BUT THE TRUTH.

KESIAN ZETI.
WE ALL KNOW THAT THE GOVT.SERVANT ARE MERELY "MAKAN GAJI AJE" AND NOTHING ELSE.

KESIAN ZETI.
ONLY AFTER RESIGNING FROM THE GOVT.POST AND GETTING THE PERKS ACCORDED WILL
THE HAMBA KERAJAAN BECOME INDEPENDENT.

KESIAN ZETI.
NOW YOU KNOW WHY THE MODERATES SPEAK UP!

I DO HOPE THAT THIS ARTICLE SERVES AS A "CASE STUDY" FOR ALL THE HAMBA KERAJAAN.
"BUAT BETUL SALAH,BUAT JAHAT LAGI SALAH"!

KESIAN HAMBA KERAJAAN.

Anonymous said...

Yes, Tan Sri Zeti is so bloody incompetent that she has been voted as amongst the best central bankers in the world more than once.

You need dedicate more time watching that "Oh My English!" show on Astro, kalau sukar sangat untuk menghasilkan satu penulisan yang baik dalam Bahasa Inggeris, tulis sahaja dalam Bahasa Melayu. Tambahan pula, lebih ramai orang bukan Melayu di Malaysia yang boleh berbahasa Melayu dengan lebih baik. Kami tidak mengheret markah C3 untuk matapelajaran Bahasa Melayu di peringkat SPM dan Band 1 MUET ke universiti awam, tidak seperti sesetengah jenis manusia yang hanya suka menangguk di air keruh. Tan Sri Zeti is doing her job in her own subtle way, as she had always did all these years. You don't expect her to behave like Rani Kulup and Ali Tinju right? Drama je lebih. Pukul dulang paku serpih.........

Anonymous said...
This comment has been removed by a blog administrator.
Hate Liars said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
A Voice said...

Anon 4:41

Her accolades does not matter.

She failed under pressure. She failed to do her duty. She fail in upholding her integrity for allowing the alleged personal account deposit go through or put a blind eye.

THe accolades were from her fellow neo-con monetarist. They are only to glad to honour someone from Malaysia kow towing to IMF and World Bank.

If so many thing is wrong with the govt and leadership, why didn't she quit?

She chose to stay on the and finish her 2 years remaining term. In the first place, the 5 year extension was indeed suspicious. How could a suppose to retire public servant get extended more than 2 years?

People just chose to see things from what they want to see and what is happening. We are presenting a side no one dare say. Happy to see the oppositions to my view but do stay civil.

No need to insult anyone especially the host!

Anonymous said...

A Voice

Check this out.

Stated clearly BNM under control of rothchild

https://europeanmediacentre.wordpress.com/2013/09/02/list-of-banks-owned-by-the-jewish-rothschild-family/

Could it be the reason zeti gets to be central banker of the year despite having no guts.

Anonymous said...

Wow this is getting out of hand, you are rambling. Accolades doesnt matter? Thats like saying usain bolt's gold mean diddly shit. Come on man you were just a small timer. Its like im saying usain's gold meant nothing as i could have done the same if there was a 100mph wind behind me. Why dont you share with us duties of the pm of malaysia or his role? Then things would get interesting. I see this as a ramble and a personal attack. Back up your claim instead of using "buckle under pressure".

pengundi Melayu said...

this week the ringgit gets better... we will see if you are going to praise Zeti for the good job

Nazri Awang said...

I don't know if you understand economics or not, but there's little BNM can do to support the ringgit. Go ahead and read about impossible trinity. And the personal attack on Zeti is very uncalled for.

Anonymous said...

ringgit bounce back this week.. thanks to minister of finance and his 1mdb i.. zeti should do something about it before it fell again.

Anonymous said...

Even the title of this post is so spun. Royal rebuke on Najib, oops 1MDB, but it uncovers Zeti's incompetency? Oh wow you are one master spinner, I almost had a change of heart reading your post. For a while there, I almost thought that all the misfortunes our country is having are all thanks to Zeti, not Najib, but luckily I'm blessed with a sound mind and common sense.

My Say