Tuesday, January 26, 2016
Be firm on latest "bank run" attempt on LUTH
Last Friday, an unnamed black blog appeared to make allegations that Lembaga Urusan Tabung Haji (LUTH) is unable to make dividend payment due to some financial constraint faced.
No specifics were given till a later posting revealed two letters from Bank Negara Malaysia's Governor, Tan Sri Dr Zeti Akhtar Aziz to Minister, Dato Jamil Khir and another to LUTH Chairman, Dato Azeez Raheem with cc to CEO Tan Sri Ismee Ismail.
Judging from the letter produced, it looks to be a usual Bank Negara cautionary letter to LUTH Minister in charge and management. The letter will not be reproduced for fear of breaking BAFIA. Proceed to Outsyed the Box if the postings still not taken off. [The explanatory reply from MyKMU is here].
In what looks like a collaboration to release the sensitive letter in the black blog and subsequently being given publicity and commentary by Dato Abdul Kadir Jasin and Syed Akbar in their blogs, the modus operandi is similar to the blietzkrieg against LUTH on the TRX land many months ago.
Maybe the same set of players are unhappy that LUTH did not follow their expected outcome to sell the land. Possibly the latest effort is to divert attention from the leadership crisis in Kedah and maintain the pressure to revive the dying 1MDB and donation issue.
Co-incidently, AG said today no criminal offense was done on receiving Saudi donation. It tallies with a comment by one adviser to MACC that saw the IP and conclude no criminal intent or offense done. Also disclosed the money was returned to the Saudi.
The current episode raises concern on information leakage happening in government, enforcement authorities and public institutions.
It was the piecemeal leakages by Xavier Justo, players like Clare Brown, WSJ, Tony Pua, etc., and even possibly authorities involved in the investigation that led to the uproar and presumption crime was committed and major hanky panky done in 1MDB.
Thus far no proof has been revealed by critics and detractors of Dato Najib. Authorities too have not found anything wrong done. Bank Negara Governor, Zeti have had a change in attitude as per her CNBC interview recently.
On this latest leakage, it could still come from LUTH but it cannot be discounted that it could have come from Bank Negara.
A source once revealed that Bank Negara could have leaked some of the 1MDB and political donation related documents at WSJ but no proofs available to substantiate.
If the latest leak had come from Bank Negara, it would be sad state of affair. Bank Negara documents and letter are confidential and governed by secrecy under BAFIA but within the authority in charge of BAFIA itself, there are leakages. No accusations but mere concerns.
LUTH and Bank Negara should look at this episode seriously. Such letters leaked and manipulated could cause a "bank run" on LUTH. The panic initiated by the two bloggers and one suspiciously known anonymous blogger could lead into such consequence, as planned or by accident.
It could eventually destroy an important and respectable Islamic institution. Once destroyed, it is difficult to resurrect.
Syed Akbar, who profess to Islam Liberal beliefs, may be against the existence of Institutional Islam but consider the almost 9 million depositers saving money to make their Haj.
LUTH is one of the best saving mechanism for that purpose. Its attractive scheme even attract high networth individuals saving in the millions of ringgit in LUTH.
So such collaboration to instill fear into the naive smaller depositors should not be taken lightly but with a serious and firm hand. More so it is the second such attempt to instill fear. Two consecutive exercises within a short span of time could be devastating.
One of the blogger make no bone about giving "idea" to small depositors to take their money out. This outright economic sabotage is a negative Keling trait which spoil the good name of Keling.
Police and MCMC should be notified and investigation carried out immediately. Hauled up whoever need hauling.
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