Zeti on vindictive mode to cover-up for sleeping

Bank Negara Governor, Tan Sri Zeti Akhtar Aziz has yet repeat herself on the 1MDB investigation yesterday.

Zeti was reported saying "progress being made" and "action on 1MDB" on three approvals given under Exchange Control Act for 1MDB to invest abroad.

She took the vindictive act to insist on the repatriation of the money despite explanation by Attorney General, Tan Sri Apandi that there is no legal basis to prosecute on those alleged infringements. She was insisted BNM made no mistake and unreasonably insist on the repatriation of money earmarked for the "debt to asset swap".

Yesterday's report is telling that she is covering up for her slip shot work in enforcement. If Zeti is so damn serious about investigating and putting things right at MDB, why is she not seriously pursuing the yesterday mentioned disappeared fugitive Casey Tang and Jasmine Loo?

Putting up on website is hardly much an effort. Another of her drama on 1MDB?

Reporters enquired her yesterday and her response is merely "We have not had any direct communication with them yet". Basically, BNM is still looking for the duo.  

That was December 1st, yesterday.

Just two weeks ago on November 17, MP for Kelana Jaya, Wong Chen had raised in Parliament on the whereabout of the 1MDB 5 - named as businessman Low Taek Jho, former 1MDB executives Casey Tang and Jasmine Loo, SRC International managing director Nik Faisal Ariff Kamil and Deutsche Bank country manager Yusof Annuar Yaacob.

He felt that it should not be that difficult to trace them, particularly Jasmine Loo. She was traced to a high-end apartment in New York by WSJ. 

DPM and Home Minister replied to explain that BNM and MACC had not made a police report and request the help of Interpol. Subsequently, Wong Chen suggested that BNM and MACC make the necessary police report.

MACC has responded. Taken from Lim Sian See FB below:

MACC announced that it has recorded statements from businessman Jho Low, and SRC International Sdn Bhd director Datuk Suboh Md Yassin abroad last Sunday said MACC deputy chief commissioner Datuk Seri Mohd Shukri Abdull.

Two weeks ago, the MACC had also announced that it already recorded a statement from SRC International Sdn Bhd (SRC) managing director Nik Faisal Ariff Kamil and that since MACC is able to reach all these individuals, it did not need the services of PDRM or Interpol to reach them,

What is Zeti doing? Tidor ...

Arul Kanda had met PAC yesterday and PAC Chairman has expressed satisfaction so far. What is there to it as it was not him that messed it up with bad investment like Petrosaudi? There was no satisfaction remark on Dato Shahrol in his Monday PAC appearance.

Arul is due to see them again on December 18th. By then, PAC should receive the finalised Auditor General report on December 17th.

In case, someone complained why took so long, what do you expect a charge sheet ready to apprehend Dato Najib within weeks of formation of so-called Special Taskforce? If true, then it is a conspiracy against Najib because it take so long.

If blame is needed, blame it on Zeti for "tidor".

No impact?

In case, there are those out there still wanting to do the argument who are you to complain of Zeti? Surely we will not say something as "1MDB's asset sale no impact on market."

Yo nenek! Weren't you that blame ringgit decline to 1MDB? Why now saying:

"Our system is large and the foreign exchange market is huge. A single transaction so far in our monitoring does not impact the market.

"Only cumulative transactions will affect the market."

And, it was Zeti that said market will recover upon settling the 1MDB issue.

Foreign exchange

Here is a lesson on foreign exchange for Zeti and for all just add water experts by Low Jin Wu, no relation to Taek Jho Low. Ringgit cannot sustain falling on mere perception of 1MDB. It has been falling due to factors of oil price plunge, devalutation of yuan, and fed rate hike.

And someone should look at foreign reserve of the country. Some veteran foreign exchange dealers notice it is unreasonably stable. Below for short term within 2015:

Foreign reserve affect currency badly. See chart below:

Remember we wrote of capital flight last year. Our resere have been taking a fall since after GE 13 but plunge at end of 2014:

So what did Zeti do?

We had said she had been doing nothing. Strangely, foreign excgange dealer were saying BNM had been doing a one year currency swap to buy and sell US dollar and sell and buy ringgit for first leg and sell and buy US dollar and buy and sell ringgit for second leg next year.

It is basically a set of foreign exchange transactions meant to borrow or lent out ringgit or US dollar. With the projection on reserve to be bad, should be be reverse exponential projection below:

Or linear downward projection below:

Is Zeti massaging the reserve figure by misrepresenting a swap transaction? We are NOT blaming or accusing but market is talking.

Tidor lagi ...