Tuesday, March 3, 2015

Sack the entire governing board of 1MDB BNM Zeti now!

PM must sack 1MDB bosses, Zeti must quit

 | March 4, 2015
Khairuddin Abu Hassan praises the Cabinet for rejecting 1MDB's cash
injection request and attacks the Bank Negara Governor for relying on
1MDB najib razak, Zeti, Arul Kanda2PETALING JAYA: A prominent critic of 1MDB has urged the Prime Minister to sack the entire governing board of the company as well as its CEO, saying they had failed in their moral and legal duties as evident in their recent request to the government for a RM3 billion cash injection.
The call was made by sacked Umno divisional leader Khairuddin Abu Hassan, who also said Bank Negara Governor Zeti Akhtar Abdul Aziz should resign for apparently ignoring the threat posed by 1MDB to the national economy.
In a statement given to FMT, Khairuddin congratulated Prime Minister Najib
Abdul Razak and the Cabinet for rejecting the 1MDB request which he said
was to “cover up the accumulating errors and misdeeds” of the company’s
chairman and board of directors.
“Given this very sensible and pragmatic decision,” he said, “I should like to
remind the Prime Minister of my prayer in December that the entire 1MDB
board be sacked for failing in their duties, both legal and moral.
“In addition, the Prime Minister should also dismiss the newly appointed
CEO, Mr Arul Kanda Kandasamy, who is clearly out of his depth and who,
after much fanfare, can only think of turning to the rakyat for even more
money to squander.
“Should the Prime Minister feel my prayer is out of order, then I would ask
him to consider if the 1MDB board and senior management, entrusted as
they are with Malaysia’s future development and her oil wealth, are
anywhere near the calibre of men like Raja Tun Mohar Raja Badiozaman,
Datuk Rastam Hadi and Tun Abdullah Salleh, whom his father, Tun Abdul
Razak, appointed as economic managers and advisors.”
His call for Zeti’s resignation came in a separate statement which referred to
reports of the central bank governor “expressing her hope that ratings agencies
will give Malaysia a fair assessment” and not downgrade Malaysia’s sovereign
“It is as if the governor is unwilling to confront the real, obvious issue of the
1MDB loan default,” he said.
“That our beloved governor must now plead for fairness from international
rating agencies is really a reflection of where the country and the economy
is at – near the gutter, as it was during the Asian Crisis of 1997-98.”
He referred to news reports worldwide that “have attributed the fall of the
ringgit to the ever-growing risk of 1MDB defaulting on its loans”.
Khairuddin also referred to the 1MDB’s audited accounts for the period
ending on March 31, 2013. He highlighted the US$1.58 billion (RM4.9 billion)
meant to be used for the development of the Tun Razak Exchange (TRX) but
which 1MDB decided to place with overseas investment institutions.
“The US1.58 billion was part of the US$3 billion debt securities that had been
 issued by 1MDB’s subsidiary, 1MDB Global Investements Ltd (1MGIL), and
the debt papers were supported by a letter of comfort from its shareholder, which
is the Government of Malaysia,” he said.
“The amount was to be used as seed capital for the development of TRX by Abu
Dhabi Malaysia Investment Co Ltd (ADMIC).”
ADMIC is a 50:50 joint venture betweeen 1MGIL and Aabar Investments PJS.
Khairuddin noted that the Aabar group in 2011 thwarted efforts by Maybank and
CIMB to take over RHB Capital Bhd.
Sack the entire governing board of 1MDB BNM Zeti now!

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