Second deputy governor in Bank Negara to resign over the past year

We need more men like Sukhdave Singh

LETTER | Exemplary leadership, particularly so within our key public institutions, is vital for Malaysia’s continued progress towards becoming a truly developed nation.

Exemplary leadership can be summarised in a single word: credibility.

As stated by two leading leadership theorists, J. M. Kouzes and B. Z. Posner, “Credibility is the foundation of leadership.” Credibility encompasses both competence (having the ability to excel in your job) and character (demonstrating moral intelligence).

In this regard, it is a dark moment in our nation’s history that Sukhdave Singh, who epitomises credible leadership, recently announced his “early retirement” as the deputy governor of Bank Negara. He was due to retire in April 2019.

Sukhdave, who holds a PhD in Monetary and International Economics from Vanderbilt University (USA), joined Bank Negara in 1986. In April 2013, he was appointed as the deputy governor of Bank Negara for a three-year term. Due to his sterling performance, his term in the same position was extended in April 2016 for another three years. He is undoubtedly one of Malaysia’s most respected economists and central bankers.

In a recent note to his friends and colleagues, Sukhdave stated his reason – albeit tactfully – for leaving Bank Negara; “All I can say is that my life in the bank has been based on certain professional expectations, and when I find myself put in circumstances where those expectations can no longer be met, there could have been no other decision for me.”

Our nation definitely does not need “cari makan” or “politically correct” leaders without backbone who will sell their souls for self-serving agendas. I know too many of them.

I salute Sukhdave, whom I do not know personally, for being upright and maintaining the highest professional standards in executing his responsibilities.

History will remember him positively in the tradition of other exemplary Malaysian leaders such as the late Ani Arope, Tan Chee Khoon and Karpal Singh (Tiger of Jelutong) (photo).

I am deeply impressed with the above-mentioned well-written and succinct note by Sukhdave regarding his “early retirement” on Dec 31, 2017.

It captures the fundamental principles of exemplary leadership, including moral intelligence (“Remember that nothing shines a brighter light into the depths of your character than your behaviour when you believe that you have power over others”); practising humility (“No one gets to my position without the help of others”); and demonstrating self-respect and respect for others (“It is also never acceptable to use bullying as a means to exert your leadership. Respect yourself; respect those who work for you).

Sukhdave is also correct in stating that “leadership is a responsibility and not a privilege.” Exemplary leaders demonstrate responsibility to those they lead by bringing out the best in them and attaining a shared vision and not abusing power for their own personal gain or to bully others.

Above all, he personifies impeccable integrity, the importance of which is best summed up by Warren Buffett; “I look for three things in hiring people. The first is personal integrity, the second is intelligence, and the third is a high energy level. But if you don’t have the first, the second two don’t matter.”

In today’s highly competitive world, the future well-being of every nation greatly depends on credible leadership. Leaders with credibility such as Sukhdave are indeed rare, and thus his “early retirement” is definitely Malaysia’s loss.

Worse still, it adds further credence to the widely shared belief that to hold high office in the Malaysian public sector, one has to “toe the official line”. Integrity is much bandied about in our public sector but seldom appreciated and rewarded by our political leaders.

What a shame!

We need more men like Sukhdave Singh
29 Nov 2017 – malaysiakini


Pua chides deputy minister over 1MDB investigation ‘joke’

Pua chides deputy minister over 1MDB investigation ‘joke’

PJ Utara MP Tony Pua says deputy minister using Chinese words urging patience is not funny, when anything linked to opposition is dealt with ‘lightning speed’.

PETALING JAYA: The statement by Deputy Minister in the Prime Minister’s Department Razali Ibrahim on investigations into 1MDB makes a mockery of the enforcement agencies in the country, says Tony Pua.

The Petaling Jaya Utara MP criticised Razali for trying to be coy in the Dewan Rakyat and urging people to be patient with regard to the ongoing investigation into 1MDB.

On Tuesday, Razali told the Dewan Rakyat that “God-willing, the truth will be revealed” before using some Chinese words to make his point.

“In Chinese, we say man man lah, man man (slowly lah, slowly). We will wait for the (outcome of the) matter, which is under investigation by the relevant authorities,” he said.

Pua compared such attitude with the “lightning speed” at which relevant enforcement agencies act if there was any issue even remotely linked to the opposition or parties critical of the government.

“The government treating 1MDB as a joke just shows how ridiculously selective investigations in Malaysia are, as the first police reports filed against 1MDB were done in 2014.

“By comparison, the investigation into Penang Chief Minister Lim Guan Eng, started with a report to MACC on March 18, last year.

“Investigation papers were submitted to the AG in May and an arrest by MACC was made in June, all in a matter of four months,” Pua said.

He called the government’s attitude “obnoxious” as Malaysians had waited long enough for a decision on a case involving multi-billion dollars that’s already been ongoing for years.

“Worse, other countries have already investigated, charged and even jailed perpetrators involved in crimes linked to 1MDB, while Malaysian authorities continue to drag their feet on the matter.

“How much slower does the deputy minister expect investigations to slow down to?” he asked, on the investigation papers that had been given to the Attorney-General’s Chambers in June 2015, according to the home minister.

“That was over two years ago, and the Attorney-General and the police are still passing the investigation papers between each other.”

Pua chides deputy minister over 1MDB investigation ‘joke’
November 16, 2017 – FMT


Ridiculous to urge for more patience over 1MDB case, says Pua

Ridiculous to urge for more patience over 1MDB case, says Pua

TONY Pua has hit out at Deputy Minister in the Prime Minister’s Department Razali Ibrahim for calling for more patience over the 1Malaysia Development Berhad investigations, saying it is selective prosecution and double standards.

The Petaling Jaya Utara MP said Putrajaya was treating the 1MDB scandal as a joke, adding that it was ridiculous to expect Malaysians to wait longer for an answer to a years-long case.

“Why is Malaysia the most ‘man man’ (‘slow’ in Mandarin) in the world when the rest of the world has been very ‘kuai kuai’ (fast) in prosecuting those who have been complicit in stealing billions of dollars from Malaysian taxpayers? ” Pua said in a statement today.

Razali, on Tuesday in Parliament, had used Mandarin in urging for more patience over the 1MDB investigations.

“In Chinese, we say ‘man man lah, man man’ (slowly lah, slowly). We will wait for the (outcome of the) matter, which is under investigation by the relevant authorities. God willing, the truth will be revealed,” Razali had told the Dewan Rakyat.

Pua said the authorities would investigate at “lightning speed” if there were issues linked to the opposition or parties critical of the government.

“By comparison, the investigation into Penang Chief Minister Lim Guan Eng, which started with a report to the Malaysian Anti-Corruption Commission on March 18 last year.

“Investigation papers were submitted to the attorney-general in May, and an arrest by MACC was made in June.

“It took MACC just two months to investigate and the A-G just one month to decide on prosecution, despite Lim having presented evidence to counter the charges against him.”

Pua said the relevant agencies should be just as independent and efficient when dealing with high-profile scandals as they had been in the case of Lim.

“Why don’t we see this level of efficiency when it comes to scandals involving tens of billions of ringgit, which implicate even the prime minister and his family?

“Dismissive comments, such as those in the deputy minister’s speech, prove just how little the government cares about upholding justice and protecting the interests of ordinary Malaysians.

“With billions in Malaysian public funds gone and allegedly used to fund the lavish lifestyles of others, we need to ask who the government is really defending.” – November 16, 2017.

Ridiculous to urge for more patience over 1MDB case, says Pua
16 Nov 2017 – TMI


Kleptocracy and its effects

(source: Wikipedia)


US attorney general calls 1MDB scandal ‘kleptocracy at its worst’

US attorney general calls 1MDB scandal ‘kleptocracy at its worst’

WHILE the Malaysian government maintains that no money was lost in the 1Malaysia Development Bhd (1MDB) scandal, the US attorney general says it has “restrained” some US$3.5 billion (RM14.1 billion) worth of assets from the national investment fund started by Prime Minister Najib Razak.

“For example, nearly half of the US$3.5 billion in corruption proceeds we have restrained is related to just one enforcement action.

“That action was related to a Malaysian sovereign wealth fund known as 1MDB. 1MDB was created by the Malaysian government to promote long-term economic development for the benefit of the Malaysian people,” said US attorney general Jeff Sessions at the Global Forum on Asset Recovery today.

Sessions dubbed the 1MDB scandal as “kleptocracy at its worst” and said more than US$4.5 billion in funds had been laundered via a complex web of transactions from shell companies ranging from Switzerland and Singapore to Luxembourg and the United States.

“But allegedly corrupt officials and their associates reportedly used the funds for a lavish spending spree: US$200 million for real estate in Southern California and New York; US$130 million in artworks; and US$100 million in an American music label, not to mention a US$265 million yacht.

“Today, the US Department of Justice is working to provide justice to the victims of this alleged scheme,” he said.

Sessions said that without the cooperation of foreign law enforcement partners, the US couldn’t have returned millions in corruption proceeds to compensate victims.

“That includes approximately US$119 million to the people of Italy, US$115 million to the people of Kazakhstan, more than US$20 million to the people of Peru, and millions more to the people of Nicaragua, South Korea and Taiwan,” he said.

So far, the Malaysian government has refused to cooperate with foreign law enforcement partners, as can be seen by the rejection of Switzerland’s request for mutual legal assistance (MLA) twice.

Centre to Combat Corruption and Cronyism (C4) executive director Cynthia Gabriel said Sessions’ comments showed that the 1MDB case was “very much alive” and that Attorney General Apandi Ali was “duty-bound” to reopen the case.

“We are vindicated in that the American attorney general, in not so many words, said the case was very much alive and that this is the largest case they are pursuing. This is something that the Malaysian government pretends doesn’t exist,” she said.

Gabriel said that Malaysia’s reluctance to cooperate with foreign law enforcement had caused problems in the foreign nations returning seized 1MDB funds and assets.

“The Global Forum on Asset Recovery is a global effort organised by the World Bank as an initiative and is supported by the US and UK.

US attorney general calls 1MDB scandal ‘kleptocracy at its worst’
5 Dec 2017 – TMI


ANZ Bank officers aware of RM2.6 billion transfers into Najib’s accounts

ANZ Bank officers aware of RM2.6 billion transfers into Najib’s accounts

THREE senior ANZ Bank officials were told about the large money transfers into Prime Minister Najib Razak’s personal account in AmBank, according to a news report by Australia’s Special Broadcasting Service (SBS) yesterday.

SBS News said the three senior ANZ officials were part of the AmBank board of directors and they were briefed about the large transactions on multiple occasions between September 2014 and November 2014.

The report said that AmBank’s then chief executive officer Ashok Ramamurthy, a former ANZ official seconded to AmBank, was instructed to report the big money transfers to Bank Negara Malaysia (BNM).

The public-funded broadcaster said it has contacted BNM about when they were notified about the transfers.

The Wall Street Journal (WSJ) revealed in 2015 that some US$700 million (then about RM2.6 billion) of deposits were wired into Najib’s personal account in AmBank between January 2011 and April 2013.

WSJ further alleged that the money came from state investment fund 1Malaysia Development Bhd via an elaborate system of money movement involving offshore accounts in the Cayman Islands, United States, Switzerland and Singapore.

Najib has denied any wrongdoing and said that the funds came from the royal family in Saudi Arabia to promote moderate Islam and combat terrorism.

According to SBS, the Australian banking giant had three officials on the AmBank’s board as it was the single largest shareholder with a 24% stake, purchased in 2006.

“ANZ’s 24% stake in AmBank, purchased in 2006, gives it the right to appoint key management positions at AmBank and the right to hold up to four seats on the 12-member AmBank board.

According to SBS, ANZ chief executive Shayne Elliott told an Australian parliamentary inquiry in October 2016 that no ANZ employee was involved in what has happened in AmBank.

“AmBank has conducted those investigations. The allegations around AmBank revolve around a company called 1MDB. ANZ has had no relationship with that company. No employees of ANZ have had any involvement in that company or what has alleged to have happened at AmBank,” Elliott said.

According to the SBS report, Elliot said that when staff were seconded from ANZ to AmBank they were no longer ANZ employees, did not report back to ANZ and were only responsible to the AmBank board.

“Once those employees are seconded there, they essentially sever their ties with ANZ almost 100%,” Elliott said. – November 14, 2017.

ANZ Bank officers aware of RM2.6 billion transfers into Najib’s accounts
14 Nov 2017 – TMI


A clarion call for all Malaysians to save the nation


Where are my brothers and sisters,
My friends of yesteryears?
Who together built this nation
With a democratic constitution?

The time has come for us to rise
In unison and in one voice
To save our beloved nation
For our future generations.

We have to fight against corruption,
And call for clean administration.
We have to fight against nepotism,
And abuse of power and cronyism.

We have to install good governance,
And law and order maintenance.
We have to fight religious bigotry,
And preserve racial unity.

We have to get rid of corrupt leaders
As well as their bootlickers.
We have to remove kleptoracy,
And re-establish true democracy.

Only then can the future be assured,
And our progress be measured
As a multi-racial country

Living in peace and harmony.

A clarion call for all Malaysians to save the nation
25 Nov 2017 – malaysiakini

Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?