By KINIBIZ
Bank Negara Malaysia governor Zeti Akhtar Aziz has said it outright: the public has the right to know what the probes into controversial 1Malaysia Development Bhd (1MDB) discovered.
“We have looked at contraventions to approvals of 1MDB and have submitted them to the Attorney-General’s Chambers,” she said a panel discussion called “The State of the Malaysian Economy and Investment” in Kuala Lumpur, organised by the Performance and Management Delivery Unit.
The central banker said further that if all issues surrounding the nation, which include 1MDB and political uncertainty, are resolved then the embattled ringgit will be on track towards recovery.
In saying such Zeti echoed what has been on the minds of most Malaysians following the unfolding 1MDB controversy. In particular, her wording in the first quote above raises questions on what these contraventions were exactly and what laws might have been broken in 1MDB’s dealings.
It is long overdue for the findings of various probes into the company to be made public. Better late than never though. It’s not like Putrajaya has anything to hide if everything is in order, right?
Right?
Meantime here’s a selection of our best news, analyses and commentaries this past week for your reading pleasure while we wait out the haze:
REDtone, surviving the dotcom crash and beyond. Few companies survived the dotcom crash of the late ’90s, and fewer still have managed to reinvent themselves to become true players in the convergence space. How did REDtone manage that as it transitioned from voice to WiFi and data? Read all about it here.
Missing US$2 bil in 1MDB’s options controversy? A member of parliament has raised an apparent discrepancy in 1MDB’s past disclosures with as much as US$2 billion (RM8.7 billion at current exchange rates) potentially unaccounted for. Read here.
Energy Commission still in discussions over Track 4A. The Energy Commission said it is still in discussions with the parties involved for power plant project Track 4A after a news report said utility blue chip Tenaga Nasional Bhd has dropped out of the project. Read here.
Selangor state’s beef with Eco World. Eco World’s recent land deal for RM1.2 billion had not sat well with Selangor state investment arm Menteri Besar Incorporated — some of the parcels involved are allegedly in ongoing court proceedings vis-a-vis the state’s intended acquisition of them. But Eco World said MBI have be mistaken. Follow the story here, here and here.
Weaker ringgit, GST to aggravate inflation in 4Q. Cheaper pump prices has not been enough to offset effects from a weaker ringgit and the goods and services tax as August inflation beat expectations at 3.1% y-o-y. And inflation looks set to worsen in coming months. But Zeti thinks otherwise. Read here and here.
Govt plans return of 10% import duty for cement. The Malaysian Investment Development Authority is proposing to reimpose a 10% import duty for cement, seven years after the rate was set at zero amid a number of measures aimed at liberalising the construction sector, said industry sources. Read here.
Has 1MDB gone rogue? September has been a busy month for self-styled strategic development company 1MDB, even at times sending successive daily press statements in the month so far. But things are getting personal for the company, it seems, against its critics. Read here.
The cost of putting up a wall. Many laughed when the government mooted a solid wall along the Malaysia-Thailand border, but the National Security Council is now tasked to ponder some 15 proposals in respect of its construction. So how much might such a wall cost us? Find out more here.
Should cashless highways lead to cheaper toll rates? Highway operators are going cashless, promising a more efficient traffic flow. This is expected to reduce operating costs for highway operators, especially in terms of manpower. But will they pass on cost savings to long-suffering road users? Read here.
Why border walls fail. The recent refugee issue has renewed attention on border controls even as countries begin constructing frontier barriers. Yet while effective, fortified frontiers often send refugees to more dangerous points of potential entry. Read further here.
Bridging the transatlantic digital divide. In September representatives of the US and EU started the Umbrella Agreement to strengthen data protection after four years of talks. But the US commitment to it remains in question after a high-profile court judgment involving Microsoft immediately after. Read here.
Getting universal education right. This month, the United Nations is adopting 17 goals and 169 targets that will guide global development up to 2030. The goals are ambitious, seeking to tackle poverty, hunger, gender equality and much more. But accomplishing them requires more than just promises. Read here.
GMOs and junk science. Genetically modified foods take a lot of flak. But sometimes the supposed scientific backing against them is itself more akin to propaganda than real scientific investigation, as seen in a much-ridiculed paper by Indian-American scientist VA Shiva Ayyadurai. Read here.
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— by Khairie Hisyam Aliman, News Editor
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