Bank Negara’s looting and plundering continues

Bank Negara’s shenanigans will be revealed when i-Serve presents their case in court and reveal that Bank Negara had behaved oppressively to freeze all their banking accounts in order to cripple and kill their businesses aimed at protecting AirAsia from having a formidable competitor.


Raja Petra Kamarudin

Malaysians used to be very trusting of our regulatory and enforcement agencies such as MACC, PDRM, AGC, the Judiciary, SC and BNM. But not so now. For a long time, people have distrusted government agencies at all levels as being corrupt that act as tools of those who walk in the corridors of power to achieve various unlawful objectives.

One of the signs of a failed state is when the integrity of all institutions of government are no longer trusted. And Lim Kit Siang-DAP have repeated this mantra many times, again and again.

It would be easy to say that this is merely the propaganda of the opposition to undermine and topple the government of the day and take power by propagating fake news, innuendoes, insinuations, lies, and fitnah. But when the new government, new regime, or new prime minister takes over, they, too, will resort to the same mischiefs of the previous governments.

This was what happened in 2018 when the Pakatan Harapan Government took over and also resorted to many illegal acts — such as Tun Dr Mahathir Mohamad securing the unlawful pardon of Anwar Ibrahim; former AG Tommy Thomas releasing Lim Guan Eng from the corruption charges that he faced then; Tommy Thomas withdrawing the terrorism charges against 12 Malaysian Indians connected to the Tamil Tigers or LTTE, which included Deputy Chief Minister of Penang P. Ramasamy.

And yet, when the UMNO ‘Court Cluster’ asked to be discharged, the opposition screamed that this is an abuse of power. How is it that when the opposition was in power as the government, they could do these things, and yet when they go back to becoming the opposition, they accuse such acts by the incumbent government as illegal and unconstitutional?

So the issue boils down to the integrity of the government institutions such as MACC, PDRM, AGC, the Judiciary, SC, BNM, and so on being seen as fair, just, objective, transparent, accountable, unbiased, and above corruption. Once they are seen as the opposite, then they would be open to criticism, and public confidence in them would be eroded.

And this is what ails Malaysia. The government, the government agencies, the banking system, the corporate sector, the justice system, the political system, Parliament, even the religious authorities, are suffering from a crisis of confidence. If at all we can agree with one thing that Lim Kit Siang says, it is that Malaysia is heading towards becoming a failed state. The only problem with that declaration, though, is that DAP is no better.

This is the sad story of BNM or Bank Negara Malaysia. Malaysians were horrified to discover that the previous governor’s family, Zeti Akhtar Aziz, was involved in cutting deals with 1MDB plunderer and looter, Jho Low. So it was not just the Umno kleptocrats who were bribed by Jho Low, even the BNM Governor Zeti Aziz was riding the loot-and-plunder bandwagon.

All along Malaysians were led to believe that Zeti was the paragon of virtue. So when news broke out that the MACC had identified Zeti’s family as being complicit with Jho Low, the public was outraged. And yet, nothing has happened to Zeti.

READ MORE HERE: The Mysterious Case Of Zeti And Her Husband

The mysterious case of Zeti and her husband

The less known fact is that the current Governor, Nor Shamsiah Yunus, was the then Deputy Governor who approved all the transactions by Najib to scam 1MDB. And yet, instead of being taken to task, she was rewarded to be the Governor. So, talks that this was to cover up Zeti’s misconducts are justified.

READ MORE HERE: Shamsiah Deliberately Suppressed Information To Protect Zeti’s Family

Shamsiah deliberately suppressed information to protect Zeti’s family

MT also exposed that Governor Nor Shamsiah had recommended for AmBank to be penalised by only RM600 million while MACC recommended no more than RM1 billion. In the end, AmBank paid a penalty of RM2.83 billion.

READ MORE HERE: MACC’s Report On The 1MDB Scandal: More ‘Hidden’ Evidence Surfaces

MACC’s report on the 1MDB scandal: more ‘hidden’ evidence surfaces

So who would have benefitted from the RM2 billion excess had AmBank paid only RM600 million? In such a case, 1MDB would have to seek government help to pay for its debts and this would have to come from the Rakyat’s money. In doing so, wasn’t Governor Shamsiah sabotaging the Malaysian economy?

While the country is still struggling to recover from these economic difficulties, the Genting loan debt scandal amounting to USD2.78 billion exposed that BNM and the Finance Ministry did not properly advise the government, which in the end became another public liability.

READ MORE HERE: Malaysian lenders hit by troubles at Genting Hong Kong

Everyone knows that AirAsia is now in trouble. They are now a PN17 company, in other words, AirAsia is bankrupt. Stories have been swirling about AirAsia’s numerous questionable business practices including in dishing out bribes. Yet, AirAsia’s Tony Fernandez seems to be protected from investigations by the authorities.

READ MORE HERE: Revealed: How SC stopped Bursa Malaysia from investigating AirAsia over Airbus scandal

On the other hand, BNM seems to be gunning for a new airline by freezing its parent company’s banking accounts thus hampering their operations:

Malaysia approves two new airlines in aftermath of pandemic

Azmin: Two new airlines expected to encourage healthy competition in aviation industry

Market observers are puzzled by BNM’s action to freeze the parent company of the airline, the i-Serve group of companies. The jigsaw puzzle is now piecing together that BNM is taking strong action against i-Serve in order to protect the low-cost airline business for AirAsia.

This has forced the company to sue BNM in a judicial review action. The company will also be suing BNM for defamation when BNM made a false press statement that BNM had seized millions of cash in the company’s premises, which is a fabricated story.

The facts will be revealed when i-Serve present their case to court that BNM had behaved oppressively to freeze all their banking accounts in order to cripple and kill their businesses in order to protect AirAsia from having a formidable competitor.


i-Serve Online Mall requests BNM to clarify ‘factually incorrect’ press statement on joint action enforcement

i-Serve Online Mall proceeds with judicial review bid as BNM unfreezes some accounts

April 18 fixed for decision on i-Serve Online Mall’s judicial review leave application