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KUALA LUMPUR – Former Bank Negara governor Tan Sri Zeti Akhtar Aziz admitted that the handling of 1MDB case was one of the toughest moments while she was in office.
She said although outsiders had very high expectations from Bank Negara, it nevertheless did not have the power to prosecute.
During a recent interview with Sin Chew Daily at her ICLIF office, Zeti said Bank Negara was empowered to oversee the operation of the country’s financial system, and could take actions on events breaching Bank Negara’s regulations.
She said the primary objective of Bank Negara in handling the 1MDB case was to ensure the integrity of the country’s financial system.
“Bank Negara has the most comprehensive laws, including the Central Bank of Malaysia Act 2009 and Financial Services Act 2013 to preserve the integrity, stability and healthy functioning of the financial system.
“We have issued letters of administrative compound to relevant bodies and financial institutions breaching Bank Negara’s regulations in the 1MDB case. I would say the fines were probably the highest in history.
“That was what Bank Negara could do within its powers.”
No personal feelings allowed
Bank Negara issued a letter of administrative compound to 1Malaysia Development Berhad on April 28. 2016, but did not specify the amount of compound.
About two weeks later, new governor Datuk Muhammad Ibrahim said under the existing laws, Bank Negara had completed all its investigation on 1MDB.
When asked whether she felt defeated by the outcome of the 1MDB case, Zeti said as a member of Bank Negara, she was not allowed to have her personal feelings, as this would distract her attention.
“Unlike other people, we must learn to focus, because the outcome of our work was for the people and the business sector, not personal feelings.
“Of course, I was also a human being and I had my feelings too, but I must put that aside. I was aware of my responsibilities.
“We knew Bank Negara was very important to the country. We didn’t want to see it destroyed. And that was one of my considerations.”
– Mysinchew |
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