Wednesday 6 June 2018

Message from the outgoing Bank Negara governor

The following is a message from Tan Sri Muhammad Ibrahim, who just resigned from his post as the governor of Bank Negara, to his staff,

My dear colleagues,
No doubt many of you have read, listened or watched the news and social media coverage on the speculation of me vacating the Governor’s position. In fact, you were probably queried and asked by numerous family and friends on the validity of these reports.
This morning, I thought it is important that I speak to you candidly on this matter.
When I took office in May 2016, I vowed to execute the responsibility of the office of the Governor with the highest level of professionalism, integrity and honour. Over the past few weeks, there have been serious questions raised if I have fallen short of this standard and put at risk public confidence in the Bank.
As a central bank, we are only as effective as the trust and confidence that the people of Malaysia and its leaders place in us.
I am prepared to relinquish my post if I no longer have the strong trust and support of the public. I cannot in good conscience continue if it affects the Bank’s image and reputation.
We are judged by the decisions we make, like for example the recent purchase of Lot 41, acquired at RM850 per square foot, which has attracted wide public interest.
The perception is that the purchase of the land was made to intentionally aid and abet the misappropriation of public funds pertaining to the corruption and scandal surrounding 1MDB. This is totally untrue. Bank Negara Malaysia will never be party to any such activities that would betray the public trust in us. We abhor any semblance of corruption and abuse of power.
Skeptical as many may be, the Bank did not know nor did we have any control over the proceeds of the land purchase that would be used to settle 1MDB’s obligations. It is simply unthinkable for us to be associated with such a controversial entity mired with accusations of fraud and mismanagement. It is not in our nature to do such things. We even took enforcement action against them earlier.
The 1MDB scandal has cost the country dearly and as a Malaysian myself, I am deeply angered, distressed and outraged. This is indeed a matter of significant public focus and I can understand why any association with the scandal, unintended or otherwise, is invariably met with a strong sense of public outrage.
My priority now is for the Bank to move forward and continue to focus on delivering its mandates to serve the Malaysian people.
My dear colleagues,
The purchase of Lot 41 land was not the first time we have done such a transaction. As many of you would know, we have over the years, acquired several pieces of land throughout the country to enable the discharge of our mandates. Our own headquarters presently were built on three separate land acquisitions made in the 1950s and 1980s. The Bukit Perdana land, acquired in 2013 at the price of RM1,235 per square foot was also based on an independent professional valuer, upon which the ongoing construction of the Asian School of Business and the Financial Industry Training Centre are being done, are also the nearest examples.
We have also always wanted to create greater synergies between our numerous affiliated institutions and ensure talent development for the financial sector workforce. With this objective in mind, we indicated our interest as early as September of 2016. We initiated the purchase of the land a year later when we knew that there was an emergent interest by the Government then to sell this land. We believe that it was an excellent opportunity to secure an asset on fair terms that will be central to sustain our future long-term growth. We have a vision for a Financial Education Hub that will also host among others, a global Islamic finance university, a Shariah academy and research centre, a financial services library, innovation labs, a cybersecurity operations centre and an integrated security command centre.
We ensured that everything was done in the right manner, with proper governance and accountability, including compliance with all relevant laws. Internally, we deliberated this at a number of Board meetings. We even recommended to the Government for the sale to be best done by way of a public tender which we would be glad to participate competitively in along with any other interests. We also chose to publish a press release in January 2018 to inform the public of the purchase in our effort to be transparent.
Coming out fresh from the experience of a Royal Commission of Inquiry on forex losses of thirty-years past, the Bank was careful to make sure everything is above board. We knew that we need to pass the test of public scrutiny in everything we do to maintain our reputation and confidence of the public.
For more than 34 years, I have always strived to serve, to do my best in the interest of the country, its values and its people. The office of the Governor is a heavy responsibility with great capacity for good. It is also a privilege, as it entails working with possibly the best talents Malaysia has to offer. Malaysia is at a critical juncture in our history, it is important for us to stand united as an institution in rising to the occasion. The Malaysian people expect nothing less than our full dedication and commitment.
This institution is bigger than any individual, and I truly believe our best days are ahead of us. Let us draw courage, lessons and strength from this.
Thank you.
Muhammad bin Ibrahim Governor


  1. "....Internally, we deliberated this at a number of Board meetings...."


    So... no one in the BOD raised about the price being above market value?

    Is it because Irwan Serigar is also on the Board?

    When Tan Sri Muhammad defended this land purchase by saying it was an 'arms-length' deal (a win-win deal), why didn't he tell the public that BNM made the purchase after consulting a few Valuers and decided on the best price for the land.

    Could it be.... the price was not based on valuation by independent valuers?

    However... I commend him for taking this brave move... stepping down even though if would mean his excellent record after 34 years at BNM would have a tiny taint due to one moment of miscalculated decision.

    I still wish he would reveal Irwan's role in the whole land deal.

    1. Board meeting is just rubber stamp. Once the biggest boss said YES, he’s yes smashed and levelled its way to the finishing line. Nothing could stand on its way..

  2. All these witch hunting by the MOF (Mother of fuckers), LGE, is to distract the rakyat attention from his corruption charges with regard to his very cheap bungalow purchase and also the Penang tunnel land scandal.

    1. Zzzzzzzzzzzzzzzzz.

    2. penang tunnel dari zaman Najib, awat tak dakwa terus? lama sangat nak create bukti?

    3. Anon 16.12

      Did anybody tell you how stupid you potrayed yrself to be ?

    4. Anon 1511
      Spot on.
      Prof kangkung

    5. All these witch hunting by the MOF (Mother of fuckers), LGE...bla..bla..bla..

      His down to eartis a cleat

    6. All these witch hunting by the MOF (Mother of fuckers), LGE...bla..bla.bla..

      Can't believe such lewd gesture coming from so called highly educated professor - or perhaps he is actually a cheap skate pros......??

  3. No worries. After this goverment land can be sell at right price. LGE is very good in this. He bought bungalow lan at cheaper price what!

    1. Try harder la bro

      Then we auction one of kak rosie's 284 birkin for you, ok kan?

      High class dedak!

  4. to bad good man with honour & reputation had to go due to perceptions make by New Malaysia. Why don't we move forward, we need to sincere if that person doing well in his/her capacity then why suddenly ask to resign. Please move on "mew Malaysia". Let off a grudge, and live happier live.

    1. So your "mew Malaysia" means that Najib should also keep all the RM22 billion he stole?

      No thanks.

  5. What an ass of a Governor? Hope you get an advisory role at the Central Bnak of Sg, like what Hassan Merican does because of his integrity and intellect.

  6. In his message he is justifying the land deal, that there is no wrong-doing. So why is he resigning, does he admit that he "...have fallen short of this standard and put at risk public confidence in the Bank..."?

  7. Money used to pay off US$500 million owed by 1MDB to International Petroleum Investment Co (IPIC) PJSC last December came from a land deal involving Bank Negara Malaysia (BNM), The Wall Street Journal (WSJ) has reported.

    In a report published today, WSJ reported, "In its final months in office, the government of former Malaysian Prime Minister Najib Razak turned to the nation’s central bank to pay off US$500 million in debt owed by the troubled state investment fund 1Malaysia Development Bhd."

    The Malaysian fund had said in December that it raised the money from an “ongoing rationalization program” that involved selling off holdings like power plants and land.

    "Instead, the people familiar with the transaction said, the money came from a land deal involving the central bank — raising new questions about the use of state assets to support a fund the US Justice Department says is mired in fraud.

    "Najib, who was voted out of office earlier this month, didn’t respond to a request for comment," WSJ reported.

    Ye lah…suddenlu when his boss needs to steal public money to fill his 1MDB hole, this BNM guy decides he needs a “Global Islamic Finance University and the International Shari’ah Research Academy for Islamic Finance.”

    How convenient!

    No wonder they bumped off Zeti and put this barua in her place.


    The pendek fella with the misai who tried to be a hero on Najib's Forex RCI to charge Tun has also resigned from Petronas.

    Good, good.

    Let the rats hide.

    1. Did Bank Negara really need the land? In the middle of KL? For its training hub? Forked out 2 billion to acquire it?

      FYI if Bank Negara really need a land for its training facilities, they can get it cheaply or even FREE since BNM is a gomen agency under MOF.

      Just ask MOF to prepare cabinet paper, the gomen then will look for suitable land and give it to Bank Negara. Free of charge. No need to pay. Kalau kena bayar pun just premium payment and stamp duty.

      Adding salt to injury, why BNM insisted land in KL? Why not Selangor, Perak, or Nogori? What is wrong with education hub outside KL? The gomen are not that dumb to alienated land in the middle of Pahang jungle to Bank Negara. They will look for strategic location.

      The gomen will find suitable land, strategic land but not necessarily in KL. KL lands don’t come cheap. They costs billions. Bank Negara recent purchase was a classic example.

    2. FYI statutory bodies are technically separate from Federal Govt. After the initial govt funding, they are expected to generate their own income and has their own assets. (Though most still receive grant since they are not in the money business like BNM). If the fed govt want to acquire a land owned by a stat body, the govt need to buy it from the stat body. So vice versa if a stat body want a land from the govt. The location of the bought land is next to sasana kijang and close to lanai kijang and the current hq, bnm may even want build a new HQ there in the future.

  8. Hi Annie,
    I believe only a few people in the know, aware the "internal" stories but commend him for giving a "clean slate" to the new administration by resigning. Timing is a suspect and also what did he know....the intention or motivation could be murky. A governor may also need to has the full trust of the government and public.


  9. Wa tatak tau leaa aa ,pasat ini Bank Negala punya hat and apa pasat itu Gavonor mau belenti .

    Wa tau lulu itu Tan Seri Zeti itu kontrak tatak sambung .

    Wa pecaya satu hat ,itu Bulayu punya pelibahasa ,'kalau tatak angin itu pokok tatak goyang ' maa aa .

    1. You should emulate Tommy Thomas in wanting to improve his Bahasa.

  10. so a 'good man' destroyed by BN thieves & pirates (dumbos so called defenders of bangsa agama & negara) ptui

  11. This guy bought land from the gomen for BNM expansion plans. How is he to know what the gomen will do with the money acquired from the sale? Whether Jib & Co use it to settle 1MDB hutang, or buy Birkin bags or tour Kazakstan is up to the them. Pity this bloke. But he should have smelt something stinky...that is why Dr Sukhdev left. Anyway at least he has the teloq to resign not like others who need to be pushed out.

    1. belanja beli tanah guna duit bnm 2 bilion...em...

      pandai visi dia ni...kerajaan dengan kerajaan biasa ada diskaun..macam 1mdb dapat tanah kem sungai besi..tapi yang peliknya pergi jual kat kerajaan entiti bank negara jual mahal...apa lebih 1mdb dari bank negara...


  12. Annie, you were wondering whether Umno will change course and think of new approaches?

    Answer: "No".

    Same old shit...fear tactics and 3Rs.

    "Umno claimed today there is a concerted campaign to sow hatred against the Yang di-Pertuan Agong and the monarchy, citing the public backlash against the Ruler over the tumultuous appointment of the new Attorney General (AG).

    The party’s information bureau alleged there was an attempt to incite the public against the Institution of Malay Rulers, and that it signalled a “creeping culture of impertinence” towards the monarchy.

    It further claimed that detractors often use free speech as a pretext to attack the Palace.

    “Even though there were protests by many quarters against the appointment of Tommy Thomas as the AG, Umno takes the position that it places its utmost faith in the wisdom of the Agong and the Institution of Malay Rulers,” the party said in a statement."

    Umno poured many, many millions of ringgit into this strategy from 2013 to 2018.

    It failed miserably, but they have no new ideas.

    Back to the same:

    a) make the Malays paranoid;

    b) steal money from the Malays.

    Too bad that (b) will be much harder now.

    No wonder they are begging for sedekah and asking for the RM114 million stolen cash hidden in Najib's home.

    Desperate, kut.

    1. Ha ha ha!

      So umno say they respect royalty???

      Then what just happens in perlis???

      Please la umno

      Don't try to be hero now

      Public knows you are lying

      Action talk louder than words

    2. Anonymous6 June 2018 at 19:52

      Also, don't forget that when the Majlis Raja2 Melayu did issue a statement on 1MDB two years ago, all the Umno media either ignored or attacked them.

      Umno are world cup winners for hypocrisy.

    3. Murka? Apa itu Murka?

      Apa itu Murka?

      Murka itu Apa?

      It's not fair......

    4. Shahidan mmg derhaka bro

    5. lepas apa yang terjadi d perlis n tiada sorang pun sama ada zahid atau hisam yang tegur pasal ni...masih nak kata umno juara raja2 melayu...

      pergi jalan ar dengan juara sangat lah konon..yang kencing ydpa pasal kesihatan gani patail tu sape...bos umno ke bos dap ar...emmm

      kencing hidup2...kawan tu sihat lagi selepas sakit kononnya tu n jalankan tugas lagi sekarnag ni sebagai petugas khas..

      apa kata bawa gani patail bawa jumpa ydpa tengok ape kencing umno nak jawab pasal sakit gani patail nak ganti peguam negara dulu...


  13. We the rakyat can see who is the thief and his 40 gangs are. Well you are not 1 of the 40 but you are one of the 40s lieutenant. So dont give all the bull. Resign and go fly kite. Start praying that MACC will not appear at your door step. But i hope otherwise bcoz i am very suspicious of you doing that land deal.

    1. Bro

      This guy must be crazy if he think people will believe his excuse

      Why the land so overpriced?

      Same as bandar malaysia and trx

      It's another najib scam la

  14. I can say Tun M is on a mission. He is getting things done fast and furious and anyone that stands in his way will face his fury. More heads will roll before he is done. Let’s wait for more resignations and more dirts and corruption from the previous government that will be unveiled.Tun have nothing to be afraid of as the rakyat are mostly on his side and he knows he don’t have much time left because of his age. Hidup Tun M

    1. I fully support tun

      Now he hire tan sri ambrin buang back

      To do full audit

      Start with defence ministry

      No wonder hisham bising today

    2. Oh Bull... that old man got closets full of shit he wants hidden. Why don't u ask how come his family especially his kids are multimillionaires???.. especially that so called activists marina in charge of non profit org yet has assets worth rm80m. And the rest are multimillionaires. Don't forget their bank accounts in Sgpore. Please check with the Sgporean authorities on this

    3. Ambiguous 13:17....

      What talking you, haaaaa.....??

      Toksah dedahkan kebebalan kamu itu dgn konon nak nunjuk-nunjuk bahasa omputeh sampah entah apa2, got it, kiddo....??

  15. even outgoing bank governor said he was outraged over 1mdb but 'neutral' annie never say anything against 1mdb, annie pandai cari makan wakakaka

    1. anon 19:20
      annie & other righteous dumbos (if any) shud start whacking 1mdb & dumbo songlap, if not come GE15 dumbo will be still known as defenders of thieves & pirates

    2. for d whole lotta defenders, they were bitch farkers...including tat mullah from pas.

    3. without MO1 but still old wine in new bottle, umno still synonymous with kaki2 mabuk songlap

  16. Govern Not,

    White hair and white lies differ !

    Your lies are a trifle too late.

    If you think you can do a Sukhdave (penning a passionate parting), you have completely gone off tangent.

    Sukhdave was crying out for transparency but you are seeking sympathy.

    While the roof top appears to have a heavy snowfall....everything else in your speak reeks of a coalmine filled with landmines.

    Watch your step,the sunset days may be punctured with frequent knocks on your front door. Nightmares are abound.

    Anyway selamat bersara.

    Rasta Rules

    1. LOL..." While the roof top appears to have a heavy snowfall....everything else in your speak reeks of a coalmine filled with landmines."

      Roof top...white hair ? haha

      Rasta rock man with your quip

  17. Hi Annie,
    Not only head of civil servants, head of GLCs will soon roll. Telekom CEO already resigned. Tun watching youtube and saw the song Hebatkan Negaraku CEOs singing and praising Najib. Will they suffer like Tony Fernandes, maybe they all "buckled under pressure too?"

    Tun Daim said some CEO pay up to 2 or 3 million per year...but companies perform worst, share price drop but high income only for GLC Ceo? How come?

    Watch the cringey video here

    1. I just want a full list of their salaries...

    2. Tun and his clan are lucky najib are not vindictive else he would have him thrown in jail earlier. Too late now.

  18. BN 'national blue ocean scam' main element is high songlap returns sigh

  19. I can still remember when the previous gomen suggested that we, the rakyat, should buy proton iriz with that special price discount. Then the same gomen also told us to take up a second job by being an uber driver to supplement our monthly income to counter the rasing cost of living. Anyone else remember this?

    So when some fat cat had to retire due to one of his previous dealings in some way connected with 1MDB, he received zero sympathy. I am not going to waste my time consoling him. As long as Najib and his fat lady are still free, all and everyone who had anything that connects them with 1MDB will not receive any sort of compassion from me. Billions went missing and at the same time, I need to double my work just to put food on the table for my family.

    He's not an uber driver. He should have known better when splashing billions at a time when 1MDB, an entity that had shamed him as a Malaysian, was facing all sort of problems. Sympathy? NOOOOO!!!! Have a double middle finger salute from yours truly.

  20. Tun just announced top civil serpents have to pass English competency test. If fail, demote by 15 grades.


    All the monkeys sure fail. Because the spell checker will be disabled during the test. Hahahaha.

  21. Annie, this guy deserved more than this. This is collateral damage la. I don’t think anyone can stop the moving locomotive then unless you want to commit sepukku. Even if he did that, someone else will continue and perhaps with greater damage. Mudah mudahan Allah will grant him and his family greater thing that will come his way.
    He is a good guy la. Only if we are at the benefit of knowing what he have gone through. Take care Mr Governor!!!