Focus View
BNM must review its internal controls
FocusM | 09 Nov 2018 00:30
THE recent probe by the Malaysian Anti-Corruption Com mission (MACC) into Bank Negara Malaysia’s (BNM) controversial RM2 bil land purchase from the Ministry of Finance (MoF) is a blemish on the central bank’s record.

It appears the MACC has quizzed former BNM governor Tan Sri Muhammad Ibrahim more than once over the 22.54ha (55.79-acre) land sale in January. It was reported that four officers of the central bank, including an assistant governor, have gone on leave.

It was alleged that the proceeds of the land sale was used by the MoF to service its 1Malaysia Development Bhd’s (1MDB) debt obligations. The MACC’s move on Muhammad comes more than 10 months after the deal was reported in the media.

In response, BNM released a brief press statement on Oct 31, saying it has “commissioned a review by an independent party in relation to the purchase of the land on Lot 41. The review is still on-going. To facilitate the internal review, relevant officers of BNM have opted to take a leave of absence.”

It is indeed shocking that the 1MDB saga could have even reached the hallowed corridors of the central bank. BNM is, after all, the custodian of good governance among financial insititutions in the country.

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