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Tuesday 29 March 2016

PM Najib launches World Bank KL hub

Malaysian Prime Minister Najib Razak launched the World Bank group office and research hub in Kuala Lumpur on Monday (Mar 28), saying the setting up of the units has reinforced the country's position as one of the most preferred locations for international organisations in Southeast Asia.

In the past, Malaysia used to borrow from the World Bank to fund its development projects; but now, it is poised for a bigger role in the international arena.

"We, of course, do not borrow from the World Bank anymore," Mr Najib said. "(This is) consistent with the social and economic development and progress we have achieved in the past six decades."

The World Bank offices are housed inside Sasana Kijang in the capital, a centre of knowledge and learning excellence established by Malaysia’s central bank, whose impending leadership change has been at the centre of attention lately.

Malaysian central bank Governor Zeti Akhtar Aziz is set to retire at the end of April, and Finance Ministry's secretary-general Irwan Serigar is touted as the front runner for the job.

Other contenders include Minister in the Prime Minister's Department Abdul Wahid Omar and Malaysia's ambassador to the United States Awang Adek Hussein, who is the central bank's former deputy governor.

However, both Dr Zeti and Mr Irwan steered clear of the media on Monday.

The Finance Ministry's secretary-general currently sits on the advisory board of controversial debt-ridden state-investment fund 1Malaysia Development Berhad (1MDB), which remains a subject of possible criminal investigations by authorities from the likes of Switzerland, United States, Hong Kong and Singapore.

Speaking at a news conference on on March 23, Dr Zeti said the central bank has initiated administrative punitive action against 1MDB following the state fund's failure to come up with documentary proof on US$1.83 billion investment it had utilised overseas.

The central bank earlier last year cancelled the permit and ordered the repatriation of the fund due to inaccurate and incomplete disclosure on the part of 1MDB. However, Attorney-General Mohd Apandi Ali said there was no need to bring back the money as there was no evidence of wrongdoing.

"This is an administrative action, it is under Bank Negara's rules and regulations,” said Dr Zeti. “We would like to see the rules and regulations complied with, not only by 1MDB but everyone else who is doing business in this country."

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