Malaysia's central bank governor has submitted resignation - PM Mahathir

Blanche Robertson
June 8, 2018

One said he is going to go after the those involved in the 1MDB graft scandal while the other said he resigning but his conscience is clear.

The prime minister says the government is waiting for the palace to approve a candidate to replace Muhammad Ibrahim.

At least six countries, including the United States, Singapore and Switzerland, are investigating claims that US$4.5 billion was siphoned out of 1MDB, founded by former premier Najib Razak.

"The government's first and immediate priority is all matters pertaining to 1MDB", he told reporters on his first day in office."I have studied all the papers in that scandal".

Announcing Muhammad's resignation, Prime Minister Mahathir Mohamad said the Harvard-educated banker's replacement had not yet been decided on and the king still needed to give his approval.

A Bank Negara spokesman declined to comment on whether the governor had offered to resign.

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Asked when the government would meet the Agong, Dr Mahathir said as soon as possible.

Muhammad was appointed as the governor of the central bank on May 1, 2016 succeeding Tan Sri Dr Zeti Akhtar Aziz.

On May 24, the MoF had confirmed that the former government, led by Barisan Nasional, bailed out troubled 1Malaysia Development Bhd through funds raised from BNM's purchase of the said piece of land for RM2 billion and part redemption of a RM3 billion preference share issue by Khazanah Nasional Bhd. Even so, Muhammad has been under mounting pressure recently as pointed questions were aimed at him over the controversial deal.

Malaysia is looking for a new national stock exchange chief, two sources told Reuters, although Dr Mahathir said this was not discussed at the latest Cabinet meeting.

"I am prepared to relinquish my post if I no longer have the strong trust and support of the public", he said in the passionate message that was leaked online.

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