Malaysia has named Nor Shamsiah Mohamad Yunus, an experienced former central bank official, as the new central bank governor.
Finance Minister Lim Guan Eng said Friday that the king has consented to Nor Shamsiah's appointment to head Bank Negara Malaysia from July 1 for a five-year term.
Malaysian Finance Minister Lim Guan Eng, right, walks with newly appointed National Bank Gov. Nor Shamsiah Mohamad Yunus, front left, to attend a press conference in Putrajaya, Malaysia, Friday, June 22, 2018. (AP Photo)
She succeeds Muhammad Ibrahim, who resigned two weeks ago after the central bank came under scrutiny over a 2 billion ringgit ($500 million) land purchase from the government. Proceeds were used to pay debts of the 1MDB state investment fund, which is under investigation for possible graft and money-laundering.
Muhammad denied any wrongdoing but said he resigned to avoid tarnishing Bank Negara Malaysia's reputation. He was the latest senior official to quit amid a corruption probe of the government of former premier Najib Razak, whose long-ruling coalition suffered a shocking defeat in May 9 elections.
Newly appointed National Bank Gov. Nor Shamsiah Mohamad Yunus, left, walks to attend a press conference by Malaysia finance minister in Putrajaya, Malaysia, Friday, June 22, 2018. (AP Photo)
"Bank Negara Malaysia will continue to focus on delivering its mandate of maintaining monetary and financial stability, in the best interests of the nation," Nor Shamsiah said at a joint news conference with Lim. She declined to comment when asked on her priorities, saying she will review the situation once she takes office.
Nor Shamsiah, who joined Bank Negara in 1987, left quietly two years ago and joined the International Monetary Fund before her latest appointment. She was Bank Negara deputy governor for six years and was part of an investigation team probing the 1MDB saga before she quit.
Zeti Akhtar Aziz, who was central bank governor for 16 years and now is part of a government advisory team, said Nor Shamsiah's appointment will inspire market confidence.
Malaysian Finance Minister Lim Guan Eng, right, shakes hands with newly appointed National Bank Gov. Nor Shamsiah Mohamad Yunus during a press conference in Putrajaya, Malaysia, Friday, June 22, 2018. (AP Photo)
"She knows all about central banking, she will hit the ground running," Zeti told local media. "By appointing her, the government has demonstrated its respect for the institution and I think this is what the market wants to see, an institution that remains independent in performing its functions."
Najib set up the 1MDB fund when he took power in 2009. U.S. investigators say Najib's associates stole and laundered $4.5 billion from the fund from 2009 to 2014, some of which landed in Najib's bank account.
Prime Minister Mahathir Mohamad has reopened investigations into 1MDB that were stifled during Najib's rule and banned Najib and his wife from leaving the country. Mahathir, who was premier for 22 years until 2003, emerged from retirement to lead his alliance to an election victory bolstered by anger over the 1MDB scandal.
In addition to Muhammad, the country's attorney general and anti-graft chief also have been replaced.
Police have raided Najib's home and other properties, seizing 114 million ringgit ($28.7 million) in cash and hundreds of expensive designer handbags and jewelry. The government has said Najib's administration conducted an "exercise of deception" over 1MDB and deceived Parliament over the country's financial situation.
KUALA LUMPUR, Malaysia (AP) — A Malaysian shoe company has apologized and stopped selling some of its footwear after some Muslims said the logo resembled the Arabic writing for the word God.
Vern’s Holdings said the logo stamped on the soles of some high-heeled shoes depicted the silhouette of a stiletto heel with an ankle spiral wrap. It acknowledged, however, that shortcomings in the design may have led to the logo being misinterpreted. The company also said it acted immediately to stop sales of the shoes and issue refunds to customers who bought them.
“We have absolutely no intention of designing a logo aimed at belittling or insulting any religion or belief,” Vern’s said in the statement posted on social media. “The management would like to humbly apologize and seek forgiveness. We hope for compassion so we can rectify this mistake.”
Police said Monday they confiscated more than 1,100 shoes from Vern’s stores. The Department of Islamic Development, an agency that handles Islamic affairs in Malaysia, also summoned the company's founder, Ng Chuan Hoo.
The local Star English-language newspaper quoted NG as saying he regretted the uneasiness caused and hurting the Muslim community. “I hope to learn from the incident and to be more careful and sensitive in the future,” he said.
The Islamic department said if evidence that the logo was deliberately created to mimic the word “God” in Arabic, legal action will be taken to prevent similar future incidents.
It also urged businesses to remain vigilant of sensitive issues that can threaten the country's racial unity.
The footwear controversy followed a furor last month over socks printed with the word “Allah” on the shelves in a large Malaysian convenience store chain. The owners of KK Mart and representatives from one of its suppliers were charged on March 26 with offending the religious feelings of Muslims, and some stores were hit with small petrol bombs. No injuries were reported.
Religion is a sensitive issue in Malaysia, where Muslims account for two-thirds of a population of 34 million, with large ethnic Chinese and Indian minorities. “Allah,” the Arabic word for God, is sacrosanct to Malaysian Muslims and many found it offensive to associate the word with feet.
The matter came to light after critical social media posts highlighted the logo's resemblance. Religious authorities and police have said they were investigating the matter after receiving complaints from the public.
Meanwhile, tensions have remained over the earlier case. KK Mart Group, the country’s second-large chain of convenience stores, has said the supplier sent items the company had not agreed to stock. The supply company founder has said the socks were imported from China as part of a large shipment and apologized for being careless in their inspection.
The leader of a Malay nationalist party's youth wing in Malaysia's government has pressed for a boycott of the chain and is being investigated for alleged sedition over a social media post showing him wielding a sword.
Critics say the party seeks to woo ethnic Malay support after heavy losses in the last general elections.
A customer walk out from KK Mart convenience store in Puchong area on the outskirts of of Kuala Lumpur, Malaysia, Tuesday, March 26, 2024. The owner of a Malaysian convenience store chain was charged Tuesday with deliberately wounding the religious feelings of others after socks with the word "Allah" were found sold in some outlets. (AP Photo/Vincent Thian)
People shop at a Vern's outlet at a shopping mall in Kuala Lumpur, Malaysia, Monday, April 8, 2024. Vern’s Holdings, a Malaysian shoe company has apologized and stopped selling some of its footwear after some Muslims said the logo resembled the Arabic writing for the word God. (AP Photo/Vincent Thian)
