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Malaysia names new central bank governor

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Malaysia names new central bank governor
News

News

Malaysia names new central bank governor

2018-06-23 11:29 Last Updated At:11:29

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)

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)

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)

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.

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Gas fire in Malaysia injures more than 100 people and damages 49 houses

2025-04-01 15:59 Last Updated At:16:11

KUALA LUMPUR, Malaysia (AP) — A fire caused by a burst gas pipe spread to several homes and sent a fireball soaring into the sky outside Malaysia’s largest city Tuesday, injuring more than 100 people.

The towering inferno near a gas station in Putra Heights outside Kuala Lumpur was visible for kilometers (miles) and lasted for several hours. It happened during a public holiday as Muslims, who are the majority in Malaysia, celebrate the second day of Eid.

National oil company Petronas said the fire started at one of its gas pipelines at 8:10 a.m. and the affected pipeline was later isolated. Disaster management officials said shutting the valves will eventually snuff out the fire.

The flames, 20 stories high at one point, were small enough for firefighters to approach around 2:45 p.m., the Selangor state fire department told the Star newspaper.

At least 49 houses were damaged and 112 people were injured, with 63 sent to the hospital for burns, breathing difficulties and other injuries, Selangor Deputy Police Chief Mohamad Zaini Abu Hassan was quoted by national Bernama news agency as saying.

Selangor Chief Minister Amirudin Shari said the fire department evacuated nearby homes as a safety measure and the residents will be placed in mosques nearby until the situation is under control.

Pictures and videos of the fireball went viral on social media, with some residents saying they felt a strong tremor with the doors and windows of their homes shaking.

Lee Weng Ken, who suffered burns to his left leg, said he was shocked when the ceiling of his house collapsed and crushed his vehicle parked in the compound of the house.

“I rushed out of my house but fell and suffered burns due to the heat from the blaze near my house,” he told Bernama.

Another victim who only wanted to be known as Andy, told Bernama he ran out of his home with his children when they felt tremors and saw the raging fire about 100 meters (yards) away.

“I could only take the car out. My 18-year-old daughter injured her foot when she fell while climbing the fence due to the heat, he said.

Petronas said three gas stations were closed as a precaution, though they weren't affected, and investigations are still underway.

A massive fire burns after a gas pipeline burst on Tuesday, April 1, 2025, in Putra Heights in Puchong, Malaysia. (AP Photo/Vincent Thian)

A massive fire burns after a gas pipeline burst on Tuesday, April 1, 2025, in Putra Heights in Puchong, Malaysia. (AP Photo/Vincent Thian)

A massive fire burns after a gas pipeline burst on Tuesday, April 1, 2025, in Putra Heights in Puchong, Malaysia. (AP Photo/Vincent Thian)

A massive fire burns after a gas pipeline burst on Tuesday, April 1, 2025, in Putra Heights in Puchong, Malaysia. (AP Photo/Vincent Thian)

Residents watch a colossal fire erupt due to a burst gas pipe in Putra Heights in central Selangor state, Malaysia, Tuesday, April 1, 2025. (AP Photo/Amir Afiq)

Residents watch a colossal fire erupt due to a burst gas pipe in Putra Heights in central Selangor state, Malaysia, Tuesday, April 1, 2025. (AP Photo/Amir Afiq)

Residents watch a fire in Putra Heights in central Selangor state, Malaysia, Tuesday, April 1, 2025. (AP Photo/Amir Afiq)

Residents watch a fire in Putra Heights in central Selangor state, Malaysia, Tuesday, April 1, 2025. (AP Photo/Amir Afiq)

A colossal fire erupts due to a burst gas pipe in Putra Heights in central Selangor state , Malaysia, Tuesday, April 1, 2025. (AP Photo)

A colossal fire erupts due to a burst gas pipe in Putra Heights in central Selangor state , Malaysia, Tuesday, April 1, 2025. (AP Photo)

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