BNM Forex Scandal: A Crime Against Malaysians Exposed By Lim Kit Siang

I simply do not comprehend the fuss that is being kicked up by Mahathir’s fanatics.  On one hand they want the transparency that none of us got when Mahathir was the Prime Minister; on the other they are fuming because Mahathir, Nor Mohamed Yackop and Anwar have been implicated in the findings of the Royal Commission of Inquiry (RCI) for the Bank Negara Malaysia (BNM) foreign exchange scandal of the 1990s.

Mahathir’s long-time crony Daim Zainuddin, who served as finance minister from 14 July 1984 to 15 March 1991, for having aided and abetted Nor Mohamed by leaving BNM “to its own devices”.

Let us ask the very man whose perseverance has finally paid off:

This ought to be the reaction to the RCI findings if we are to ask Lim Kit Siang

Yes. The loss of RM31.5 billion through forex gambling was and still is a crime against the Malaysian people.  And if it weren’t for Lim Kit Siang’s persistence and perseverance, we would not have gotten where we are now.

Three people have been found principally liable for the criminal breach of trust and should be probed further over their involvement and liability.  They are the former Prime Minister Mahathir Mohamad, his then-Finance Minister Anwar Ibrahim, and ex-BNM advisor Nor Mohamed Yackop.

The commission found in its 524-paged report that the Cabinet in the 1990s was not given the full picture by Anwar on the forex losses, adding that he had “deliberately concealed facts and information and made misleading statements“. It is also of the opinion that the then Prime Minister (Mahathir) had condoned the actions of the Finance Minister.

The RM31.5 billion losses, the report said, were hidden using “unconventional accounting treatments”, such as booking losses to reserves in the balance sheet and the absorption of the remaining losses by the transfer of shares from the Government to BNM as well as the creation of a “Deferred Expenditure” to be repaid in instalments over a decade.

The RCI noted that Anwar Ibrahim, the then Finance Minister, had been informed about the actual forex losses suffered by BNM. It also said that Mahathir was informed by Anwar together with then Treasury deputy secretary-general Tan Sri Clifford Francis Herbert in late 1993 that BNM had suffered estimated losses of RM30 billion on the forex dealings for 1992 and 1993.

However, in the extract of minutes from three Cabinet meetings on March 30, April 6 and 13 in 1994, Anwar had made “no mention of the actual losses of RM12.3 billion for 1992 and RM15.3 billion for 1993.”

Anwar had chaired the March 30 meeting as the deputy prime minister. The losses for 1993 were reported as RM 5.7 billion.

The RCI also noted that the prime minister, who chaired the meeting on April 6, did not correct or offer more information when the forex losses for 1993 were recorded as only RM5.7 billion.

The RCI report said as pointed out by Herbert, he had expected Mahathir to be outraged but his reaction was quite normal with him uttering “sometimes we make profit, sometimes we make losses”.

His reaction to and acceptance of the huge forex losses suggest that he could have been aware of the forex dealings and its magnitude,” said the report.

Why Did It Take So Long?

Of course supporters of Mahathir got their knickers in a knot over the RCI findings, mostly harp on the duration it took to have a RCI formed, whether it was formed to time itself with the looming general elections so that the Pakatan Harapan would be epitome of broken hopes?

Lim Kit Siang may have harped on the matter, trying to get an RCI formed since 1994, if not earlier.  Mahathir was the Prime Minister then until the end of 2003.  No one during Pak Lah’s time took up the issue as Mahathir was then breathing down Pak Lah’s neck watching the latter’s every move.  In the end, Mahathir got Pak Lah ousted for not playing his game his way.

When Najib Razak took over at the beginning of the second quarter of 2009, Malaysia’s economy had shrunk even though oil price was high.  The GDP growth rate for Malaysia in 2009 was -2.5 percent because of the global financial crisis then, hence Najib Razak’s priority then was to safeguard the economy and take measures to improve on the GDP growth.

Malaysia’s GDP growth rate for 2009 was -2.5%

And ever since then Najib had been fighting on all fronts to make sure that Malaysia goes through a sustainable growth, and that there would be enough government money to still help the people, especially those from the B40 income group.  Hence, we see various initiatives like the 1Malaysia Clinic, Kedai Rakyat 1Malaysia (which is now being revamped), BR1M, PR1MA and various other 1Malaysia initiatives.

And while all that was happening, Lim Kit Siang was still going around asking for an RCI to be formed for the BNM forex scandal.  In the run up to the 13th General Elections, Lim Kit Siang wrote this on the BNM forex scandal:

“I had estimated in Parliament two decades ago that Bank Negara lost a colossal RM30 billion from the Bank Negara foreign exchange scandal under Mahathir’s premiership. But Bank Negara claimed RM10.1 billion loss in 1992 and RM5.7 billion in 1993 while former Bank Negara Deputy Governor Dr. Rosli Yaakop estimated last year at a public forum that Bank Negara lost between USD27 to USD33 billion, which was five times more than its foreign reserves and its entire assets of USD20.7 billion in 1992.”

You can read more on what Dr Rosli Yaakop had said on the BNM forex scandal  HERE.

Lim Kit Siang also said that Malaysian voters should not only pass a verdict on Najib’s non-transformation in the past four years, but also pass judgment on Mahathir’s 22 years of authoritarian and corrupt policies when he was Prime Minister from 1981 – 2003.  He said:

“I am on public record as saying that if Pakatan Rakyat is to capture Putrajaya in the 13GE, we should re-open investigation not only on the RM30 billion Bank Negara forex scandal of 1992, there should be a Royal Commission of Inquiry into the RM100 billion losses suffered by the country in the financial scandals of the 22-year Mahathir era.”

Kit Siang added that the voters should decide whether they endorse the proposal to have a wide-ranging public inquiry into Mahathir’s financial scandals in 22 years which have cost the country RM100 billion of losses and for which the present generation of Malaysians are still paying the price – although there is totally no accountability and transparency about these glaring instances of corruption, cronyism and abuses of power for more than three decades.

He said all that HERE.  And we should not forget that Lim Kit Siang also wrote a book on the BNM forex scandal.

And finally, and only when the economic outlook had improved, did Najib Razak announced that an RCI would be formed to investigate the BNM forex scandal.

In June 2017, Lim Kit Siang even wanted the report recommending the RCI to be made public.  Finally, on 8 August 2017, the RCI commenced, and Kit Siang’s 25 years of wait ended.

Kit Siang’s hard work finally paid off

And one other Pakatan leader who had been lying very low beneath the BNM forex scandal radar is Anwar Ibrahim.  If anyone was to ask why did the government not do anything between 2004 and 2017, the answer would be why hadn’t Anwar, since 2 September 1998, asked for an RCI on the matter? Was he afraid that he might get implicated?

You and I know the answer to that now.

And what about the 1MDB scandal? Well, unlike the BNM forex scandal, the 1MDB case was investigated by the Parliament’s Public Accounts Committee, the Royal Malaysian Police, Bank Negara Malaysia and the Malaysian Anti-Corruption Commission.  Police reports were also made against 1MDB. But not a single sen had gone missing!

For the BNM forex scandal, this is the first time that it has been investigated – by the RCI, and soon by the Royal Malaysian Police.  And the first police report was made by a member of the RCI itself after the RCI findings report was published – 25 years after the whole thing happened.

So, we should all say our thank you to Lim Kit Siang for exposing this crime against ALL Malaysians. Thank you, Lim Kit Siang – for persistently asking for your good friends to be investigated.

Baca Dan Berlaku Adil

Saya menerima mesej yang ditularkan dalam salah satu grup WhatsApp seperti berikut:

*SEMBOYAN TELAH BERBUNYI!!! SEMUA VETERAN TENTERA BERSEDIA:* LAPORAN POLIS AKAN DIBUAT DI SELURUH NEGARA MEMBANTAH SEKERAS-KERASNYA HUBUNGAN YANG CUBA DIJALINKAN ANTARA PARTI UMNO DAN MCA DENGAN PARTI KOMUNIS CHINA (CPC). KITA VETERAN BERPERANG MENGHAPUSKAN KOMUNIS DARI TANAHAIR TERCINTA HINGGA RAMAI YG KEHILANGAN NYAWA, ANGGOTA BADAN DAN CEDERA KINI ADA PENGKHIANAT DI KALANGAN KITA CUBA MENJADI BUDAK SURUHAN KEPADA BEKAS MUSUH KITA. TAKKAN MEREKA SUDAH LUPA BAHAWA PARTI KOMUNIS MALAYA (PKM) DULU MENDAPAT SOKONGAN MORAL DAN MATERIAL DARI CPC. KITA BUKAN MENENTANG HUBUNGAN DAGANG DENGAN NEGARA CHINA TETAPI MEWUJUDKAN HUBUNGAN POLITIK DENGAN CPC SEHINGGA KE TAHAP MENGHANTAR ANGGOTA UNTUK DILATIH OLEH CPC ADALAH TINDAKAN MELANGGAR BATASAN DAN AMAT2 MENGGURIS HATI ANGGOTA TENTERA SAMADA YG MASIH BERKHIDMAT ATAU YG SUDAH BERHENTI. APAKAH PARTI2 PEMERINTAH SUDAH BEGITU TERDESAK MENCARI DANA UNTUK MEMBAYAR SEGALA HUTANG PIUTANG NEGARA YG SEMAKIN MENIMBUN AKIBAT SALAH TADBIR, KEBOROSAN DAN ROMPAKAN SIANG HARI TERHADAP HARTA NEGARA MELALUI SKANDAL-SKANDAL SEPERTI 1MDB, SRC DAN LAIN-LAIN SEHINGGA SANGGUP MENGGADAIKAN MARUAH DAN KEDAULATAN NEGARA DENGAN MENJALINKAN HUBUNGAN SONGSANG DENGAN PARTI KOMUNIS CHINA (CPC). SEBAGAI PERMULAAN SATU LAPORAN POLIS AKAN DIBUAT OLEH VETERAN DARI NGO PERTUBUHAN VETERAN PERWIRA NEGARA MALAYSIA (PVPNM) DIKETUAI PENGERUSINYA PEGAWAI WARAN (B) AZIZAN BIN SALLEH:


*TARIKH: 21 MEI 2017 (AHAD)*

*MASA: 10 PAGI*

*TEMPAT: IPD KEPALA BATAS, SPU, P. PINANG*


Sila berkumpul di Kedai Mamak bersebelahan Maybank Bertam bermula jam 9 pagi. Semua veteran dan rakyat Malaysia yg prihatin dijemput hadir. *Warna pakaian: Hitam*)
*Biar Putih Tulang Jangan Putih Mata*


Maklumat lanjut akan menyusul. Pertanyaan:

*AZIZAN MEMALI: 019-5673650*


http://www.malaysiakini.com/news/382421


http://www.malaysiakini.com/news/382531


# VIRALKAN DEMI NEGARA DAN ANAK CUCU TERCINTA

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Lalu saya menjawab:

1. Jumlah pelaburan China di luar negara tahun 2015 berjumlah USD54.4 billion. USD38 billion sahaja di Eropah.
2. Lapan bulan pertama tahun 2016 ianya berjumlah USD61.7 billion.
3. Amerika Syarikat merupakan tempat pelaburan negeri China terbesar 2016 untuk dua tahun berturut-turut diikuti Hong Kong, Malaysia, Australia dan UK.
4. China merupakan pengimport kedua terbesar bagi barangan Malaysia.
5. China henti sokongan dari semua aspek terhadap Parti Komunis Malaya selepas lawatan Tun Razak pada tahun 1974. Ini mengakibatkan PKM dan Suara Revolusi Malaya berpindah dari Hunan ke Selatan Thai.
6. Usaha pertama untuk membuka perdagangan dan memperbaiki hubungan politik di antara Malaysia dan China adalah oleh Dr Mahathir pada bulan November 1985, 4 tahun 1 bulan sebelum perletakan senjata oleh PKM, selepas peristiwa berdarah Memali.
7. Hutang 1MDB tidak melibatkan wang negara. Semua hutang jangka pendek telah dilangsaikan dengan 1MDB membuat keuntungan USD2.5 billion.
8. Pembayaran kepada IPIC telah dibuat dan tiada hutang lagi.
9. Jumlah hutang jangkapanjang 1MDB dalam bentuk bond bernilai RM41.7 billion hanya perlu dibuat pada tahun 2022 dan 2039. Jumlah aset dalam pegangan 1MDB bernilai RM60 billion.
10. Sekiranya 1MDB tidak menjalankan sebarang perniagaan ia masih mampu membayar hutang jangkapanjangnya.
11. Hutang negara hendaklah dilihat dengan KDNK sekali. Sepertimana hutang kita berbanding pendapatan.
12. Kadar hutang negara berbanding KDNK pada tahun 2015 adalah 54.5%. Ini bermakna sekiranya (contoh) anda mempunyai pendapatan RM1000, hutang anda adalah RM545.
13. Berbanding tahun 1986 kadar hutang negara berbanding KDNK adalah 103.4%. Sebagai contoh jika anda menerima gaji RM1000 tetapi hutang anda adalah RM1034.
14. Singapura mempunyai kadar hutang negara berbanding KDNK sebanyak 106%, atau RM1060 sekiranya anda mempunyai pendapatan RM1000. Adakah Singapura juga akan bankrap?
15. Keadaan ekonomi pada hari ini adalah akibat kejatuhan harga minyak global yang menjejaskan banyak negara dan bukan Malaysia sahaja. Malah KDNK Malaysia adalah jauh lebih baik dari Singapura, UK, Australia, Amerika Syarikat, Brunei dan 142 lagi negara di dunia.
16. Berbalik kepada soal ideologi Komunis menular akibat Malaysia berbaik dengan China, adakah ini bermakna Amerika Syarikat, Australia dan UK juga bakal menjadi negara Komunis?
17. Kita kena lebih bijak berfikir dari mengutamakan emosi. Wahyu pertama Allah SWT menyuruh kita membaca dan Surah Al-Hujurat ayat 12 menyuruh kita menyelidik sebelum membuat kesimpulan.

Proof Of Malaysians Suffering Financially 

Malaysians are getting poorer that university students can afford to holiday in South Korea and Lombok now
Every day you could read online how Malaysia is going bankrupt and how ordinary Malaysian are suffering because they pay in USD for their roti canai banjir and GST for zero-rated household items.

A proof that Malaysians are suffering financially is that car sales have gone up.

According to the Malaysian Automotive Association (MAA), car sales in March 2017 jumped by 26.5% compared to February. That is a whopping 11,262 units more!

That is also a 10% increase compared to March 2016 – 53,717 units compared to 48,788 last year.

Almost 141,000 cars were sold in the first quarter of 2017. That is almost 10,000 units more than the corresponding period in 2016.

Of course, Najib Razak has failed to turn the economy around. Things were far more affordable back then and the USD was at RM2.50 compared to what it is now.

The following table will show how cars were far more affordable during U-Turn Mahathir’s time.

Just before Mahathir became the Prime Minister, only 97,262 vehicles were registered. 19 years into his premiership registration was at 343,173.

The population of Malaysia then was 23.42 million. Therefore the ratio was one vehicle to every 68 Malaysians.

When Najib Razak took over in 2009, the population was 27.79 million. The number of registered vehicles for that year was at 536,905. The ratio was one vehicle for every 52 Malaysians.

Najib Razak has been running the economy down since then. In 2015, six years into his premiership, the numner of vehicles sold and registered for that year was 666,674. The population was at 30.33 million.

Therefore the ratio of vehicles to population was 1:45.

What does this say? Only one thing.

Malaysians are getting poorer because they can afford to spend and buy more cars.

Then they complain about car prices.

Morons.

Whine Even When Others Think You’re Lucky

Long before most netizens and majority of the current workforce were born, DAP’s Emperor Lim Kit Siang complained on 1st September 1977 about the lack of public transport and increase in fares by now-defunct well-known bus company, Sri Jaya.  Four days later, he called for the resignation of both Ganie Gilong of Sabah who was the Transport Minister, and Dr Goh Cheng Teik who was the Deputy Transport Minister to resign.

Political and monetary instabilities as a result of the international monetary crises in the early 1970s and the oil crisis in late 1973 contributed to the worldwide recession, stagflation and very slow recovery.  Consumer Price Index (1967 = 100) jumped by 10.5 percent in 1973 and 17.4 percent the following year. In 1977 it was down to 4.7 percent, the lowest since 1973, and the CPI figure never went down further until 1984.

Money, Income and Prices of Malaysia (1966-89) from the book The Monetary and Banking Development of Singapore and Malaysia by Sheng-Yi Lee

It was a time when Malaysians could hardly afford anything. In order to assist the rakyat, Tun Abdul Razak set up the Restoran Rakyat in August 1973. It was where a nasi lemak breakfast would cost only 20 sen and a simple lunch of rice, fish curry and vegetables would cost only 80 sen.  Of course, 20 sen those days is like RM2.00 of today but any balanced meal today that costs less than RM10.00 per plate is greatly welcomed.

The Restoran Rakyat, near today’s Dataran Merdeka – Tun Razak’s way of helping the rakyat in KL to overcome inflation (courtesy of harithsidek.blogspot.com)

Also introduced by Tun Razak was the BMW – Bas Mini Wilayah, in September 1975.  The fare to any destination was 40 sen then and was only increased to 50 sen in 1991 and 60 sen two years later.  The BMW services were discontinued in July 1998 when it was replaced by Intrakota and subsequently RapidKL in 2005.

The notorious BMW – BERNAMA Images/Paul Tan

Today, as a result of a great foresight by the current government, land public transport and infrastructure have improved in leaps and bounds.  According to a research report published on the 4th April 2017 by the Financial Times, Malaysia’s transport users get the best deals in ASEAN.

Graphs comparing Malaysia and the rest of the ASEAN-5 in terms of spending on transport as well as the WEF’s ranking for the ASEAN-5 transportation infrastructure (Financial Times)

The graph shows that Malaysian commuters spend about USD12 per day on commuting as opposed to Indonesia, Vietnam and the Philippines where commuting could cost up to USD20 per day, the only exception being Thailand where it could get to USD15 per day.

Malaysia is also ranked in the Top 20 from 138 nations in terms of transportation infrastructure, according to the World Economic Forum.

Malaysian spending on transportation rose to 0.7 percent of the GDP in 2016 compared to 2015, and the Financial Times research report attributes this to Prime Minister Najib Razak who continues to make infrastructure a key priority.

While the completion of the MRT SBK (Sungai Buloh-Kajang) Line 1 targetted for July 2017 and the construction of the MRT SSP (Sungai Buloh-Putrajaya) Line 2 and LRT 3 now taking place, urban and suburban dwellers in the Klang Valley can expect a much economical and more integrated mode of getting around, while feeder services such as the ETS, KTM Komuter, and the soon-to-be-expected HSR and double-tracking projects will allow growth in other areas and allow for cross-country commuting to and from work.

Projects like the ECRL and the Pan-Borneo highway will provide for the growth and availability of jobs not only in the urban areas but also in greenfields as well as pockets of rural towns where meaningful economic activities have thus far eluded.

With a projected population of 32.5 million by 2030, elaborate and efficient land public transport systems must be in place to ensure efficient mobility within and between spatial conurbations across Malaysia while the introduced National Land Public Transport Master Plan (NLPTMP) will ensure continual improvements and additions are made to the land public transport systems.

Malaysians should be thankful that plans have been made to improve transportation infrastructure instead of constantly complaining.

Kelepetokrasi

KELEPET.

The word means hem or a fold on a piece of cloth or paper.  A Malay synonym would be ‘lipatan.’  To Lipat or to Kelepet would colloquially mean ‘to pillage.’

Malaysia Airlines Boeing 737-800

Malaysia Airlines has always been a favourite airline of mine.  The national flag carrier is THE symbol of Malaysia’s global reach.  However, the airline which roots can be traced back to 71 years ago has been suffering badly from an especially bad episode of mismanagement dating back from 1994.

Disguised under the New Economic Policy that was supposed to assist the Bumiputeras to be economically stronger, U-Turn Mahathir and financial henchman Daim Zainuddin selected several cronies to helm public-listed companies.  They include Amin Shah Omar Shah (who screwed up the Kedah-class NGPV programme) and Tajuddin Ramli (TR) who stripped Malaysia Airlines of its edge and finances.

TR took over Malaysia Airlines in 1994 through his company Naluri as instructed by U-Turn Mahathir and Daim, the year Jaffar Hussein resigned as the Governor of Bank Negara Malaysia after making a loss in the region of RM30 billion in US Dollars through foreign exchange gambling.

Malaysia Airlines was okay for about two years before crashing in 1997 with a net loss of RM259.85 million (RM426.15 million in today’s terms) from a net profit the year before of RM333.01 million (RM546.14 million in today’s terms).

Like the collosal losses of real money the nation had to absorb through the BMF as well as the BNM Forex scandals, U-Turn Mahathir and Daim saw it fit for Malaysia Airlines, or rather their crony Tajuddin Ramli, be bailed-out using, again, the rakyat’s money.

An infuriated Lim Kit Siang (thank you again, Uncle) released a press statement on the 20th February 2002 saying among others:

The Malaysian Airlines System (MAS) police report on January 9 and the police investigations into alleged million-ringgit  management irregularities at  the MAS  cargo division during   the tenure of  former MAS executive chairman and key shareholder Tan Sri Tajudin Ramli is  a most welcome  departure from the invariable past practice of government and  corporate cover-ups, especially  in government-owned or controlled companies, making Malaysia notorious as a country teeming with “heinous crimes without criminals” – starting with the infamous Bumiputra Malaysia Finance (BMF) scandal in the eighties. 

It has been reported that the alleged management irregularities centred on business arrangements between MAS and a Germany-based cargo handler controlled by Tajudin Ramli and focussed on contracts between MAS and ACL Advanced Cargo Logistic GmbH, a 60%-owned unit of Naluri Bhd., a listed Malaysian company in which Tajudin is the largest shareholder.  ACL operates a cargo facility in Hahn, Germany, that MAS in 1999 contracted to use as its global cargo hub.  

The management irregularities being investigated by the police can only be  the tip of an  iceberg as MAS has chalked up colossal debts of RM9.2 billion and accumulated losses of R2.5 billion, requiring repeated billion-ringgit bailouts at the public taxpayers’ expense – and the Malaysian public are entitled to demand a  full accountability as to how the national airline could end up as such a sick company, a national embarrassment and a burden on public coffers.  

It was reported that the management irregularities in the cargo division  were discovered in   an audit ordered by the government after taking control of MAS early last year  following  the scandalous RM1.79 billion buyback  bailout of Tajudin’s 29.09 per cent stake at RM8 a share when the market price was only RM3.68.

This raises the question as to why an audit was not conducted before the government’s  buyback  bailout of Tajudin’s MAS stake – which would have a very important bearing on the proper price of the government buyout. 

I am sure Uncle Ah Siang has not forgotten this episode too when he became pally with U-Turn Mahathir recently.  Surely the interest of the rakyat is paramount to the God of DAP.

Or is it still?

He continued:

On March 21 last year,  the then Finance Minister, Tun Daim Zainuddin, gave a long and most unsatisfactory reply in Parliament during question time to justify the buy-back bailout of  Tajudin’s MAS stake which took place under his watch, but he  failed to address or  answer the  two most important questions, viz:

  • Why no independent professional valuation was ever done when the government agreed to  pay Tajudin’s Naluri Bhd for the MAS stake at RM8  per share representing  a premium of  RM4.32 or 117 per cent over the closing market price at RM3.68 per share when the deal  was signed on 20th December 2000; and 
  • Why rules for the bail-out of companies established by the National Economic Action Council  in the “National Economic Recovery Plan” was violated and  Tajudin was not only spared from having to “take his appropriate hair-cuts” but was given a bonanza at taxpayers’ expense to reward for his mismanagement of MAS by  being given  117% premium for the  MAS shares over the  market price, transforming it into a personal rescue for Tajudin instead of a public rescue for MAS.  

The  current police investigations into management irregularities in MASkargo Sdn. Bhd. have again brought to the fore  the  questions concerning  prudence, propriety, responsibility,  integrity, accountability and transparency of the decision to use RM1.79 billion public funds for the buy-back bailout of Tajudin’s MAS stake.  

Last month, the government announced a RM6.1 billion MAS restructuring exercise involving assets sale to enable the national carrier to retire some of its debts and provide RM820 million as working capital, which is just a creative way for a second round of government bailout for the national airline.

Malaysia Airlines, Perwaja, Renong as well as other companies steered towards oblivion by their cronies had to be bailed out using the rakyat’s coffers, and not one person has ever been charged in a court of law for the breach of trust they committed.  This included Amin Shah Omar Shah who, prior to being given the contract to build our Navy’s vessels, had never built a single fishing boat!

Kit Siang the self-proclaimed rakyat’s champion as recent as 2012 stated in the DAP’s mouthpiece Roketkini that Mahathir cannot pretend to be ignorant of the MAS scandal.

In fact it as also reported that “Mahathir had his hand in getting Petronas to bail out his son Mirzan Mahathir’s shipping company, then Konsortium Perkapalan, which had trouble servicing US$490 million debt!”

(courtesy of Finance Twitter)
(courtesy of Finance Twitter)

Lim Kit Siang was so furious about the bailout of Konsortium Perkapalan using the rakyat’s money that on the 16th June 1998 he wrote:

But Mahathir should similarly give full co-operation to the Royal Commission of Inquiry into Nepotism, particularly as to whether there is any nepotism in the government, through Petronas, using hundreds of millions of ringgit of public funds to bail out Mirzan Mahathir’s Konsortium Perkapalan Bhd.

Just recently, a copy of a directive from the Ministry of Finance to Telekom Malaysia regarding a direct negotiation contract award totalling RM214.2 million to Mukhriz Mahathir’s OPCOM made its rounds on the Internet:

img_6640

A blog post by a Sup Torpedo wrote about this back in 2006:

Mahathir’s criticism of Scomi is justified. It has proved that Scomi does not garner very much government work and now that’s all open to scrutiny. Unlike a company called Opcom Sdn. Bhd. who had a direct nego approved by the Finance Ministry way back in 2003 when Mahathir was both Prime Minister and Finance Minister. The amount of the tender by Telekom Malaysia Berhad was two hundred and fourteen MILLION ringgit. The Ministry of Finance approved it, no doubt with the blessing of the then Finance Minister and Prime Minister, Tun Dr. Mahathir Mohamad.

Hey! What’s new?  If you look at the above letter, it was dated on the 7th October 2003.  The old fart stepped down as the Prime Minister and the Finance Minister on the 31st October 2003.

It was an eleventh-hour effort to enrich his kin – a true nepotistic egoist dictator who was afraid that money made during his 22-year dictatorship would not be enough to cover his grave.

Even in 2006, during the peak of the old fart’s attacks on his successor Abdullah Ahmad Badawi, observers such as Sup Torpedo could see that it was little about putting the interest of the rakyat ahead as compared to securing money for the Thousand-year Reich of his:

Don’t miss the wood for the trees. This fight that Mahathir got going on with Pak Lah is not about doing the right thing. It is at best about putting his old crony’s rice bowl firmly where the padi fields grow. At the very worst of motives might be the will to further advance Mukhriz’s political career and provide continuity to the old ways.

Again, what is new now? Virtually nothing, except for one little glaring fact: WHY IS UNCLE KIT SIANG SELLING HIS SOUL AND PUTTING HIS PERSONAL POLITICAL INTERESTS AHEAD OF THE RAKYAT’S BY MAKING A U-TURN ON HIS ATTACKS ON MAHATHIR?

A simple answer would be that he is nothing but the stinking, arrogant cow-dung for brain hypocrite he has always been.  Power is what he seeks for power ensures riches, just like his charged-for-corruption son.

And what of the rakyat then?

As the saying goes: “The meek shall inherit shit.”

The Bank Negara RM30 Billion Forex Losses Scandal

Kit Siang also published a book on the BNM Forex losses scandal
Kit Siang also published a book on the BNM Forex losses scandal

Yes. The year was 1994 when Lim Kit Siang found it ultra-important to publish a book on the Bank Negara Malaysia (BNM) foreign exchange scandal that caused the loss of RM30 billion (estimated to be at RM49 billion in today’s terms).

The book is called, as you would have guessed, ‘The Bank Negara RM30 Billion Forex Losses Scandal‘.

bnm-loss

The BNM forex scandal losses in 1991 made international headlines at the time, forcing the resignation of BNM’s governor Jaffar Hussein.

Again I should thank Kit Siang for writing all this, making it easier for me to see what he had written on the issues he raised in the past.

In 2004, Kit Siang called upon Nor Mohamed Yackop who then was sworn in as a Senator to become Finance Minister II to issue a White Paper on the matter.

Up to now, the government has failed to “come clean” on the colossal  Bank Negara forex losses  as a result of speculation in the international currency markets from 1992-1994, with the losses  cited as ranging from RM10 billion to RM30 billion. In Parliament in 1994, I had given reasons as to why the Bank Negara’s forex losses as a result of its forex speculation operations could have amounted to as high as RM30 billion, which had not been seriously rebutted by any top government leader or Bank Negara official,” he wrote on his blog limkitsiang.com.

In  April 1991, a   Reuter news agency report from London described Bank Negara as “a dominant force on the foreign exchange scene for some years” and it was  accused by some forex operators as “a market bully”.

The 1991 Reuter report states:

“Over the past two years it has stepped up its trading volume, and this year it has started dealing in what dealer described as ‘really massive amounts’… 

“Typically, Bank Negara operates in US$50 million lots, compared with the market norm of US$5 million or US$10 million and deals with maybe six major banks in Europe and six in New York, dealers said. 

“One trader said the only dealers rivaling Bank Negara would be the Japanese funds. But while these funds enter the market no more than once or twice a year, Bank Negara is coming in and doing yards (billions) of dollars a day. 

“”Its recent technique has been to hit major banks for US50 million each, then his them 10 minutes later, dealers said. 

“Then it changes centre, and does it all over again.” 

The April 1994 issue of Malaysian Business – one of the publications in the New Straits Times stable – reported  that Bank Negara’s maximum exposure in the foreign exchange markets reached as high as RM270 billion – three times the country’s GDP and more than five times the country’s foreign reserves at the time!

Kit Siang added that some Government leaders were wise after the event, and one of them was none other than Daim Zainuddin, under whose first tenure as Finance Minister from 1984-1991 the Bank Negara’s unorthodox forex speculation started, who said on April 4, 1994 that while those responsible for the huge forex losses of Bank Negara had accounted for their mistakes by resigning, central banks should never “play with fire” with such forex speculation.

It was Kit Siang who pointed out the irony.

In 1995, a book on international high finance, ‘The Vandal’s Crown‘ by Gregory J. Millman on Page 229 had this to say about the Bank Negara forex scandal:

“Using all the resources a central bank commands – privileged information, unlimited credit, regulatory power, and more – Malaysia’s Bank Negara became the most feared trader in the currency markets. By trading for profit, Bank Negara committed apostasy against the creed of central banking. Instead of working to ensure global financial stability, Bank Negara repeatedly shoved huge sums of money into the most vulnerable market situations in order to destabilize exchange rates for its own profit” (p.226) 

“(Bank) Negara operated behind a thick veil of secrecy. The bank seldom spoke publicly about its controversial trading activities. Yet it was increasingly clear to foreign exchange traders that Bank Negara’s operations in the foreign exchange markets went far beyond simple self-defense. It became the most awesome currency trader in the world.” (p. 227) 

“(Bank) Negara’s market manipulation was so egregrious that one American central banker said, ‘If they tried this on any organized exchange in the world, they’d go to jail.’ However, in the unregulated international currency markets, there were neither police nor jailers. The only rule was the rough justice of the vandals, and it was this rule that eventually brought (Bank) Negara down. 

“In 1992, (Bank) Negara took on a large pound sterling position, apparently expecting Britain to maintain the discipline required by the European Exchange Rate Mechanism. It was a bad economic and political judgement. (Bank) Negara lost approximately $3.6 billion when Britain withdrew from the ERM, letting sterling collapse. The next year, (Bank) Negara lost an additional $2.2 billion. By 1994, Bank Negara was technically insolvent and had to be bailed out by an infusion of fresh money from Malaysia’s finance ministry.”

Recently, Abdul Murad Khalid who was the Assistant Governor of BNM who resigned in 1999 revealed that the forex losses were in actual US Dollars and not in Malaysian Ringgit.

There was no control… The most important thing is that there was no investigation at all,” Murad was quoted as saying by NST.

Asked if the then Prime Minister knew about the losses, he replied: “I’m sure the governor briefed them.”

Kit Siang’s silence on this issue is indeed deafening.  The so-called champion of the rakyat now has his balls as wrinkled as his face is.  And all to achieve his personal political ambition.

In 1993, Anwar Ibrahim who was then the Finance Minister responded on behalf of his then-master, U-Turn Mahathir, to Kit Siang’s query on some “rumours about BNM losing money gambling forex“.

Anwar said that the rumour was not true at all.

When confronted, again by Kit Siang, a year later, Anwar said “the amount is not huge.”

The above engagements can be found in the Parliament Hansard.

After Murad’s revelation we know now that the amount is actually colossal.

We also know that U-Turn Mahathir as well as Daim Zainuddin were very much in the know of the losses.

And we know that Lim Kit Siang is just another opportunist snake manipulating the issue to gain support from the rakyat but now bats no eyelid to work hand-in-hand with his sworn enemy so he could come into power.

I am pretty sure he feels pleased looking at himself in the mirror every morning knowing he had blatantly lied to the people.

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wǔdǎyī!

Terima Kasih, Lim Kit Siang

My wife knows how I often thank people – be it a hotel cleaner, the toll booth operator manning the TouchNGo reload booth, the waiter at some stall.

This time I would like to thank Lim Kit Siang for being the proud politician that he has alwas been – the self-glorification by a man who thinks very greatly of himself, his works, his speeches, his essays; that he shares all these with us online that it feels like you are walking through a Presidential library of a man never destined to preside over or administer a country.

And it all began with Lim Kit Siang’s admission of willingness to work with the Barisan Nasional. One would wonder what has made this proud man discard his pride to go back on his struggles just to remain relevant?

It does sound like U-Turn Mahathir and I dare say it also partly has to do with trying to save his son from an imminent prison sentence for corrupt practices while being a Chief Minister.


The other part, in my opinion, is because of the recent revelation of CIA documents linking U-Turn Mahathir to the Bumiputera Malaysia Finance scandal of 1983 that saw billions of Ringgits missing and resulted in the death of a senior bank auditor for knowing too much, and the suicide committed by the Carrian Group’s adviser.



It was during U-Turn Mahathir’s watch, two years into his stewardship, that Bank Bumiputera which was a government-owned bank formed with the purpose of assisting unfortunate Bumiputeras lost that huge sum of money.

And according to the CIA document it was impossible for Mahathir’s cabinet to not know anything about the outflow of such a huge amount of money in the form of loans given to a non-Bumiputera associate of his in Hong Kong.

Mahathir, like in the PKFZ hearing, has denied any knowledge of the missing money.

For those born in the mid-1970s and have no recollection whatsoever of the BMF scandal can watch this awesome documentary which has none other than the self-admiring Lim Kit Siang talking about the scandal.


Unfortunate for Kit Siang, he cannot claim ignorance of what he had said about the scandal be it on camera or online.


Like I said, Kit Siang is so proud of himself, his works, speeches etc., that he shares them all with us online. And there are about ten posts related to the BMF scandal itself.

Among the more interesting posts is one titled ‘DAP reiterates call for Royal Commission of Inquiry into the $2.5 billion BMF Scandal after $8 billion suit against BBMB in California Federal Court.’


That article dated 29th February 1992 has an interesting ending where Kit Siang asked the following:

“If the Government leaders have nothing to hide, why is the Prime Minister, Datuk Seri Dr. Mahathir Mohamed, and the present Cabinet so adamant in refusing to commissioning a full public inquiry into the BMF scandal?”

I would like to know too! Why?

And I would also like to know if Kit Siang now knows that with the CIA exposé there is absolutely no way that he could work with Mahathir, deny ever knowing about the BMF scandal, and sacrifice the MP allowances that is helping him with sustaining his lifestyle in the next general elections?

This is one lump of dirt that even Kit Siang cannot sweep underneath his carpet. He knows that if he continues to work with U-Turn Mahathir, his political career would be as dead as a Dodo.

So he makes a U-turn and decides to work with the Barisan Nasional to rid the country of the biggest kleptomaniac of all – U-Turn Mahathir s/o Mohamad.

Thank you again Lim Kit Siang, for the reading material. You really made my day.