SeaDemon Says
Your Opinion Does Not Matter
Posted on December 2, 2017 December 2, 2017 by seademon
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.
CategoriesDaily Whatevers, History, What da f***!! TagsAbdullah Badawi, Anwar Ibrahim, Bank Negara Malaysia, BN, BNM, Clifford Francis Herbert, finance, forex, Lim Kit Siang, Mahathir Mohamad, malaysia, money, Najib Razak, Nor Mohamad Yackop, Pakatan Harapan, politicians, Politics, Rosli Yaakop, Royal Commission of Inquiry, scandal
Previous PostPrevious BNM Forex: Congratulations, Lim Kit Siang
Next PostNext What 1MDB Suit?
Taqweem al-SeaDemon
Archives Select Month February 2023 (1) December 2022 (1) May 2022 (1) April 2022 (1) March 2022 (1) February 2022 (1) January 2022 (1) September 2021 (2) August 2021 (2) July 2021 (2) June 2021 (2) May 2021 (2) March 2021 (1) February 2021 (3) January 2021 (1) December 2020 (2) November 2020 (4) October 2020 (3) September 2020 (2) August 2020 (2) May 2020 (1) April 2020 (1) March 2020 (2) February 2020 (2) December 2019 (3) November 2019 (3) October 2019 (1) September 2019 (3) May 2019 (2) April 2019 (2) March 2019 (1) December 2018 (2) November 2018 (5) October 2018 (5) September 2018 (5) August 2018 (1) June 2018 (3) May 2018 (6) April 2018 (10) March 2018 (8) February 2018 (12) January 2018 (12) December 2017 (12) November 2017 (11) October 2017 (17) September 2017 (11) August 2017 (21) July 2017 (22) June 2017 (24) May 2017 (23) April 2017 (19) March 2017 (20) February 2017 (19) January 2017 (20) December 2016 (18) November 2016 (25) October 2016 (19) September 2016 (16) August 2016 (6) July 2016 (6) June 2016 (9) May 2016 (11) April 2016 (6) March 2016 (10) February 2016 (4) January 2016 (8) December 2015 (12) November 2015 (9) October 2015 (13) September 2015 (10) August 2015 (5) July 2015 (3) June 2015 (9) May 2015 (9) April 2015 (2) March 2015 (2) February 2015 (2) January 2015 (7) December 2014 (5) November 2014 (1) September 2014 (10) August 2014 (8) July 2014 (5) June 2014 (7) May 2014 (1) April 2014 (2) March 2014 (2) February 2014 (3) January 2014 (5) December 2013 (3) November 2013 (2) October 2013 (1) September 2013 (4) August 2013 (2) June 2013 (1) May 2013 (4) April 2013 (10) March 2013 (11) February 2013 (9) January 2013 (8) December 2012 (1) November 2012 (2) October 2012 (2) September 2012 (6) August 2012 (14) July 2012 (4) June 2012 (3) May 2012 (5) April 2012 (1) March 2012 (1) January 2012 (6) December 2011 (5) November 2011 (7) October 2011 (8) September 2011 (9) August 2011 (15) July 2011 (4) June 2011 (2) May 2011 (6) April 2011 (4) March 2011 (1) February 2011 (1) January 2011 (2) December 2010 (5) November 2010 (3) October 2010 (6) September 2010 (4) August 2010 (11) July 2010 (9) June 2010 (4) May 2010 (8) April 2010 (6) March 2010 (3) February 2010 (9) January 2010 (11) December 2009 (9) November 2009 (14) October 2009 (8) September 2009 (9) August 2009 (5) July 2009 (16) June 2009 (6) May 2009 (5) April 2009 (11) March 2009 (8) February 2009 (5) January 2009 (12) December 2008 (13) November 2008 (7) October 2008 (20) September 2008 (28) August 2008 (11) July 2008 (40) June 2008 (41) May 2008 (53) April 2008 (57) March 2008 (62) February 2008 (64) January 2008 (134) December 2007 (39) November 2007 (19) October 2007 (32) September 2007 (19) August 2007 (40) July 2007 (47) June 2007 (25) May 2007 (20) April 2007 (26) March 2007 (28) February 2007 (17) January 2007 (32) December 2006 (31) November 2006 (28) October 2006 (26) September 2006 (28) August 2006 (18) July 2006 (63) June 2006 (39) May 2006 (31) April 2006 (29) March 2006 (34) February 2006 (32) January 2006 (28) December 2005 (37) November 2005 (35) October 2005 (30) September 2005 (94) August 2005 (25)
ชุมชนชาวไทยในมาเลเซีย
Ruam Thai Online The Thai-Malaysian Online Daily
Siam Generasi Baru This new generation Siamese will leave no stones unturned
Ex inter orbis terrarum
LIFE Pictures Pictures by LIFE Magazine
MOLE If you know what is being said by bloggers about current issues, you can find them here
NIOSH The Malaysian National Institute of Occupational Safety and Health
Portal PakDin Hal Ehwal Semasa dalam Bahasa Malaysia
Radio Fes
UK Health and Safety Executive What's new at HSE?
The Inner Circle
Buletin Sengal Makes some people sengal
DNAS and her red slippers
Faiez Speaks
Gombak's Mafia
Lesung Batu Cafe My favourite joint
Life As DragonDreams Knows It DragonDreams is a good friend of mine who was there for me when I was down back in 2007
Mrs Jopun
Suruhanjaya Anti Zombie Definitely not brain dead like some taksub bloggers
Tiga Kamera Bila 3 Setan Berkamera
Ummu Hurairah
Usitas
A-Moi-R Rad from Penang
Affairs Of Me And My Beloved Family A blog about the perils of being a wife and mother and maid and cook and handy helper while in the midst of civil labour
Failbook Funny Facebook status messages
LooneyPuff's Memoirs LooneyPuff's life's journey
Lynn In Thailand A Malaysian lady in Krungthep
Mimi's Loving Her Life The golfer lady who is also my FB friend
Minda Pertahanan Pak Lang Hamzah is a defence blogger who likes to communicate to the masses on defence and security matters
MY Scandal Political Scandals in Malaysia
Nuraina A Samad's 3540 Jalan Sudin The latest issues hot from Jalan Sudin
Rocky's Bru Rock your brain with this one
Senang Diri A blog on Singapore defence and the SAF (and the occasional articles on the Malaysian Armed Forces
The "Thirteen Million plus Ringgit" guy rambles Do not step on this dog
The Devoured Saviour When myths need a flying kick, this is where to get it
The Malaysian Patriot The views of a Malaysian defence writer who is also an economist
The Mole Want a balanced view from the new media practitioners? This portal doesn't care which side of the political fence you are on
Wakeup Malaya A political portal from Malaysia – the treatment is very hipster-like
WakeUp Malaya! A hip way of looking at political stuff in Malaysia