Bank Negara forex scandal – Lim Kit Siang faces dilemma

 |May 3, 2017
Lim Kit Siang is in dilemma on whether to let Mahathir to”die” or not when he faces the special task force investigating the Bank Negara forex scandal that happened under in the early 1990s.

Lim Kit Siang has a huge decision to make.

Either he throws Mahathir Mohamad under the bus or he himself gets thrown under it.

This is a decision between kill Mahathir or gets killed yourself.

Kit Siang’s many enemies in DAP, plus those in DAP who are opposed to him pussy-footing with Mahathir, do not really care which way he decides because both ways it was going to have devastating results.

Kit Siang stress points

DAP insiders say that Kit Siang has been very short-tempered of late and appears to be under tremendous stress.

His son Guan Eng’s impending corruption trial – which his lawyers have told him Guan Eng is sure to lose and hence will get sent to jail – is one major stress point.

Guan Eng’s jail sentence will ensure the early death of the Lim Dynasty and this time they cannot claim that Guan Eng ‘sacrificed himself’ for a Malay girl – although he actually got sent to jail for contempt of court and not for defending a Malay girl, as DAP has been spinning for decades.

But Kit Siang’s worst stress point of all is his appearance before the special task force investigating the US$10 billion Bank Negara forex scandal.

Kit Siang now has to decide what he was going to say.

If he maintained what he has said in the past, and over the last two decades, then he has to throw Mahathir under the bus.

But if he does that then Pakatan Harapan was finished.

In the end, Pakatan Harapan will be only DAP and Mat Sabu’s Amanah, with PKR not sure which way it would go.

Pribumi will be out of the equation if it was not already dead by then.

To save Pakatan Harapan, Kit Siang has to save Mahathir.

To save Mahathir, Kit Siang has to contradict what he has been saying since 1993-1994.

But then, if he does that, Kit Siang is going to get whacked good and proper because many still remember what he said in the past and will be able to detect the contradictions.

Tunku Abdul Aziz (right) said Lim Kit Siang (top-left) now needed Mahathir more than the other way around.

Kit Siang needs Mahathir more

At this juncture, it is Kit Siang who needs Mahathir more than the other way around, says Tunku Aziz

This is what Tunku Abdul Aziz Tunku Ibrahim said about the matter:

Kit Siang was quick to accuse former Prime Minister Mahathir Mohamad and former Finance Minister Daim Zainuddin of wrongdoing with regards to the losses suffered by the central bank in the forex scandal.
Lim Kit Siang even wrote a book to reinforce his allegations of Mahathir’s and Daim’s criminality in this sordid affair.
Fast forward, in today’s vastly changed political circumstances, I shall not at all be surprised if Kit Siang decided that “discretion is the better part of valour” and changes his tune accordingly to avoid upsetting his new, and very strange, political bedfellow.
Kit Siang is clearly a political animal without scruples and it seems providential that the man with whom he now shares his political destiny, Mahathir, comes out of the same morally-battered mould.
From all appearances, Kit Siang’s last great ambition, his final hurrah, is to go for the nation’s most coveted political trophy, the office of the Prime Minister of Malaysia.
He won’t say that openly because that will put the fear of God in the Malays.
So he needs someone like Mahathir behind whom he can hide his true intentions.
At this juncture, it is Lim who needs Mahathir more than the other way around.

Dying is the only option

Yes, Tunku Aziz has preempted Kit Siang and has warned us to expect a U-turn because the DAP leader needed Mahathir and cannot afford to throw Mahathir under the bus.

But that would mean Kit Siang was going to suffer a very serious credibility deficit and his enemies in DAP will be able to capitalise on that.

In short, either way, Kit Siang is dead.

If he saves Mahathir, he dies and if he throws Mahathir under the bus, he also dies.

Not dying is not an option.

The only thing Kit Siang now has to contemplate is which ways he wants to die.

He can choose to save Mahathir and die together with Mahathir or he can choose to throw Mahathir under the bus and die in the next general election.

Is Kit Siang prepared to kill Mahathir, and die in the next general election, or will he try to save Mahathir, and die now?

In case some of you are not aware or have forgotten, what Kit Siang said in the past about the US$10 billion Bank Negara Forex scandal maybe we can help refresh your memory.

Then let us see whether Kit Siang maintains what he said in the past or he does a U-turn in his testimony in front of the special task force.

Will Lim Kit Siang make a U-turn when he testifies before the special task force investigating the Bank Negara forex scandal that happened under then Premier Mahathir’s watch.

Lim Kit Siang’s speech in Parliament on Monday, April 11, 1994

The colossal forex losses in the last two years have knocked out a “big hole” in Bank Negara, not only making it insolvent (bankrupt) but destroying its credibility and authority as the banker and guardian of banks in Malaysia.

However, the person who must also bear responsibility for the colossal Bank Negara forex losses, apart from Jaffar Hussein, must be the Finance Minister Anwar Ibrahim, himself.

Jaffar should be made a Tun instead of having to resign in ignominy if it could be shown that over the years, Bank Negara had cumulatively made more profits from forex speculation despite the colossal losses in the past two years.

Anwar Ibrahim had misled Parliament last July (1993) when I questioned him whether Bank Negara had suffered more forex losses.

Anwar said that this was not true as he had been monitoring the Bank Negara’s forex dealings weekly.

Bank Negara’s forex losses in the past two years could total as high as RM30 billion, making it the biggest financial scandal in Malaysia as well as a world-class financial scandal.

There was, in fact, a conspiracy of disinformation and misinformation to ‘cover up’ the real nature, cause and magnitude of Bank Negara forex losses in the past two years, which I will show in the course of my speech could total as high as RM30 billion.

It is not only the greatest financial scandal in Malaysia but has reached the standing to be a world-class financial scandal!

Apart from the Prime Minister (Mahathir) and the Finance Minister (Anwar), there is no other person in the country who could speak with greater knowledge and authority about the real cause of Bank Negara’s colossal forex losses.

In fact, Tun Daim may know even more than Anwar Ibrahim because it was under Daim’s tenure as Finance Minister that Bank Negara ventured into speculative foreign exchange trading at that time with some minor success!

The government has still to convince the people that it is serious about the colossal Bank Negara forex losses which could exceed RM30 billion since 1992.

With RM30 billion, the government can declare a ‘holiday’ for all Malaysians from having to pay individual income tax for seven to eight years!

Let the government prove its seriousness by establishing a royal commission of inquiry to investigate into the biggest financial scandal in Malaysia, and for all concerned, starting to bear its responsibility for the colossal Bank Negara forex losses scandal.Malaysia Today

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Raja Petra Kamarudin or RPK, cousin to the Selangor Sultan, is one of Malaysia's earliest online 'citizen journalists'. He started his website in 1995 before the internet 'explosion' triggered by the Reformasi movement in September 1998. Malaysia Today was launched as a blog in August 2004 and is one of the few pioneer blogs still active and posting articles on a daily basis 24-7. RPK, 66 years old, has been writing since 1990.