Bank Negara lost RM98 billion in Forex and Lim Kit Siang is silent about it

 |Jan 28, 2017
Lim Kit Siang once pounded on Mahathir over BMF and Forex scandals.
Lim Kit Siang once pounded on Mahathir over BMF and Forex scandals.

I have said this many times before.

Justice can be delayed but it can never be denied.

It may take years for the truth to finally be revealed.

However, in the end it always gets revealed.

For example, it took almost 200 years for the truth to emerge that Napoleon Bonaparte had actually been poisoned and did not die of natural causes.

Another example is regarding the truth about the Memali massacre in 1985.

It took about 30 years for Malaysians to find out that Mahathir Mohamad was actually in his office directing the operations on the ground in Kedah and was not in China as everyone had believed all along.

It was Musa Hitam himself, the then deputy prime minister (DPM) and home minister, who revealed this.

Have you noticed that Mahathir has never denied this?

Tajudin Ramli (left) - Yahya Ahmad.
Tajudin Ramli (left) – Yahya Ahmad.

In his affidavit to the court, Tajudin Ramli said that back in 1993, Mahathir ordered him to buy over all the shares of Malaysia’s national airlines, MAS, at RM8 per share.

The reason, explained Tajuddin, was so that the government can show a ‘paper profit’ from the sale of the MAS shares.

The government needed this paper profit to cover the huge loss that Bank Negara had suffered gambling on the foreign exchange (Forex) market over 1992-1993.

Tajudin did not actually have to pay cash for the MAS shares.

All he needed to do was to exchange the shares of his company that had been re-valued at a far higher price, for the MAS shares that he acquired.

In other words, he got the MAS share for free while MAS had to take over his debts.

This was the same modus operandi which they adopted when Yahya Ahmad took over Hicom.

He exchanged his DRB shares for the Hicom share and while he took over Hicom’s very valuable assets Hicom ended up taking over all DRB’s massive debts.

It was almost like swapping his massive liabilities for valuable government assets, a brilliant exercise to get billions for nothing.

Yahya’s death is still a mystery and an even bigger mystery is what happened to all his shares?

Why was his daughter forced at gunpoint to transfer all those shares and who was she told to transfer them to?

I heard years back that she was in exile in London because they were hounding her but I do not have the latest updates on her story.

Anwar covered up Mahathir's back on Forex Scandal.
Anwar covered up Mahathir’s back on Forex Scandal.

Anyway, the government sold MAS (but not for cash) to show a paper profit.

This paper profit was to cover a huge loss that Bank Negara made gambling on the Forex market in 1992-1993.

Yesterday, the former Assistant Governor of Bank Negara, Abdul Murad Khalid, finally revealed the truth after more than 20 years of silence.

Murad revealed that the amount that was lost was about RM98 billion at today’s value and rate of exchange.

So this explains why the government had to sell MAS and show a paper profit to cover this huge loss.

Anwar covered Mahathir’s back

In fact, back in 1993 Lim Kit Siang stood up in Parliament and said that he heard rumours that Bank Negara had gambled on the forex market and had lost billions.

Kit Siang wanted then Prime Minister Mahathir to respond.

Mahathir was absent from Parliament so then Finance Minister Anwar Ibrahim responded instead.

Anwar’s response was that the rumour was not true.

All this is recorded in the Parliament Hansard.

The following year, in 1994, Kit Siang again stood up in Parliament and accused Anwar of lying.

In 1993 Anwar had said that the rumour of Bank Negara losing a lot of money gambling on the Forex market was not true.

Now it has been revealed that it was true after all.

Kit Siang demanded that Mahathir and Anwar take responsibility by resigning from office.

Anwar responded by saying that the losses Bank Negara made were only ‘paper losses’ and not actual losses.

The amount is not huge, Anwar said.

Again all these were recorded in the Parliament Hansard.

But it was not paper losses.

The losses were real.

So Anwar lied yet again.

DAP veteran leader Lim Kit Siang is quiet over CIA disclosure on BMF Scandal that happened during Mahathir's premiership.
DAP veteran leader Lim Kit Siang is quiet over CIA disclosure on BMF Scandal that happened during Mahathir’s premiership.

Forex losses due to George Soros factor

Anwar later told his inner circle that it was Mahathir who made the decision to try to beat George Soros.

Soros was pushing down the ringgit and Mahathir wanted to fight back.

Mahathir could not accept that a Jew was hurting the ringgit and he wanted to teach Soros a lesson.

Instead Soros taught Mahathir a lesson and he went berserk.

Of course, Anwar could not reveal this is in Parliament so he tried to cover Mahathir’s back.

Anyway, yesterday, the truth finally came out.

So Mahathir and Anwar had lied to us all along these last 20 years.

Kit Siang has been telling us since 1993 that Bank Negara lost a lot of money and that Mahathir and Anwar were lying (he even demanded Mahathir’s and Anwar’s resignations).

On April 3, 1994, Kit Siang gave a speech titled: ‘The Bank Negara Forex losses in the past two years are equal to about eight Bumiputra Malaysia Finance scandal losses’.

Coincidentally, just a few days ago the CIA declassified documents related to the Bumiputra Malaysia Finance (BMF) scandal and implicated Mahathir in this scandal as well.

Mahathir gambled against Soros and lost and it cost Malaysia billions in losses, not including the MAS disaster that was supposed to cover the Bank Negara losses

Anyway, Kit Siang was outraged back in 1994 and he wanted Mahathir and Anwar sent to jail.

The BMF and Bank Negara-Forex scandals were at the top of the Kit Siang’s agenda.

A few days ago the CIA revealed the truth regarding the BMF scandal and yesterday Murad revealed the truth regarding the Bank Negara-Forex scandal.

Cat caught Kit Siang’s tongue?

But today we have heard nothing so far from Kit Siang.

For more than 30 years Kit Siang had been harping on the BMF issue and for more than 20 years he had been harping on the Bank Negara-Forex issue.

Now the truth on the two issues are known, but why is Kit Siang tongue-tied and keeping very quiet?

This proves beyond any shadow of doubt that all this talk about Kit Siang “berjuang untuk rakyat” (fighting for people) is bullshit.

For 20-30 years Kit Siang has been screaming and had been demanding that a Royal Commission of Inquiry (RCI) be held to get to the bottom of the BMF and Bank Negara-Forex scandals.

Now the CIA and Murad have revealed the truth.

Lim Kit Siang onc blasted Mahathir and Anwar over Forex Scandal.
Lim Kit Siang onc blasted Mahathir and Anwar over Forex Scandal.

Suddenly Kit Siang (who boasts that he has spoken and written 10 million words in his 50 years political career) does not have a single word to say.

I suppose that would be the price you have to pay to become the DPM.

You need to sell your principles and pretend that Mahathir was god-send to Malaysia.

Kit Siang is just one more ‘apek’ (old chinaman) politician after all.

To think that the Chinese look upon Kit Siang as a god.

Bodohnya Cina Malaysia! (Stupid Chinese Malaysians!) – 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.