Khairy Jamaluddin has said the cabinet may reopen investigations into Bank Negara’s US$10 billion or RM44 billion forex losses incurred from 1989 to 1992.
According to Edwin Michael of Universiti Tunku Abdul Rahman, there are five questions that require answers.
Recently, Abdul Murad Khalid, the former assistant governor of Bank Negara, said the direct losses Bank Negara suffered was US10 billion.
However, if you take into consideration the indirect losses, then we may be talking about RM150 billion or more.
Furthermore, at the height of the speculation, Bank Negara was exposed up to RM270 billion, which is five times Malaysia’s GDP.
Some are saying this is an old story, more than 20 years old.
However, we are just finding out that for more than 20 years those in power concealed the truth and lied to us.
Only today is the truth slowly emerging and it appears like what we were told back in the 1990s was a lie.
It is like the Batang Kali massacre being discussed more than 25 years after the event because new evidence emerged after the declassifying of certain classified documents.
So, in Bank Negara’s case, new evidence has just emerged and it appears that the bank was practically bankrupt and they did ‘creative accounting’, asset-stripping, bogus sales of assets and investments at inflated prices, and so on, to show ‘paper profits’ in the books so that these paper profits can offset the real losses, which they lied and said are not real losses but only ‘paper losses’.
In short, there is a serious case of fraud involved and there are some people who were then in the corridors of power who are guilty of this crime.
That is what the reopened investigation needs to find out.
However, based on the evidence which is already out there in the public domain, it is clear that Mahathir Mohamad and Daim Zainuddin are the main culprits aided by their underlings such as Anwar Ibrahim and Nor Mohamed Yakcop.
So far, for more than 20 years, the truth has been very cleverly concealed.
But with the latest revelation it appears like it is now impossible to cover the stench.
We need to thank Lim Kit Siang for this, who since 1993 has been relentlessly harping on this matter without giving up.
Today, the result of Kit Siang’s effort has finally seen fruition and the cabinet, at last, is going to get to the bottom of the biggest financial scandal in Malaysian history.
Today, I got insider information that Mahathir is panicking and is trying to torpedo that investigation – or the Royal Commission of Inquiry (RCI) that may be set up to undertake the investigation.
Mahathir knows that it will not take too much probing and digging for the truth to emerge because Murad and Tajudin Ramli have both already opened their mouths.
All they need to do is to say, again, what they have already said in front of a commission of inquiry.
Mahathir has asked one of these loyalists in the cabinet, Tengku Adnan Tengku Mansor, and another cabinet minister, to lobby the other cabinet ministers to try to torpedo the RCI.
The setting up of the RCI to investigate the Bank Negara scandal must not happen because if it does then Mahathir and Daim are dead ducks.
Tengku Adnan is also worried that if Murad talks then it is bad news because it was Tengku Adnan who fixed Murad up in October 1999.
Mahathir needed to fix Anwar up and Tengku Adnan got the special branch to detain Murad and then they threatened him with detention without trial for a very long time unless he agrees to sign a statutory declaration (SD) implicating Anwar in a RM3 billion money-laundering scandal.
Murad was said to be an Anwar loyalist and proxy.
Those in his mosque congregation, however, said that this was impossible because Murad was a pious Muslim and a regular member of the mosque congregation who does a lot of charity work and donates to the mosque and other worthy causes.
Anyway, whatever it may be, Tengku Adnan fixed up Murad good and proper and if he was called before a commission to testify he would have a lot to reveal and it would be payback time for what he has suffered these last 18 years.
According to Murad, he was coerced into making false allegations against Anwar and to sign that October 1999 SD.
Murad is the opposite of Rambo and it does not take much to make him pee in his pants.
The alternative to not signing would be a long stint under detention without trial.
So Murad signed just to get out of the hell-hole they put him in.
So, not only is Mahathir scared, Tengku Adnan is as well because he, too, is going to suffer if the truth emerges.
For sure Murad will reveal what Tengku Adnan forced him to do and the truth behind that RM3 billion SD he was made to sign.
Mahathir and Tengku Adnan are not only partners-in-crime regarding the Bank Negara scandal, they also share the same financial backer, a Chinese Datuk from one of the largest companies in Malaysia.
Murad knows who this Chinese Datuk is and he may spill the beans and reveal that this Chinese Datuk and a few other tycoons have put aside billions to finance the ANC (Anti-Najib Campaign).
Sigh…why is it behind every crooked Malay politician there is an extremely wealthy Chinese tycoon?
It is almost like blue arse flies or lalat jamban being attracted to shit.
What is interesting is that as soon as Tengku Adnan knew that yesterday’s cabinet meeting was going to discuss the Bank Negara forex scandal and the possibility of the setting up of a RCI to investigate this matter, he came out with annexing Penang to become part of the federal territory stunt.
Tengku Adnan wanted to distract Malaysians from the Bank Negara forex issue by raising an even bigger issue: the annexation of Penang.
Either Tengku Adnan is a downright idiot or he actually did this on purpose as a WMD or weapon of mass distraction.
He and Mahathir know that the Penang story was going to dominate the airwaves and the Bank Negara forex matter would become unimportant and buried by the Penang story.
Hmm…it looks like finally Mahathir is seriously worried and is on the run.
Most noticeable of all is Kit Siang’s silence.
Normally by now Kit Siang would have issued a statement welcoming the cabinet decision to reopen investigations into the Bank Negara forex scandal.
Today he is speechless and has nothing to say.
What an irony? – Malaysia Today