And that is what the Forex RCI a.k.a. Nowhere to Hide 4.0 is all about — the death of Kit Siang, DAP and Pakatan Harapan once Mahathir, Daim and Anwar are hanged from the highest tree for costing the country tens of billions and then lying about it.
THE CORRIDORS OF POWER
Raja Petra Kamarudin
The Royal Commission of Inquiry (RCI) into the RM31.5 billion losses Bank Negara suffered gambling on the forex market is turning into a nowhere-to-hide fiasco for four people: Tun Dr Mahathir Mohamad, Tun Daim Zainuddin, Anwar Ibrahim and Lim Kit Siang.
For about ten years since 2007 Malaysia Today has been revealing the events of 1991 to 1994. But only now is all this being confirmed, proving what Malaysia Today says: that it may take ten years but eventually the truth regarding what Malaysia Today says is always proven.
Let this be another “I told you so” article.
And what has Malaysia Today been saying for ten years since 2007?
First of all, Malaysia Today said that Mahathir and Daim lied on two counts when asked about the Bank Negara forex losses. First, in 1993, they denied that Bank Negara lost money and called it opposition lies and propaganda. Then, the following year, they lied about the amount and the nature of the losses. To the Cabinet, they said it was ‘deferred expenditure’ and ‘unrealised losses’ while, to Parliament, they said it was merely ‘paper losses’.
The truth is, in 1992 Bank Negara lost about RM12 billion gambling on the forex market, in 1993 they lost another RM15 billion, and in 1994 roughly RM3 billion — after denying the whole thing in 1993 and saying that the losses were only RM5.7 billion.
The next thing that Malaysia Today revealed is that Mahathir and Daim made Anwar the Finance Minister in 1991 to cover their backs regarding Bank Negara’s huge losses. Anwar’s job was to protect Mahathir and Daim by making sure that the truth never comes out. And that was proven at yesterday’s RCI hearing.
Malaysia Today also revealed that Bank Negara set up offices in London and New York specifically to play the forex market and that Zeti Akhtar Aziz was sent to London to head the European operation. That was also confirmed yesterday.
Another point is that Jaafar Hussein was made the kambing hitam or sacrificial lamb to take the fall for the fiasco and that Bank Negara was gambling at the rate of RM700 billion a month and the bank’s total forward position was US$150 billion.
One more point is that Malaysian Airlines or MAS was ‘sold’ to Tajudin Ramli at a huge ‘profit’ so that this paper profit can hide the losses that Bank Negara made. This has not been revealed yet but may be over the next few days. MAS was practically bankrupted because of this and the government had to buy back MAS at a huge loss.
So, if you add the RM8 billion MAS disaster to the Bank Negara RM31.5 billion disaster (plus those other disasters that were triggered to cover the Bank Negara and MAS disasters) then we are talking about more than just RM31.5 billion direct losses that Bank Negara suffered. The combined losses for Bank Negara and MAS alone already come to RM40 billion.