Lim Kit Siang demands an RCI on the Bank Negara forex losses

“If Pakatan Rakyat forms the federal government in the next general election, there should be a Royal Commission of Inquiry into the RM30 billion Bank Negara forex losses scandal in 1992, as well as into all the other financial scandals during Mahathir’s 22-year premiership. Barry Wain, in his book “Malaysian Maverick”, estimates that Malaysia lost RM100 billion just in four financial scandals during Mahathir’s premiership,” said Lim Kit Siang.

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“If Pakatan Rakyat forms the federal government in the next general election, there should be a Royal Commission of Inquiry into the RM30 billion Bank Negara forex losses scandal in 1992, as well as into all the other financial scandals during Mahathir’s 22-year premiership. Barry Wain, in his book “Malaysian Maverick”, estimates that Malaysia lost RM100 billion just in four financial scandals during Mahathir’s premiership. But this is what Mahathir does not want and most afraid of.”

“I am not suggesting that Mahathir should face jail sentences for the financial scandals in his 22-year premiership, but at minimum, Malaysians are entitled to know the truth about these financial scandals, which would serve as painful national lessons to prevent their recurrence. But clearly, this is what Mahathir would not want and would do his utmost to prevent, including outclassing himself in the wild and preposterous statements about Pakatan Rakyat in the run-up to the next general election.” – Lim Kit Siang (3rd June 2012)

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Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at the DAP Seremban Ceramah held at CRC Hall, Seremban on Sunday, 3rd April 1994 at 8pm

The government and country must take a very serious view of the Bank Negara forex losses ranging from RM16 billion to RM20 billion in the past two years, as they amount to about eight Bumiputra Malaysia Finance (BMF) scandal losses.

The Bank Negara Governor, Tan Sri Jaffar Hussein, has taken the proper and honorable step to resign to accept full responsibility for the Bank Negara forex losses, but no ‘lesson’ would be learnt from the colossal Bank Negara forex losses unless there is a full investigation into the causes and circumstances of the losses as well as the full chain of accountability of all those who must bear responsibility- including the Finance Minister, Datuk Seri Anwar Ibrahim himself.

Parliament and the nation have the right to know what actually went wrong with the management of Bank Negara and the overall supervision by the Finance Minister to allow the Bank Negara to commit colossal foreign exchange losses ranging from RM16 billion to RM20 billion in the past two years.

UMNO Youth leader and Malacca Chief Minister, Tan Sri Abdul Rahim Tamby Cik, said that Bank Negara’s RM5.7 billion forex losses last year was caused by managerial errors of judgment and has nothing to do with the Finance Minister, Datuk Seri Anwar Ibrahim.

Call on Anwar Ibrahim to declare whether he agrees with Rahim Tamby Cik that as Finance Minister, he should not be held responsible for the Bank Negara forex losses.

I call on Anwar Ibrahim to publicly state whether he agrees with Rahim Tamby Cik, that as Finance Minister, he should not be held responsible for the Bank Negara forex losses.

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