THE CORRIDORS OF POWER
Raja Petra Kamarudin
On 8th May 2017, Malaysia Today wrote ‘Jaffar told Ismail that Daim was the culprit behind the Forex disaster’. In that article we said:
The most interesting thing about this investigation is that finally we are being told that Tun Daim Zainuddin was the key person behind the whole disaster. The one-time Bank Negara Governor Tun Ismail Ali bumped into the one-time Bank Negara Governor Jaffar Hussein (both who died in 1998) at the airport back in the early 1990s and the former asked the latter how bad was the whole situation. Jaffar told Ismail the situation was very bad and that the instructions to play the Forex market, and then to cover up the disaster after that, actually came from Daim himself and that Mahathir was very much in the loop.
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Yesterday, Nor Mohamed Yakcop, testified before the Special Task Force that has been set up to review the testimony and evidence regarding Bank Negara’s US$10 billion forex losses ahead of the Royal Commission of Inquiry (RCI) sitting. Nor Mohamed was the Bank Negara Assistant Governor at the time of the forex disaster.
It was already known back in the late 1980s that Bank Negara was the biggest forex gambler in the world. At that time Mahathir was still the Prime Minister and Daim the Finance Minister while Jaffar was Bank Negara’s Governor.
In 1991, when the matter became too hot to handle and the losses had already exceeded billions of Ringgit, Daim stepped down and the post of Finance Minister was handed over to Anwar Ibrahim. Anwar’s job was to cover up the story of Bank Negara’s huge losses and the fact and Mahathir and Daim were the cause of it.
In 1993, the stink was so bad they could no longer cover it. Lim Kit Siang raised the matter in Parliament and Anwar lied and said that the story regarding Bank Negara’s huge losses was not true.