Mahathir cannot be worth RM100 billion and Daim cannot be worth
RM60 billion the honest way. Even if Mahathir had saved his 22 years salary, as
he claims, he cannot be worth more than RM20 million. And what did Mahathir
live on over those 22 years? More importantly, how did Mahathir and his family
become multi-billionaires if the money was not stolen? The RCI can probably
answer these questions.
Malaysiakini’s
3rd June 2012 report (SEE BELOW) quoting Dr Rosli Yaakop, an ex-manager of Bank
Negara, is very interesting. First of all it fingers Tun Dr Mahathir Mohamad
and Tun Daim Zainuddin as two of the four culprits involved in Bank Negara’s
FOREX fiasco. Secondly, Dr Rosli said, “Experts estimated Bank Negara’s
exposure for having lost that much was USD27 to USD33 billion, which was five
times more than its foreign reserves and its entire assets of USD20.7 billion
in 1992.”
If
what Dr Rosli said is true (and since Malaysiakini carried it then it must be true since Malaysiakininever lies and
always tells the truth) that would mean Bank Negara lost an equivalent of RM255
billion in today’s value. Well, whether you take the value then (US$27 to US$33
billion), or the value now (roughly RM255 billion), both are a colossal amount
of money and Malaysians must be told the truth regarding this episode.
Dr
Rosli went on to say:
Kit Siang’s suggestion for a
royal commission of inquiry was ignored and Jaffar even did not bother to
attend public accounts committee (PAC) inquiry. He suggested that Pakatan
Rakyat, if were to capture Putrajaya, should re-open investigation on the
scandal, which was approved by the audience.
Yes,
considering there are so many different stories as to who is behind this and
who is to blame, plus the figure that Bank Negara lost varies from a mere RM10
billion to a huge RM155 billion, this makes the RCI even more important. We all
know what happened in the 1MDB matter and so many investigations have already
been conducted and reports issued. But not a single investigation or report has
been done on the Bank Negara FOREX scandal.
What
is feared is that not all that money (whether RM10 billion, RM30 billion, US$30
billion, or whatever is actually the correct amount) may have been lost playing
the FOREX market. ‘Black Wednesday’ was on 16th September 1992 and George Soros
got out in just a few days and made a profit of US$1.2 billion. Bank Negara, however,
was gambling away from 1989 to 1994, which is a period of five years, and not
over just a few days like what Soros did. So it does not make sense that Bank
Negara lost all that money because of Soros. It sounds like Bank Negara
suffered a misappropriation of funds and they hid that crime under ‘FOREX
losses’ whereas only part of it was due to the FOREX losses.
The
RCI would be able to determine this and if a lot of that money was actually
misappropriated, and not actually lost playing the FOREX market, then some, if
not all, of that may still be recoverable. After all, Mahathir and his children
are estimated to be worth a few billion Ringgit (or RM100 billion if you
include all those assets parked under trustees, proxies, nominees and cronies)
while Daim is estimated to be worth another RM60 billion. Hence the government
can recover quite a bit of money once the RCI manages to dig deep into this
matter.
Mahathir
cried when he announced his resignation in 2002 knowing that his past criminal
deeds are going to catch up on him
Mahathir’s
and his family’s wealth is enormous. No doubt Mahathir tried to explain this by
saying he did not need to spend any of his monthly salary over 22 years because
as Prime Minister everything is paid for. But even if Mahathir did not spend a
single sen and saved even penny over 22 years, he should not have more than
RM20 million, let alone RM20 billion or RM100 billion. That maths just does not
add up, which means that the money must have come from somewhere else and not
from saving his salary and not spending a penny for 22 years.
Daim’s
and Mahathir’s family wealth cannot have come from legitimate sources. For Daim
and Mahathir’s family to have that much money it can only be from criminal
activities such as corruption and misappropriation of funds. The question is,
how much of that was misappropriated from Bank Negara? The RCI can determine
this and if necessary make moves to recover the money from Daim, Mahathir and
his sons.
The
fact that Daim, Mahathir and his three sons are multi-billionaires is no
secret. The whole world knows this. But what all of us do not know is where did
all these billions come from other than Mahathir saving his salary for 22 years
and not spending a penny? If Mahathir saved his salary for 22 years and did not
spend a penny that would mean someone else is paying for whatever they own and
spent, or the money was stolen. And that would make Mahathir the biggest thief
in Malaysian history.
Lim
Kit Siang has been demanding that the RCI be set up to investigate Bank
Negara’s losses (even though since Mahathir agreed to make him the Deputy Prime
Minister if Pakatan Harapan wins the general election Kit Siang has been
keeping very quiet). Anwar Ibrahim also demanded the same. Prime Minister Najib
Tun Razak must prove he is honest, open and transparent by not ignoring Kit
Siang’s and Anwar’s demands for the RCI to be set up and set one up as soon as
possible. Then we will know how much Bank Negara really lost, and why they did
so, and whether it is all due to playing the FOREX market or whether
misappropriation is involved, like many people suspect.
(The
Wall Street Journal, 1 May 1998) – MISC to Pay US$220 Million Price For Assets
From Mahathir’s Son
(Malaysiakini,
12 November 2012) – Mirzan Mahathir is ‘entrepreneur of the year’
Mohamad
Ezam Mohd Noor wants Dr Mahathir to explain the alleged 1998 bailout using
public funds.
(Astro
Awani, 14 May 2015) Ezam Mohd Noor alleges Dr Mahathir bailed out his son’s
company in 1998
(Malay
Mail Online, 20 February 2014) – As rich get richer, Mokhzani breaks into
billionaires’ top 10
This
was what www.worldsrichpeople.com
reported:
In 2013, Forbes reported that
his second son Mokhzani Mahathir has a net worth of US$980 Million. Although
there are no official reports of how much the former Prime Minister is worth,
it can be safe to say that his net worth is estimated to be more than US$550
million.
(Malay
Mail Online, 14 July 2015) – How did your son afford RM36.2m collection of
supercars, Malay group asks Dr M (
(Malaysia
Today, 20 September 2016) – The story of Mokhzani Mahathir and the biggest coup
in Malaysian banking history
Mukhriz
Mahathir’s house
Mahathir
and Daim amongst those behind the Bank Negara FOREX scandal
An
ex-Bank Negara manager reveals the inside track on the currency speculation undertaken
by Tun Dr Mahathir Mohamad, Tun Daim Zainuddin and Nor Mohamed Yakcop about 20
years ago.
(Malaysiakini, 3 June 2012) –
A former Bank Negara insider has named four powerful elites as main players to
have caused the central bank’s massive RM30-billion loss in the international
foreign exchange speculation scandal some 20 years ago.
In his explosive revelation,
retired Bank Negara deputy manager, Dr Rosli Yaakop named former Prime Minister
Dr Mahathir Mohamed, ex-finance minister Daim Zainuddin, ex-Bank Negara
Governor, the late Jaffar Hussein and current Minister in Prime Minister’s
Department in charge of Economic Planning Unit Government Nor Mohamed Yakcop as
the “forex scandal elite club masters.”
Rosli said the central bank
ventured into speculative forex market in a big way during Daim’s tenure as
finance minister. “The order to go and make money in the forex market was from
Daim with Dr Mahathir’s blessing,” Rosli disclosed, adding that Jaffar was
their “Yes Man” Governor at that time.
He said Bank Negara strategy
was to hit a currency for a couple of yards and once the initial transaction
has gone through, re-hit it again with another couple of yards normally only
minutes later. This will send shocks to the market and dealers will scramble to
buy the currency, sending the currency value up. Bank Negara would then sell
the currency with a healthy profit.
“But then, dealers caught on
to the scheme hit back,” said Rosli.
Rosli said experts estimated
Bank Negara’s exposure for having lost that much was USD27 to USD33 billion,
which was five times more than its foreign reserves and its entire assets of
USD20.7 billion in 1992. Rosli said that Bank Negara was indeed such a real
gambler that Alan Greenspan of the US Federal Reserve warned the central bank
to stop its speculative activities.
“Bank Negara claims of losses
were schematically understated. Losses were hidden through revaluation of BNM’s
gold holding and revaluation of quoted investment,” disclosed Rosli. Bank
Negara was once the largest player in the international currency market and in
April 1991, Reuter described it as “a dominant force in the foreign exchange
scene for some years.”
“That’s real gambling … even
closest rival, Japanese Fund Managers, would trade in USD50 million-lot only
once or twice a year,” said Rosli.
Kit Siang’s suggestion for a
royal commission of inquiry was ignored and Jaffar even did not bother to
attend public accounts committee inquiry. He suggested that Pakatan Rakyat, if
were to capture Putrajaya, should re-open investigation on the scandal which
was approved by the audience.
He said certain people would
have been in jail as criminal elements existed in the forex scandal.
He said the criminal elements
were negligence, overstepping of power, falsification of accounts, “creative
accounting”, misinformation, breach of trust and corruption. “But, they had
protectors,” he said.
Raja
Petra Kamarudin
This what raja Petra said and yes have a Royal commision of inquiry and for once can catch all the thieving rats and put them in one black hole where sun does not shine forever
