KL CHRONICLE: Can Tun Mahathir explain the RM 58 Billion he lost in 1992 to 1994?

Sunday, May 24, 2015

Can Tun Mahathir explain the RM 58 Billion he lost in 1992 to 1994?



Raja Petra Kamaruddin

I do not know whether it is true that RM42 billion of 1MDB’s cash has disappeared into thin air as some people claim. Anyway, let us for the benefit of the doubt just say that RM42 billion has indeed disappeared into thin air. This would mean RM100 billion has disappeared into thin air in total.


In 1992-1994, a total of RM30 billion also disappeared into thin air. Today, that RM30 billion is worth RM58 billion. I actually checked just to be sure. And RM42 billion today would have been worth RM22 billion back in 1992-1994.

This was what Lim Kit Siang said on 10th January 2004:

Nor Mohamed’s first job is to issue a White Paper to “exorcise the ghost” of the RM30 billion Bank Negara forex losses a decade ago to establish his suitability as the Second Finance Minister – apart from professionalism, a full commitment to accountability, transparency and good democratic governance.

In Parliament in 1994, I had given reasons as to why the Bank Negara’s forex losses as a result of its forex speculation operations could have amounted to as high as RM30 billion, which had not been seriously rebutted by any top government leader or Bank Negara official.

The reasons which I had advanced in Parliament in 1994 for a Royal Commission of Inquiry into the colossal Bank Negara forex losses remain valid today, and should be the terms of reference of the White Paper which Nor Mohamed should present publicly as his first Ministerial duty, viz:

1. To determine the actual extent of the colossal forex losses suffered by Bank Negara 1992-1994;

2. Whether there had been any financial malpractices and abuses in view of the inconsistencies and conflicting explanations about the colossal forex losses; and

3. Establish how Bank Negara could incur such colossal losses.

One question which I raised in Parliament on May 3, 1994 in my speech on the 1993 and 1994 Supplementary Estimates had remained unanswered in the past decade and continues to haunt the corridors of power – whether Bank Negara’s maximum exposure at the height of its forward foreign exchange speculation was in the region of RM270 billion, which was three times the country’s GDP and more than five times the country’s foreign reserves at the time!

At that time Tun Dr Mahathir Mohamad was the Prime Minister while Anwar Ibrahim was the Deputy Prime Minister and Minister of Finance. And, according to Kit Siang, they both lied to Parliament and Kit Siang called for their resignation and for them to be punished for lying to Parliament.

It is quite ironical that what Kit Siang was screaming about in 1994, and then again in 2004, today, Dr Mahathir is also screaming about the same thing. Then, of course, it was about RM58 billion disappearing in thin air and the RM270 billion exposure (RM518 billion today) while today it is about RM42 billion.

And today Dr Mahathir wants Prime Minister Najib Tun Razak prosecuted for lying to Parliament regarding RM1 billion while in 1994 Kit Siang wanted Dr Mahathir and Anwar to also ‘hang’ for lying to Parliament regarding RM30 billion.

What is that famous saying again? Ah, yes, that’s right: what goes around comes around.

5 comments:

Fikir said...

Haiya

The early days under Tun Dr M, we can see so many infrastructure projects CARRIED out for rakyat's benefit.

Today under kangkung, the only infrastructure lies with hippo - new jewellery, new xxxx clothes, new xxxx shoes, new xxxx hairdo, new berkin bags,

... also new FACE.

Fikir said...

Oh ... forgot the MOST important thing - Tun Dr M did not LIE in parliament.

Abu Bakar said...

Siapa menteri kewangan ketika itu? Anwar Ibrahim.

Tetapi apakah kedudukan ekonomi negara ketika itu makin merudum?

Tun Dr. Mahathir dalam setiap isu, dia memberikan jawapan, beserta fakta, serta tidak sentiasa tukar jawapan seperti yang dibuat oleh Najib ini.

Najib dan para Abu Jahal Tukang Jawab Najib oleh korek apa sahaja untuk burukkan Tun Dr. Mahathir, tetapi rakyat yang ada pada waktu itu dan masih hidup hingga kini tahu apa yang sebenarnya berlaku.

Makin banyak Najib dan Para Abu Jahal Tukang Jawab serta kuncu-kuncu Najib nak burukkan Tun Dr. Mahathir dengan tuduhan melulu yang bukan-bukan, makin banyak kejahatan Najib dan kuncu-kuncunya akan terbongkar, kerana kejahatan itu tak boleh ditutup dengan mengainaya orang lain.

Sedarlah.

Rizal Zainal said...

Bro adakah ekonomi negara sekarang sedang merudum ? Bnyk bangunan yg d bina tu berapa ramai rakyat yg merasai pembagunn tu , fakta yg ada sekarang rumah prima d bina dgn bnyk , siapa yg merasainya bro , rakyat jg kn . Kau pg tnya orng sabah n sarawak apa yg mereka dpt waktu zmn tun n apa yg najib dh buat sekarang ni . Bro jgn jd buta akal bro yg btl ttp betul salh ttp salh . Bapa aku penoreh getah zamn tun hrga getah jtuh smpai 0.50 sen skilo , kau tau tk betapa seksanya kami semua , tp sekarang bl hrga getah jtuh kerajaan yg ada seksrang bg bantuan awal kewangan , kau ingt zmn tun bnda ni terjadi ke ? Bro tk gn menyalk ekonomi negara bagus tp yg merasai nikmatnya hnya golongan kapitalis je , tk gn jg bro negara kaya tp keksyaan tu tk d kongsi dgn rakyat , tp sekarang jauh berbeza bro , kelayaan megara semua dpt merasainya . Kau pg tnya tun knp petronas kn bg subsidi rm 19 bilion setahun kpd ipp persendiriaan tp ipp tersebut ttp mnjual elektrik pd harga yg mshal pd tnb . Kau pg selidik spa yg kerajaan sekarang sedng buat untuk selamatkn duit rm 19 bilion tu dan agar hrga elektrik tk terus melambumg

Fikir said...

Rizal Rizal

Kalau kangkung terus jadi PM, anak dan cucu cicit kau yang akan tanggung hutang 42 billion ringgit

hah barulah gigit jari

Share This

Comments

Facebook Popup

Powered by Blog - Widget