Monday, August 28, 2017

RCI a New Tool of Intimidation



A Kadir Jasin




UPDATE, Aug. 30 - Former Bank Negara Malaysia (BNM) deputy governor,  Tan Sri Lin See Yan, testified that he only spoke with Datuk Seri Anwar Ibrahim about the central bank’s currency trading losses from the 1990s, and not the prime minister then.

He also told the Royal Commission of Inquiry’s (RCI) hearing on the BNM losses today that he was never requested to discuss the matter with Tun Dr Mahathir Mohamad.

Lin said that Anwar, who was then Dr Mahathir’s deputy as well as finance minister, was “most unhappy” when informed about the losses allegedly incurred and had agreed that BNM should close any open positions to limit its exposure.

I am not aware if anyone else informed the prime minister about the forex losses incurred by BNM,” he said.



Lin also described the late Tan Sri Jaffar Hussein, who was the governor of BNM when the forex losses happened, as an “honourable man”.

“I remember what he said to me was: I got this bank into this mess and I will fix it,” he said.

Lin said that Jaffar was “too trusting” with the individuals who operated the forex trading on behalf of BNM.




Original Post


THE ROYAL Commission Royal Commission to Enhance the Operations and Management of the Royal Malaysian Police took more than a year to complete its work.

The Dzaiddin Commision took more than a year to complete
It was commissioned by (Tun) Abdullah Ahmad Badawi in 2004, when he was Prime Minister. It was headed by the former Chief Justice of Malaya, (Tun) Mohamed Dzaiddin Abdullah.

The Royal Commission Royal on the Bank Negara foreign exchange (forex) trading losses has three months to complete its task. It is the handiwork of the Prime Minister, (Datuk Seri) Mohd Najib Abdul Razak.

It is headed by the former Chief Secretary to the Government and the current Chairman of Petronas, (Tan Sri ) Mohd Sidek Hassan.

[REMINDER. Anonymous comments will not be published.]

One year vs three months and Dzaiddin vs Mohd Sidek. Dzaiddin took more than a year to come up with 125 recommendations and Mohd Sidek took a handful of days to conclude that someone would be charged as a result.

The Dzaiddin commission was to find the truth and fix the problems. Mohd Sidek’s commission was to dig up something that happened 30 years ago and had been attended to.

The Sidek Commission has three months to complete its task
The former was for the better good of the country. The later looks and smells like a political witch hunt to discredit the growing opposition to the Umno-BN government.

Dzaiddin spent much of his career on the bench. He was assisted in the commission by a former Lord President (Tun Salleh Abbas), the former IPG (Tun Haniff Omar), a high court judge, the Bar Council Chairman, a senior lawyer, a journalist, an academic, a former opposition MP, a social activist and head of a think tank.

Mohd Sidek on the other hand is an administrator. He is assisted by high court judge (Kamaludin Md Said), Bursa Malaysia chief executive officer (Tajuddin Atan), co-chairperson of the special task to facilitate business (Saw Choo Boon), accountant and former Ernst & Young partner (K. Pushpanathan) and Finance Ministry’s strategic investment department secretary (Yusof Ismail).

Readers and debaters of this blog can judge for themselves the vast differences between the two RCIs.

The Murad Factor

For the protagonist of the Forex commission, the former Bank Negara Assistant Governor, (Datuk) Murad Khalid, his is self preservation cloaked in the name of truth and justice.

A close friend of his, who is a good friend of mine, told me that he was seeking to “clear his name”.
 
But why now – 17 years later? Does he truly believe that he can ride on the gullibility of the Najib Administration to achieve his personal goals?

Murad hit the spotlight when, on 6 Nov 2000, he was fined RM500,000 or in default six months jail by the Kuala Lumpur Sessions Court.

According to an Utusan Malaysia report, he was found guilty of failing to declare shares and properties belonging to his company.

An Utusan Malaysia report about Murad being fined
He pleaded guilty to the charge of failing to provide accurate particulars of the shares of Ben Harta Sdn Bhd and 51 properties worth about RM24 million at Bank Negara Malaysia, Jalan Dato Onn, at 11.56am on Aug 20 1999.

The Ben Harta shares were held by his nominees, Gan Hong Sing @ Lan Hong Sing and Gor Sor Ting. Murad was surprisingly wealthy for a salaried person working for Bank Negara.

It is recalled that Murad had made a statutory declaration accusing (Datuk Seri) Anwar Ibrahim of corruption. It was investigated by the Anti-Corruption Agency (ACA), the forerunner to the MACC, and was found to be baseless.

Murad had appeared before the commission and implicated Anwar once again. Anwar had responded via a press statement dated August 24 asking to appear before the commission to rebut Murad’s charges.

Other Players

Apart from Murad, other important players from Bank Negara were (Tan Sri) Nor Mohamed Yakcop, who was in charge of the forex department during the period, and the late (Tan Sri) Jaffar Hussein, who was the governor.

But always bear in mind that although Bank Negara is a government institution, it operates independently of the government. It even determines its own salary scheme.

It was on this basis that (Tan Sri) Zeti Akhtar Aziz, when she was the governor, recommended that 1MDB be charged for flouting forex rules in relation to the transfer of billions of ringgit in and out of the country. But it was turned down twice by Najib’s Attorney General, (Tan Sri) Mohamed Apandi Ali.

Apandi holding his "infamous" charts cleared Najib of 1MDB scandal
During the 1997/98 Asian Financial Crises, its then governor (Tan Sri) Ahmad Mohd Don and deputy governor, (Datuk) Fong Weng Phak, opposed the exchange control proposal by then Prime Minister, (Datuk Seri) Dr Mahathir Mohamad. They resigned in protest.

And since currency trading, being one of the most specialised of Bank Negara’s activities, it could not have been the day-to-day concern of any Prime Minister or Finance Minister.

In the case of the 1990’s forex activities, the key player was Nor Mohamed. He was blamed for the losses and was removed from the bank. But the person who ultimately paid the price was then governor, the late Tan Sri Jaffar Hussein. He took full responsibility for the losses and resigned.

Every central bank worth its salt dabbles in currency trading to protect its national currency and, in some instance, to make profit. Bank Negara is no exception and, on occasions, it did make profit.

But there had been cases of rogue currency traders getting intoxicated on their cloak and dagger game with hedge funds that they gambled away billions of dollars of their banks’ money.

Incidentally, at about the same time that Nor Mohamed was playing up the Bank Negara forex trading, an American bank, Allfirst Bank was shifting its forex operations from a merely hedging endeavor to one that would yield profits and boost its bottom line. It hired a little known currency trader by the name of  John Rusnak.

According to reports, Rusnak seemed adept at matching options with forward contracts to hedge against risk. He bet on the yen and lost a total of US$691 million. His bank was robust enough to take the losses but he was found guilty and sentenced to seven and a half years in prison plus a fine of US$1 million.

For years before the debacle, Bank Negara was seen as an active player in the currency market mainly to protect the value of the ringgit as part of its role as the custodian of the monetary system. Monetary stability is one of two key objectives of Bank Negara.

Who Would Be Blame?

Nor Mohamed is by all account the main figure. He is the man at the centre of the storm. The most convenient way out for him is to blame Jaffar. After all Jaffar had solely accepted the blame.

But I don’t think Nor Mohamed would do that. It’s too convenient and would not go down well with the public. He’s more likely to point fingers at the former Prime Minister, Tun Dr Mahathir Mohamad, and at Anwar.

That’s what Najib wants. But that would make him an absolute traitor to the man who gave him his life back. Had it not been for Dr Mahathir, he would have remained a pariah in the financial world.

Instead, for telling Dr Mahathir how those billions were lost, he was appointed Dr Mahathir’s Special Economic Adviser and was partially credited with implementing the exchange control during the 1997/98 Asian Financial Crises.

Obviously Dr Mahathir and Anwar are very important witnesses. Both men had said they love testify. The question is would the Commission dare to call them.
I am not surprised if they are not called. The whole idea of having the commission could be blown to bits should the two men testify.

The dilemma for the Commission is, whether or not it calls Dr Mahathir and Anwar, the two men could go public with their side of the story elsewhere.

I don’t envy Mohd Sidek and his merry men. They are squeezed between a rock and a hard place.

They are professional people whereas the whole idea of the RCI is political. No matter what they come up with, their credibility and professionalism will be put to question.

Most Malaysians don't even know or care about the event when it happened 30 years ago because it did not cause them hardship nor put the country's finances in jeopardy. The losses were acknowledged and steps were taken to amortized them over a period of time.

On the contrary, Bank Negara reserves declined more drastically between June 30, 2014 and June 30, 2017 - from US$131.86 billion to US$98.92 billion - representing a drop of US$32.94 billion.

Was it due to attempts to protect the ringgit, paying debts, capital outflow or a more sinister reason? Whatever the case is, Bank Negara never sleeps. Forex activity is a 24-hour business. 





Wallahuaklam.

32 comments:

rahman jpc said...

I met dato murad when he invited n hosted all secolians (x UM residents of 2nd college) 2 a get together.

I did ask him in jest abt his sudden fame. his response was short n crisp - apa nak buat dato, terpaksa.

ts sidek (a Pekan boy) was never a candidate 4 d post of KSN but was proposed by a minister 2 pak lah. d selling point was that u get 2 persons in one. he spent a major part of his career overseas as a trade commissioner b4 coming back n eventually headed d min of international trade n industry.

he survived n actually prospered during d tenure of najib n upon retirement contd 2 become one of najib's trusted right hand man.

b rest assured that he will try 2 deliver what d master wants. we shld watch him closely durind d proceedings.

if ever PH takes over Putrajaya, pls remember this name n xamine his activities after his retirement as a PTD officer.

BullFrog said...

Ramainya manusia yang masih sanggup jadi barua. Sidek Hassan is one of Malaysia's many perpetual parasites. Why couldn't he just retire quietly, enjoy his pension and spend his old age doing charity works, if he's an workaholic and can't live idly by? I reckon he's been on the government payroll ever since he finished his studies. Masih tak puas lagi milking the government coffer? After having earned so much in his lengthy government employment, why can't he give something back to the country/society pro bono? Earn divine rewards/pahala as his saving grace in the hereafter, to offset his wrongdoings aka sins in his worldly life. BTW, who's that Dato'Wira Kamaludin Md Said? An obscure high judge who will surely be elevated to the court of appeal upon the conclusion of the RCI!With Raus already in Najib's pocket, it's a foregone conclusion.

BullFrog said...

Ramainya manusia yang masih sanggup jadi barua. Sidek Hassan is one of Malaysia's many perpetual parasites. Why couldn't he just retire quietly, enjoy his pension and spend his old age doing charity works, if he's an workaholic and can't live idly by? I reckon he's been on the government payroll ever since he finished his studies. Masih tak puas lagi milking the government coffer? After having earned so much in his lengthy government employment, why can't he give something back to the country/society pro bono? Earn divine rewards/pahala as his saving grace in the hereafter, to offset his wrongdoings aka sins in his worldly life. BTW, who's that Dato'Wira Kamaludin Md Said? An obscure high judge who will surely be elevated to the court of appeal upon the conclusion of the RCI!With Raus already in Najib's pocket, it's a foregone conclusion.

kluangman said...

Kecepatan atau gopoh dengan missi jahat sudah tentu terdedah kepada kekurangan dan kesilapan makan diri.

30 tahun dengan ratusan dokumen serta melibatkan puluhan manusia dalam dan luar negara tidak logik untuk tiga bulan, paling kurang 6 bulan.

Zed-85 said...

Sallam Dato’

I look up the definition of Royal Commission of Enquiries (RCI) in the internet and got the following info,

“Royal Commissions are called to look into matters of great importance and usually controversy. These can be matters such as government structure, the treatment of minorities, events of considerable public concern or economic questions. Many Royal Commissions last many years and, often, a different government is left to respond to the findings. “

So, which one fall in the category of a matter of great importance and controversy for the people?, 1MDB in year 2017 or Forex in year 1992.?

Dokor mimpi said...

It is a farce.

And the funny thing is, the guy leading has facial abnormalities so no wonder they put him as the leading clown.

Look here: https://www.researchgate.net/figure/257757021_fig1_Triangular-face-with-low-set-ears-and-hypertelorism-of-the-12-year-old-girl-and-her-father

Aku said...

Kadiag, السلام عليكم assalā mu 'alaykum;
Sebelom hang coret pasai " RCI a New Tool of Intimidation ", ada satu loya tak salah aku, bernama
Hakimi Abdul Jabar telah hurai dlm blog hang ni, peruntukkan2 dlm akta pencegahan risyuah yg bulih digunakan
untuk dakwa yg tersangka pelaku risyuah.
Tapi benda ni tak belaku pd hang tau la sapa.
Sebaliknya, depa tubuhkan
satu badan siasat 'diraja' untuk siasat rogi dagangan duit yg belaku puloh tahun dolu. Paih tu ada pulak yg cadang
siasat keh Memali. Sebelom tu depa katanya serbu pejabat Mukriz dan tak salah aku Mokhzani. Sebelom tu lagi.
depa batai jemputan ke Mat Tehag untuk pi tengok Raja Kelantan sumpah ka apa ka, tak salah aku,
kerana tak dak kerosi dan nak elak 'kesipuan'.
Jenoh haih, ada pulak yg dihalayak pi bagi tau Mat Tehag ni anak pada Iskandag Kutty,
yg aku tau, 'bin'kan
pd bukan Pak betoi di tegah dlm Islam
pasai jaga nasab keturunan dlm hai mahram dan harta pesaka....
dan yg aku ingat Pak dia nama Masta Mohammad.
Ringkaih cerita, memang macam orang dok kata ada pendakwaan berpilih pilih,
nak pekena jugak Mat Tehag ni...
Dari satu sudut lain pulak ini munkin taktik kaleh peratian ('diversionary') rakyat dari macam2 isiu, tak bayag hutang
IPIC ikut jadual, siasatan jinayah olih jabatan hukum Amerika (DOJ), kelopongan kepecayaan rakyat atau maruah
('trust deficit'), boroih melampau, kenaikkan harga barang, gaji ciput dan macam2 lagi.

Yg mustahaknya macam breder @ Cherok Tok Kun Bambu Riba kata "lawan tetap lawan".

Lagi satu Kadiag, kalu hang ingat la masa hang jumpak Mat Tehag, kirim salam aku no... kata. aku member almarhum
abang dia, kawan shed dan kawan jon.
Maghap ataih salah silap,
Aku

Zalman A said...


"They are professional people whereas the whole idea of the RCI is political. No matter what they come up with, their credibility and professionalism will be put to question."

Datuk,

No professional person would agree to be part of a political farce for the benefit of world-famous kleptocrat MO1.

The fact that the even agreed shows how utterly lacking in principle they are.

The public are not stupid.

They know why 30 and 20 year old issues are being dragged up, while the 1MDB scandal is ignored by all of MO1's hand-picked barua2.

Annuar Musa says the forex losses are real but 1MDB is on paper.

1MDB is not on paper.

It is hanging around the necks of Minangkabau tante and in jets, penthouses and stolen wealth.

1MDB is a case of theft.

Forex is not.





Zalman A said...


Good to see that PH is reaching to the Indian community.

But you must appoint some members of the community to the leadership.

And above all, don't forget the East Malaysians.

Maybe Abang Jo also wants a better deal for Sarawak.

Or maybe dealing with thieves is not good and he finally wakes up.

safiai saad said...

Salam hari merdeka dan salam aidi adha to sdr Kadir yang budiman.

The whole episode is not only political in nature and worst still is act of vendetta against Dr Mahathir.
The act of market intervention is allowed by the central bank act.Whenever we invoke monetary policy,whether expansionary or contractionary,the need of buying and selling ringgit is pertinent function of our central bank.

All the figures has been released and available in public domain.How could the our central bank compromised with the figures since other international institutions like IMF,World Bank rating agencies and other countries central banks are also looking at it.

I think they want to slow down the opposition team.period
InsyaAllah the truth will prevailed.

PutraKraken said...

Mirror mirror on the wall
Who is the baddest of them all?

AG Pandir is the baddest of them all....for all the evidences in hand he says nothing is wrong.

Mirror mirror on the wall
Who is the slowest of them all?

KBAB is the slowest of them all....till he retire the 1MDB case is still pending..

Mirror mirror on the wall
Who is the dumbest of them all?

UMNO is the dumbest of them all...whose house is occupied by the resident evil and yet they are praising the arab prince.

Mirror mirror on the wall
Who is the slimy snake of them all?

The man of God called puss is the slimy "ularmak" who cosy up under the armpits of the resident evil.

Mirror mirror on the wall
Who is the bravest of them all?

MO1 is certainly NOT the bravest of them all...for he got no balls.
Big Moma is the bravest of them all.

Mirror mirror on the wall
What will happen to Tanah Melayu and the Melayus?

I dunno!...the melayus are not bothered at all...they prefer to be blind and dumb...everything is blamed on the yahudis and DAP.

Mirror mirror on the wall...

Shut up!...I am tired of you all...you are asking questions that you already know the answers...and yet you keep on pretending.

Wake up!...go to work and make changes.

Zalman A said...

THE INTELLECTUAL DISHONESTY OF PAS....

"PETALING JAYA: Pusat Penyelidikan PAS (PPP) hari ini berkata mustahil PAS akan bekerjasama dengan Pakatan Harapan kerana mereka berhasrat untuk menyerang parti komponen gabungan pembangkang itu pada pilihan raya umum ke-14 nanti.

Pengarah PPP Mohd Zuhdi Marzuki berkata PAS mahu menafikan peluang DAP memerintah semula Pulau Pinang, dan mengalahkan DAP di beberapa kerusi Parlimen dan DUN di Perak dan Selangor.

“Oleh yang demikian, sekiranya DAP dan Amanah terus berada dalam PH, tidak mungkin akan berlaku ‘electoral pact’ dengan PAS,” katanya kepada FMT hari ini.

Beliau menjawab tinjauan yang dijalankan badan kaji selidik milik kerajaan negeri Selangor, Institut Darul Ehsan (IDE) baru-baru ini, yang mendapati pembangkang berpeluang memenangi 7 negeri di Malaysia Barat, jika PH dan PAS bekerjasama menentang BN pada PRU14.

Timbalan Pengerusi IDE Datuk Mohamad Redzuan Othman berkata negeri yang berpotensi ditawan PH-PAS ialah Kedah, Perak, Melaka dan Pahang, selain Kelantan, Selangor dan Pulau Pinang yang dikuasai pembangkang ketika ini."

Zuhdi Marzuki has long been a member of Umno Hijau.

Like all current Umno members, he is talking nonsense.

How do PAS and DAP compete against each other?

They don't.

Zuhdi is trying to justify his dedak.




Zed-85 said...

Sallam Dato’

The fundamental nature of the RCI is that it is independent.

From what I had read, once RCI initiated, the government of the land cannot stop it.

In this particular case however, they put a time limit of 3 months.

Why is the rush?

If is truely independant, then, why they put a time line?

What is the significant of this time-line (3 months) as far as justice is concern?

shah said...


Janji Najib jika MENANG PRU14

1. GST 6% KEKAL & akan dinaikkan berperingkat-peringkat sehingga mencapai GST 11% (angka kegemaran)

2. Lebih daripada 99 RCI akan ditubuhkan membabitkan puluhan juta duit cukai untuk membayar setiap panel RCI. RCI pula terpilih-pilih hanya melibatkan kes zaman Tun M sebagai PM selama 22 tahun.

3. Lebih daripada 100 barang bebas GST akan ditarik balik dan dikenakan GST 11%. Kebanyakan barang tidak dipakai Rosmah Mansor dan Riza Aziz.

4. Harta sitaan DOJ tidak akan dimohon selepas Jho Low didapati belot. Harta tersebut Rosmah Mansor derma kepada DOJ sebagai upah sita harta Riza Aziz.

5. Upah cytroop akan digandakan sebanyak 5% untuk spin dan fitnah. Bonus pangkat tertinggi gelaran bangang, bangsat dan haramjadah akan dikeluarkan mengikut prestasi kerja. Upah tambahan RM50 + cukai GST.

6. Lebih masa holiday ke tempat percutian mewah untuk keluarga Najib dan Rosmah. Kos ditanggung sepenuhnya cukai rakyat Malaysia.

7. Kemunculan 2MDB, 3MDB, 4MDB..... untuk proses pinjaman wang GLC dan badan kerajaan supaya boleh dibayar kepada syarikat pelaburan asing palsu milik Tok Arab..dan duit kasi joli. Hutang berbayar kepada syarikat sebenar akan ditanggung sepenuhnya MOF aka rakyat Malaysia!

Janji Najib Janji dicapati.

safiai saad said...

Salam Sdr Kadir, hope that you could focus on this following issues please:

1.With RCI and MACC involving with our political process, how do Pakatan will response to this legitimate institutions but used by Barisan to her advantages.

2.If PAS decided ( or already decided) to go on standalone entity,how do Pakatan compete in three corners fight.

3.How do you ensure that the Malay Tsunami really materialised.Currently the Chinese Tsunami might be reversed by the "feel good" factor to BN.

4. What happened if 1MDB is not juicy as it looks and It is a forgone conclusion.To ordinary persons 1MDB is non issue to begin with.

Pakatan need to focus on these elements,if it is serious about changing the administration landscape.Democratic process is long and winding road.

I rest my case Sdr Kadir.Happy holidays to you. .

Old School economist said...

Perihal perdagangan matawang forex ni oleh Bank Negara, rata-rata umum mengetahui sekurang-kurangnya mereka yang terlibat adalah dikalangan mereka yang MEMANG memegang jawatan dalam kerajaan atau agensi dalam kerajaan pada masa itu seperti Tun M, Anwar Ibrahim, Nor Mohamad Yaacop, Murad dan the late Gabenor Bank Negara Tan Sri Jaffar Hussein.

Mereka ini merupakan mereka yang ahli dalam bidang mereka iaitu bidang perbankan dan perdagangan matawang. Mereka juga mempunyai pengalaman dan latar belakang yang luas dalam bidang tersebut. Masing-masing tahu dan arif akan fungsi dan tugas mereka ketika menjalankan aktiviti tersebut dan tahu apa yang hendak dicapai.

Tiada unsur-unsur kepentingan peribadi ketika kegiatan tersebut dijalankan. Mereka juga tidak mendapat apa-apa faedah kewangan ketika menjalankan aktiviti tersebut dan mereka juga not financially profitted from such activity. Terdapat misi dan matlamat yang jelas untuk dijayakan yang menyebabkan negara terjerumus ke kancah perniagaan forex ini.

Malah, sepanjang negara terlibat dalam perniagaan ini dari lewat 80-an hingga awal 90-an, tiada wang hasil keuntungan perniagaan forex masuk dalam akaun bank mereka. Tiada wang berbilion-bilion tiba-tiba muncul dalam akaun bank mereka. Tiada 'shell company' dibuka di luar negara untuk menerima wang forex ini.

Tiada aset dan hartanah dibeli dari wang forex di dalam dan di luar negara. Waima tiada tanah kerajaan yang tergadai dek perniagaan forex. Rakyat pada masa itu juga tidak dikenakan cukai tambahan, tidak dikenakan cukai GST, tidak dikenakan cukai pelancongan untuk menampung kegiatan forex ini. Dr. Mahathir juga tidak bertindak menghapuskan elaun guru-guru pelatih akibat kerugian perdagangan forex.

Ringgit tidak jatuh menjunam dengan teruk seperti yang berlaku sekarang ketika perniagaan forex tersebut sedang berjalan. Tiada lukisan bernilai jutaan ringgit dibeli dengan wang dari urus niaga forex. Wang dari urus niaga forex tidak pernah digunakan untuk menaja perbelanjaan anak dan isteri bercuti di luar negeri.

Setiap keuntungan dan hasil mahsul kegiatan forex digunakan oleh BNM to create 'artificial demand' on ringgit; to stabilize its value without the need for Bank Negara digging into its reserves. To make it looks as if ringgit is trending and 'on demand' like hot cakes. Dalam erti kata lain ianya digunakan to 'prop up' the value of the ringgit against the onslaught of rogue speculators at that time.

Pada masa yang sama juga rizab luar negara juga dapat ditingkatkan. Mereka-mereka yang terlibat ini hanya mempunyai SATU misi untuk dijayakan iaitu untuk meningkatkan (push up) nilai ringgit dalam pasaran matawang antarabangsa.

Jika aktiviti tersebut menyebabkan negara kerugian 10 billion, 20 billion atau 30 billion sekalipun itu adalah rugi berniaga which is normal in any businesses. Rugi berniaga tak sama dengan duit yang tiba-tiba lesap tidak dapat dikesan atau dilencongkan ke tempat lain. Lain sama sekali.

Rugi berniaga ada penyata kewangan dan buku akaun. Ada laporan tahunan. Ada pengauditan. Lencongkan duit atau alihkan duit ke tempat lain pula tak perlu buat semua itu. Hanya perlu 'declare ' yang wang tersebut sebagai derma Pak Arab. Itu saja. Tak tunjuk bukti pun tak apa.

Tak semua urus niaga/business yang diceburi oleh kerajaan pada masa itu berjaya. Banyak yang gagal. Contohnya Perwaja dan MAS tapi yang pasti berkenaan isu forex ni, tiada wang yang 'hilang' atau dilencongkan masuk ke akaun entah siapa-siapa. Tiada wang digunakan untuk tujuan peribadi.

Every transaction hatta RM 1 sekalipun is properly reported and accounted. I think this can be proven by the RCI in due time. Ada kemungkinan jumlah kerugian adalah lebih besar dari apa yang dilaporkan sebelum ini tetapi apa yang penting ianya bukan kes korupsi dan kleptokrasi.

Zalman A said...


"PETALING JAYA: Pakatan Harapan has announced the chiefs for the various states, including for Selangor, which will be headed by Mohamed Azmin Ali.

Penang will be headed by Lim Guan Eng.

As expected, Johor will be headed by former Umno leader Muhyiddin Yassin.

Kedah will be headed by Mukhriz Mahathir, Pahang by Indera Mahkota MP Fauzi Rahman and Perlis by Ameir Hassan.

Kuala Lumpur will be headed by veteran DAP politician Tan Kok Wai.

Kelantan will be led by Husam Musa, a former PAS leader who is now Amanah vice-president.

Terengganu will be headed by Raja Kamarul Bahrin, who is also a former PAS member but now in Amanah.

Negeri Sembilan will be headed by Aminuddin Harun, Perak by Ahmad Faizal Azumu and Melaka by Adli Zahari.

Christina Liew will be heading Sabah and outspoken Sarawak DAP chairman Chong Chieng Jen will be leading the state.

Dr Mahathir Mohamad remains as the PH chairman, while Dr Wan Azizah Wan Ismail is the president.

The deputies are Muhyiddin, Guan Eng and Mohamad Sabu."

Datuk,

This is a strong line-up.

However what is the news of the ROS application for PH?

Approved or ROS dah makan dedak jugak?

Some are suspecting that MO1 will try for Nov election after Maximum Dedak Bajet in October.

Maybe, maybe not.

But will be funny seeing him with Trump.

Two men both under investigation by the US DOJ.

Tapi MO1 menang, he's under investigation by another 6 countries along with Jho Low and his henchmen.



sukasamasuka said...

Datuk,

"Najib is not a public officer, COA agrees with High Court....Wed, 30th aUGUST 2017....

Former prime minister Dr Mahathir Mohamad and two others have lost their appeal over a misfeasance in public office suit filed against Prime Minister Najib Abdul Razak at the Court of Appeal today." (https://www.malaysiakini.com/news/393666)

- It is a normal and accepted practise within the Commonwealth to get the service of a QC in complex legal situations...this being one of such cases.

- We have to exhaust all the legal avenues in the pursuit of justice for Malaysians.

Flush with money said...

1MDB today said it has paid the remaining US$350 million (RM1.3 billion) owed to International Petroleum Investment Company (IPIC) today, a day before the deadline tomorrow based on the agreement with the Abu Dhabi state firm.

“All funds were paid from proceeds of the on-going rationalisation programme,” the company said in a brief statement.

1MDB must inform what rationalisation program, zero business .
The rakyat wants to know whether the money loaned from other govt agencies, EPF, KWAP, or advanced from the Petronas announced RM17 billion dividend to the govt?

Goodness gracious! said...

Datuk,
didnt someone once asked if the MACC head Dzulkfli Ahmad has intentions to enter the political scene? He has issued a National Day message causing one reader to ask and comment that this should be handled by our PM, DPM and other politicians.

houdini said...

Btw Najib was Defence Minister (?) when those RMAF engines found their way to Iran...maybe the North Korean Defence Contractors with the B`fields office arranged the shipping docus etc.

Another RCI badly needed.
[]
Missing jet engines spark crisis in Malaysia

DECEMBER 22, 2009 by: Kevin Brown in Singapore

The Malaysian government is facing a fresh corruption crisis after officials admitted that two US-made fighter jet engines had disappeared from an air force base after apparently being illicitly sold by military officers to a South American arms dealer. Najib Razak, prime minister, said there would be a full investigation of the thefts, which happened in 2007 and 2008, when he was defence minister.

However, opposition parties accused the government of covering up the incidents. Lim Kit Siang, parliamentary leader of the opposition Democratic Action party, said the authorities had been “super slow” and claimed that the prime minister’s response had painted “a frightening picture of a government of thieves”.

https://www.ft.com/content/ff6c46d2-eef6-11de-92d8-00144feab49a
[]
UMNO Veterans Club national secretary Mustapha Ya’akub told Bernama that he helped to set up the International Global System Sdn Bhd business, which was registered as a multimedia, electronics and general trading firm back in 2005.

"I knew Glocom was a North Korean product but I didn’t know that the country was under United Nations (UN) sanctions."

http://says.com/my/news/north-korean-companies-operating-arms-business-in-brickfields-kl

Aku said...

Kadiag, السلام عليكم assalāa mu 'alaikum :
Terima kasih banyak pasai hang tempek cakap2 seken bos Bank Negara masa keh niaga tukaran
wang asing Forex tu.
Munkin lepaih ni hang bulih boh apa yg Lin See Yan tu habag mai hak dlm basa melayu,
kod ramai orang hak tak pandai spikin gomen
bulih tumpang baca. Aku ingat ada dlm BH online.
Aku ingat paling penting untuk 'up' sikit daya terjahan atau cekauan blog
hak macam hang punya ni.
Kelompok2 yg masih tegag dok puja MOI rata2 antara lain, aku ingat sebab miskin maklumat
yg sohih. Selain 'blog', saloran media lain munkin jugak kena cuba atau sailing sokong
menyokong.
Di setengah negeri pengiglan dlm blog yg melawan aruih juga kena 'gam' atau 'boycott.
Munkin kelompok ahli pikiag hampa bulih gubah satu program untuk pekasakan dan selaraihkan usaha
hampa semua dlm mentebagkan maklumat.
Mintak maghap no. Dan selamat sambut raya korban.
Aku.

Hakimi Abdul Jabar said...

PUBLIC INTEREST LITIGATION, COMMON LAW & COMPANY LAW & PIERCING THE VEIL IN THE PURSUIT OF JUSTICE

Talking about Citizen Nades Raja .... We were classmates when we studied the Law of Business Associations also known as Company Law.

My late father had bought this exquisite textbook, Charlesworth & Morse's Company Law (14th Edition) in anticipation of my taking Company Law back in 1995-1996, being part of the syllabus. I've been reading Matthias Chang's and Haniff Khatri's legal assertions and Tony Pua's postulation below on the 1MDB and SRC International fraud scandals and have been immediately pondering the efficacy of the alter ego doctrine also known as the attribution rule, a common law remedy and tool that was first elucidated in Lennard's Carrying Co Ltd v Asiatic Petroleum Co Ltd [1915] AC 705 that has become the most powerful method of imposing liability on a corporation and the directing mind and will of the corporation, the very ego and centre of the personality of the corporation.

https://www.facebook.com/sarawakreport/posts/1318207291539404:0

Lord Denning summed up the doctrine in Bolton v Graham & Sons Limited [1956] 3 All ER 624 that "A company may in many ways be likened to a human body. It has a brain and nerve centre which controls what it does. It also has hands which hold the tools and act in accordance with directions from the centre... (the) directors and managers represent the directing mind and will of the company and control what it does. The state of mind of these managers is the state of mind of the company and is treated by the law as such."

So also in the criminal law, in cases where the law requires a guilty mind as a condition of a criminal offence, the guilty mind of the directors or the managers will render the company itself guilty. That is shown by Rex v I.C.R. Haulage Ltd.

In Aspatra Sdn Bhd & Ors v Bank Bumiputra Malaysia Bhd & Anor [1988] 1 MLJ 97 (SC), the then Supreme Court ruled that the court could generally lift the corporate veil in order to do justice particularly where an element of fraud is involved.

Thus, it is urged to lift the corporate veil of 1MDB and SRC International with the sole objective of achieving justice to ascertain the “controlling mind and directing will” as was decided in Tay Tian Liang v Hong Say Tee & Ors [1995] 4 MLJ 529.

RD. said...

Dear Mr. Flush with money.

The Rakyat will never know where 1MDB got RM1.3 Billion to pay IPIC unless PH take-over Government, GE14. The only reason for the 'on-going rationalization program' was because its worldwide-money-web and its incurred debt was irrational in the first place. Even its supposedly assets was acquired through wicked means from the Rakyat... i.e bought prime-land at insanely cheap prize (RM60 psf) when its actual value was about RM3000 psf.

Rubbing salt into 1MDB's wound, its one and only money yielding asset, the IPP had been sold off to China, at a lower value than, as they were bought. (Berniaga buluh-kasap, beli mahal, jual murah).

Therefore, RCI is the best avenue for the Rakyat to know every details of 1MDB's scandalous dealings, including where they got the money to pay 2nd. time to IPIC. The 1st. time, in 4 tranches, went into a fake account.
If the RCI on a 25-years-old-Forex, can be completed in 3 month, I don't see why RCI on a 2-years-old-1MDB should be take longer.
Those responsible must dealt with harshly and the losses redeem. They should consider themselves lucky... if its in China, they would be eligible for the firing squad. Wonder why Mainland China seems to be very accommodating.

sham zam said...

terbaik tuan

sukasamasuka said...

Datuk,

"The dilemma for the Commission is, whether or not it calls Dr Mahathir and Anwar, the two men could go public with their side of the story elsewhere."

- I am sure they could and would.

- But, it's a bit strange Tun and Anwar are not called to testify despite their willingness to cooperate.

- Well, I don't know much about this RCI stuffs anyway...except, one thing I do know...it has an "R".

- Assuming the final report goes to this "R"...I don't expect much because it's an "R".

- Well, it's in the Constitution so, can't say much I guess...anything goes.

- One thing is for sure though, the "R"CI smells like a rubbish dump...for a rubbish dump...by a rubbish dump.

- In the State of North Borneo, we don't have no "R"...but, we do know who shot JR?

sukasamasuka said...

Datuk,

"It was on this basis that (Tan Sri) Zeti Akhtar Aziz, when she was the governor, recommended that 1MDB be charged for flouting forex rules in relation to the transfer of billions of ringgit in and out of the country."

- Let me digress a bit, though it's not that important in the context of the topic discussed in this blog.

- If my memory serves me right, Zeti was doing that as an afterthought. Let me explain briefly.

- The 1st tranche of investment submitted by 1MDB was approved by BNM...as everything was done by the book.

- The subsequent tranches were to be released ON CONDITION that there were to be internal meetings between 1MDB and BNM.

-That meetings never took place.

- Some meetings did take place, minuted, but it was clear at that moment in time, some of the conditions of the 1st tranche were not met, YET the money for the 2nd and subsequent investment were approved and released by BNM.

- When Zeti "woke up" from her slumber, she took her gun and charge 1MDB for flouting forex rules. It didn't work that way with Apandi and she got rejected.

- Check the Minutes of those meetings... the secret lies deep inside.

- Zeti hanya main wayang!

sukasamasuka said...

Datuk,

" The Royal Commission Royal on the Bank Negara foreign exchange (forex) trading losses has three months to complete its task. It is the handiwork of the Prime Minister, (Datuk Seri) Mohd Najib Abdul Razak."

- 3 months?

- Why take such along time when BNM Report is already available on the same subject matter?

- Just give BNM a call...it's all in there.

- 3 months, my foot!

saffron rice said...

Org melayu kita bersorak meraung gembira kerana PM memberi cuti,, setelah org atas serta org politik puas mencuri serta merompak org melayu di beri hadiah dan rasuah agara tidak buka mula,, maka gembira dan bersorak lah org melayu di dalam stadium bukit jalil walau pun kebanyakan yg hadir di upacara penutup sukan sea adalah budak sekolah dan pengaggur,, ini lah maruah melayu dgn memberi cuti sehari,,, duit KBS yg hilang boleh menjadi senyap.. Horeyyyyyyyy dapat cuti,,,,

Alias Dasuki said...


Datuk, you are right in questioning the time frame of three months fixed for the RCI over the BNM Forex debacle. You have aptly compared that to the RCI covering the PDRM, both in time-frame as well as in the quality of people chosen to carry out the tasks.

The small traction that emanated from your article, despite the additional posting of Aug 30th, clearly shows that FOREX is a complex subject that few really understand. Lin See Yan's testimony in fact confirmed the lack of clarity over how to handle the fiasco, even at his level as BNM Deputy Governor. If such a situation existed at his level, and that persisted until April 1994 when Murad was finally assigned the task of briefing Anwar, would you be prepared to accept such explanations to indicate that things were actually " UNDER CONTROL " as claimed ? To me, those were signs of despair and admission of failure in the discharge of responsibilities. Jaffar certainly could not expect the PM or Finance Minister to spoon-feed him on what to do as Governor, and had rightly taken the blame. Mahathir and Anwar, as the people running the country, in turn, also had little choice but to exercise caution to avoid unnecessary turmoil.

BNM'S crisis of handling the loss is not strange to me. Forex is much too complex over which different parties who are interested in the portfolio merely look at it from their own expert view points, but avoid raising dissent not only because of lack of expertise in the subject, but also to avoid crossing someone's territories. Hence, Forex operation results are almost always determined by merely revaluing the various " open positions " of each Forex Exposure, rather than revaluing separately the " Spot Positions " and the " Forward Positions " and retiring gradually the results of " Swap Contracts. Resultant losses and profits were conveniently put aside as " Paper Loss/Profit ". This situation, to my knowledge, persisted in most banks. Although Citibank claimed that they gradually retired the results of Swap Deals, I did not have the opportunity to verify that. I am skeptical if BNM has better Forex management systems since the panicky way they faced the discussed crisis seems to indicate otherwise.

The complexity of Forex and the ridiculousness of the RCI three month time-frame had in fact been highlighted by panel member Tajuddin in that information provided by the former BNM staff being too shallow. Tajuddin should know because he was an experienced Forex Officer in BBMB. My only hope he is able to convince the other panelists that the RCI cannot achieve its objectives through brief interviews such as that done on Aziz Manap and the Internal Auditor. Although Tajuddin's exposure was, to my knowledge, basically that of a trader, properly queried, the two officers may reveal system, supervision, reporting, accounting, control weaknesses which were parts and parcels of the fiasco.

anak perak said...

Datuk,
TS Nor Mohamad Yakop mengakui bertanggungjawab kepada RCI forex. Tun tidak terlibat langsung.
Apakah kita akan melihat akan berlaku pemecatan beliau di khazanah dalam masa terdekat ini..

Alias Dasuki said...


Datuk, allow me to add further to my earlier comment now that we have heard what Nor Mohamad and DSAI had testified at the RCI. Nor Mohamad had through his testimony unwittingly proven as true what I said as possible weaknesses in the Forex management system that contributed to the fiasco. The Forex people think themselves as a special breed and almost always got away with everything simply because no one would dare to censure their wishes due to lack of relevant exposures on the subject. One would in real life find himself totally lost with the world if he happens to step into the trading room as the jargon and profane exchanged therein is worthy of being registered as a new TRADE MARK. Despite Nor Mohamad's claim that his role and commitments were overseen by certain supervisory committees, it is still NOT CLEAR how deep were matters discussed therein, or whether such matters were thereafter brought to the BNM Board of Directors' or the Finance Minister's attention for final decision. It was unfortunate that Zeti was not asked to clarify on these points and on the SOP thereon. In fact, Zeti also ought to have been required to clarify on the accounting policy regarding the LOSS or GAIN over BNM's FOREX positions and exposures. As we have seen Nor Mohamed has disassociated himself from understanding over how his Forex commitments were treated accounting-wise, while Anwar has been queried by various parties to have quoted varying LOSS figures at different occasions. As I have previously indicated, Forex exposures were NOT UNIFORMLY interpreted in all banks and were thus differently evaluated to determine the LOSS or GAINS thereon by the various banks. While GAINS or LOSSES can variously be determined over " SPOT ", " FORWARD ", and " OPEN " positions, some banks merely treat all or certain components of such gains/losses as " PAPER GAINS/LOSSES ". Paper Loss/Gains is taken here to mean an indicative temporary figure which will be adopted to determine the profit/loss for the accounting period being closed, but which will be reversed on the first day of the following accounting period.
Datuk, if you care to note, there's no standard practice of how to determine both the Forex positions or the manner on how to evaluate commitments therein among banks. But, since the subject of focus involves BNM, the bank ought to be grilled to gauge whether they really know the ground they claim to be theirs'. My fears though seem to reconcile with yours, in whether the panelists have the clout to execute the job. Tajuddin happens to be the only Forex man therein. Yet, again, as far as I know, he was basically a trader. Let us just hope that we not disappointed.

About Me

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I was born in 1947 in Kedah. I came from a rice farming family. I have been a journalist since 1969. I am the Editor-in-Chief of magazine publishing company, Berita Publishing Sdn Bhd. I was Group Editor NST Sdn Bhd and Group Editor-in-Chief of NSTP Bhd between 1988 and 2000. I write fortnightly column “Other Thots” in the Malaysian Business magazine, Kunta Kinte Original in Berita Harian and A Kadir Jasin Bercerita in Dewan Masyarakat. Books: Biar Putih Tulang (1998), Other Thots – Opinions & Observations 1992-2001 (2001), The Wings of an Eagle (2003), Mencari Dugalia Huso (2006), Damned That Thots (2006), Blogger (2006), PRU 2008-Rakyat Sahut Cabaran (2008), Komedi & Tragedi-Latest in Contemporary Malaysian Politics (2009) and Membangun Bangsa dengan Pena (2009).