Mahathir is worried that the truth will be out about all the financial scandals during his 22-year premiership if Pakatan Rakyat forms national government in next polls

Former Prime Minister Tun Dr. Mahathir Mohamad has been more than his hyper-active self in the past fortnight, not only making preposterous statements about the political situation in the country but doing his utmost to fob off any possibility that the Prime Minister, Datuk Seri Najib Razak might stick to his earlier timetable to hold 13th General Election in June/July.

It was in the past two weeks that Mahathir:

• Made the wild and preposterous statement that the Bersih 3.0 rally was a “preparation” and “warm-up” by Pakatan Rakyat for violent demonstrations to reject the results of the 13th general election should the opposition fail to win it.

• Made another wild and preposterous statement when warning that the defeat of UMNO would be akin to the Malays losing power in their own country, when the coalition that would replace UMNO/Barisan Nasional would be Pakatan Rakyat comprising PKR, PAS and DAP;

• Returned again and again to the theme that because of the Abdullah premiership, the Najib government is still weak and not ready for the 13th General Election which he wants to be held off until after the fasting month which ends in August.

However, the real reason why Mahathir is so hyper-active in the past fortnight and making so many wild and preposterous statements is because the former Prime Minister is worried that the truth will be out about all the financial scandals during his 22-year premiership if Pakatan Rakyat forms the national government in next polls.

In a forum yesterday in Penang on the RM30 billion Bank Negara foreign exchange losses scandal 20 years ago, a former Bank Negara insider, former Bank Negara Deputy Governor Dr. Rosli Yaakop stepped forward to throw some light on what was undoubtedly the biggest financial scandal in the nation’s history.

Rosli named four persons constituting the “forex scandal elite club masters” as responsible for the massive Bank Negara losses two decades ago –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.

Rosli told the forum Jaffar and Nor were the biggest culprits by going overboard in the forex speculation activities, which were against the very grain of central bank principles.

He said the duo speculated and they gambled recklessly and irresponsibly with no regard to the safety of Bank Negara’s assets.

Rosli accused Nor, who is the Tasek Gelugor MP, to have directly caused the forex losses as he was the man tasked to speculate, and ultimately gamble, Malaysian Ringgit against foreign currencies.

He said Nor, then Bank Negara advisor in charge of investment department, would use his computer and other staff computers to speculate and gamble in foreign exchange market.

This has led international forex players to believe that Bank Negara had many aggressive market traders.

“But truth is it was Nor Yakcop did it all.”

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.

In 1992, Bank Negara gambled on the British Pound. It bought the Pound long and George Soros, major player in forex market, short.

When the Pound was devalued, Bank Negara lost USD5.5 billion and George Soros gained USD1.7 billion.

Bank Negara then claimed it was only paper loss of RM9.3 billion.

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.

I had estimated in Parliament two decades ago that Bank Negara lost a colossal RM30 billion. But Bank Negara claimed RM10.1 billion loss in 1992 and RM5.7 billion in 1993.

Rosli said yesterday that Bank Negara claims of losses were “schematically understated”, hidden through revaluation of BNM’s gold holding and revaluation of quoted investment.

Rosli mentioned that my call in Parliament at the time for a royal commission of inquiry into the Bank Negara in forex scandal was ignored as an open investigation would prove politically disastrous as the details of the scandal can be gruesome and cause damaging embarrassment because of the involvement of people high-up.

Rosli said certain people would have been in jail as criminal elements existed in the forex scandal. The criminal elements were negligence, overstepping of power, falsification of accounts, “creative accounting”, misinformation, breach of trust and corruption.

At the Penang forum yesterday, Rosli suggested that Pakatan Rakyat, if were to capture Putrajaya, should re-open investigation on the Bank Negara forex scandal of 1992.

I fully agree with Rosli. 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.

Yesteray, former Egyptian President Hosni Mubarak was sentenced to life imprisonment for complicity in the killing of protesters during last year’s uprising.

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.

  1. #1 by undertaker888 on Sunday, 3 June 2012 - 4:30 pm

    This destructive mamak is only good at stealing, lying and crying. When pr took over, let’s see his mollywood movie crocodile tears to plead his way out.

  2. #2 by Kampong Orang on Sunday, 3 June 2012 - 4:36 pm

    This Mathir would fly away to other country.

  3. #3 by Kampong Orang on Sunday, 3 June 2012 - 4:41 pm

    Mathir should be put into jail, no excuse! Together with Taib and others! Change anti corruption law to confiscate property of criminal of corruption is the best way to eradicate corruption.

    Corruption is the main cause for poverty of a country:

  4. #4 by monsterball on Sunday, 3 June 2012 - 4:55 pm

    When you see Mahathir open his mouth non stop…you can smell he is defending the rouges and thieves he created and the billions he gave to his sons.

  5. #5 by Bigjoe on Sunday, 3 June 2012 - 5:40 pm

    I am not interested in punishing Mahathir – but the record need to be set straight in order for our nation to move forward. The Mahathirist and Mahathirism control and influence much of our every day lives and its based on Fantasy – lies told by Mahathir – its what dragging us and unable to stay ahead and fix our economy, schools, crime, judicial system, etc. – much of what need to be fixed. You can’t have full solution of problems and issue if you don’t know the facts.

  6. #6 by ENDANGERED HORNBILL on Sunday, 3 June 2012 - 5:41 pm

    Tun M, the end game is here.

    Sayonara…. you can look East now.

  7. #7 by ENDANGERED HORNBILL on Sunday, 3 June 2012 - 5:45 pm

    This is a lesson for all smart people like Tun M….

    Even smart people need to have the fear of GOD in their heart and soul. That was what King Solomon meant by wisdom. Most smart people are just not wise!

    That includes you Tun Mahathir, Tun Daim, Tun Ling, Tun Pak Lah, Tun Hanif… maybe a few more Tuns I may have left out.

  8. #8 by ENDANGERED HORNBILL on Sunday, 3 June 2012 - 5:51 pm

    I remember Tun Daim said he played the stock market for petty cash for his pasar malam …. when the market crashed in the 90’s. Tun daim, did you cause the market to crash for your petty cash?

    Hey, Nor Yakcop…. you also play forex market for pasar malam petty cash, ah? Or you play forex market for puks in the 90’s too? Did you also cause the Ringgit to crash for your petty cash?

  9. #9 by boh-liao on Sunday, 3 June 2012 - 6:04 pm

    Now MMK wants UmnoB/BN gomen 2 censor online content, mainly 2 prevent online exposure of his evil, corrupt deeds n 2 stop rakyat fr demanding 4 his trial
    He is thinking of Marcos, Suharto, Mubarak, Chen Shui-bian 陳水扁, Arroyo, Estrada

  10. #10 by ENDANGERED HORNBILL on Sunday, 3 June 2012 - 6:10 pm

    Oh, oh, Tun M wants the world’s mouths to be ductaped…. the voices of those oppressed, raped and mutilated to be buried…. the evil deeds of those who plunder, rape and pillage to be hidden.

    Hello Tun, fikir-lah, fikir dulu.

  11. #11 by Loh on Sunday, 3 June 2012 - 6:44 pm

    The MamakPutra never expected that he would live this long, nor had he thought that BN wouldn’t last longer than his natural life. The judgement day for him is close and he is worried. Surely he should have known that it is a matter of time the truth of his misdeeds would be widely known, and he can’t carry into his grave what he plundered. Besides even if his son succeeded in getting onto the job, he can’t be any better than AAB who is said to be useless.

  12. #12 by yhsiew on Sunday, 3 June 2012 - 6:59 pm

    ///Tun Dr. Mahathir Mohamad has been more than his hyper-active self in the past fortnight….///

    He was making his last ditch effort to change his fate of being put behind bars.

  13. #13 by yhsiew on Sunday, 3 June 2012 - 7:51 pm

    A desperate Mathir advised Putrajaya to rethink absolute freedom on the Internet, reversing his previous guarantee that Malaysia would never censor online content.

  14. #14 by Jeffrey on Sunday, 3 June 2012 - 8:17 pm

    Anyone who has had long leadership experience and senses that he had done many things during tenure of power which he might be held to account later by others will not be inclined to voluntarily give up office, and even if he does, will not really have a peace of mind after stepping down from office unless he is able to be king maker and puppet master to control his anointed and grateful line of successors and circumstances from change to shield him from risks of being held to account. Extrapolating this from the level of an individual in power to that of a class or incumbent group in power long with many within having much to account, it also means the improbability of such class/group being willing to accede to a transition of power willingly and peacefully according to the rules when they are in fear of accountability and reprisals in the future from those who take over power. The climax of where all this will inexorably lead to is egregiously obvious.

  15. #15 by ENDANGERED HORNBILL on Sunday, 3 June 2012 - 8:41 pm

    We should never allow Mukhriz mahathir to ever become the next PM.

    If he does, he may just built another tower to beat Dubai’s world tallest skyscraper and the KLCC to spread the feel-good feeling…and all mahathir ever did was to spread the feel-good feeling and then he terrorizes everyone, so everybody clams their mouth.

  16. #16 by Bigjoe on Sunday, 3 June 2012 - 9:03 pm

    Mahathir is looking increasingly just pathetically bitter. To suggest censoring the internet now simply shows how fundamentally he is ignorant and lives in fantasy world he think its his right.

    Its time to put Mahathir and his followers out of their misery quickly – for our sake and for theirs. They got addicted to their political drug and suffering withdrawal now they can’t shoot-up as often as they have in the past.

    Lets do the kind thing and put them out of their misery..

  17. #17 by Godfather on Sunday, 3 June 2012 - 9:17 pm

    I don’t think Mamakthir is worried about the forex scandal per se. As I said in another posting, Mamakthir doesn’t have any incriminating evidence like memos, bank statements etc. He relied on his faithful servants like Aziz Shamuddin, Ali Abul Hasan and Badariah to do his bidding. Even if you get these people on the stand, they will parrot “I don’t remember”.

    In the case of the forex scandal, there is a convenient scapegoat, and it’s the ex-governor who has passed away. To save his skin, Nor Mohamed will say he did report to Jaafar Hussein and that he relied on the Governor to inform Mamakthir. Mamakthir will then say that the late Governor covered up the whole exercise from the government. What will your do next? It’s their word against others. Rosli and Murad Khalid can say that Mamakthir orchestrated the whole thing, but do they have documentary evidence ? I don’t think so.

  18. #18 by Loh on Sunday, 3 June 2012 - 10:27 pm

    ///Malaysia’s success in multi-culturalism can make the country a model for other countries of the world, says Prime Minister Najib Abdul Razak.///–Malaysiakini

    ///Malaysia has seen ethnic Chinese voting with their feet, leaving the country for better prospects aboard including to neighbour and rival Singapore, in a troubling brain drain of talent and capital. “Malaysia needs talent to meet its goal of becoming a high-income country,” the World Bank noted in a report last year. “But the problem is that talent is leaving.”///–

    Malaysia is certainly a model for other countries which choose to replace brains with muscles from people of certain religious belief favoured by the government.

  19. #19 by Indon Planter on Sunday, 3 June 2012 - 10:42 pm

    Never in mamak’s wildest dream that he will live to see the day of his own judgment.

  20. #20 by dagen wanna "ABU" on Sunday, 3 June 2012 - 11:13 pm

    So u see jib. Crazyomamak is all about saving his own skin now. His comments have nothing to do with saving umno or helping the malay race.

  21. #21 by dagen wanna "ABU" on Sunday, 3 June 2012 - 11:14 pm

    I dont get it. Why is the mamak still being referred to as tun?

  22. #22 by tak tahan on Sunday, 3 June 2012 - 11:46 pm

    Of course Mamak will like to spend his last day in Bolehland but in the case of any untoward circumstences(PR claimed Putrajaya),he will just buy air tickets for all his concerned ones to migrate somewhere else where they will feel comfortable to be at most eg Kerala,Zimbabwe,Tunisia,Egypt,Libya and the rest if you care to name them all.He should be punished for the wonderfully mastership of ‘divide and rule’ to split Malaysian into more divisive communities and plundering our nation wealth to the extend-you know i know la-because everything is under official secrets mah.Make sure this cold blooded fella stays and feels hot inside the curry rice house when PR captured Putrajaya.Ubah!

  23. #23 by sheriff singh on Monday, 4 June 2012 - 12:43 am

    Mahathir : Bapa Kerugian.

  24. #24 by boh-liao on Monday, 4 June 2012 - 12:54 am

    All my bags are packed I’m ready to go
    I’m standin’ here outside your door
    I hate to wake you up to say goodbye
    Cause I’m leavin’ on a jet plane
    Don’t know when I’ll be back again

  25. #25 by monsterball on Monday, 4 June 2012 - 4:10 am

    If masterminds are not guilty of crimes..just because there are no evidences the masterminds are seen at the site of the crimes……then Sadam Hussein…Osama bin Laden…Mubarak are all innocent people.
    If UMNO b politicians are the Policemen of the world….taking over the position held by USA…the whole world will be run by gangsters…thieves….rouges and rapists.
    I keep wondering why Mahathir…Najib and all the UMNO b ministers and their supporters…keep trying hard to fool the less educated Malaysians.
    Yes…the less educated Malaysians are Mahathir and Najib’s hope to depend of their votes….YET…not all less educated Malaysians support the Govt.
    Najib who is an unelected PM for 3 years..dare not announce the 13th GE date is clear enough …the reasons why.
    And the Oppositions keep needling him..keep telling him to postpone the announcement of 13th GE date…to me…….has a mixture of facts that the electoral roll is not clean….as well as having fun over Najib’s powerless position.
    It is Mahathir calling all the shots…and he wants Najib to delay the 13th GE as long as he can.
    Two American highly respected politicians paid a sudden visit to Malaysia.
    Behaving respectful to Najib…raising his leadership…Najib’s head swelled.
    Then they requested for American observers to the 13th GE….Najib agreed…and then his flip flopping starts again.
    USA knows who Mahathir and Najib….very well.
    With the French Govt…exposing huge corruptions on the Scorpion submarines…Mahathir and Najib can hope and pray Malaysians do not go to the Internet and read news.
    For a start….Mahathir is calling Najib to apply control on Internet.
    Previously….Mahathir praised and praised Internet for putting out his opinions….when Dollah was the PM.
    Mahathir has become a low class lousy good for nothing old man…only good to fan for trouble.

  26. #26 by Godfather on Monday, 4 June 2012 - 8:18 am

    One guy went to see Mamakthir and said that he wanted to become the biggest construction company in Asia to rival Bechtel. Mamakthir instructed his right-hand man to ‘instruct’ a local bank to give the aspiring jaguh kampung a massive loan so that this jaguh kampung can have a headstart. Today, this jaguh kampung married a second wife, and his business is nowhere to be found. Another guy went to see Mamakthir and claimed that he could build patrol boats. So Mamakthir gave him a 7 billion ringgit contract, instructed the defence ministry to make an upfront billion ringgit payment. The money disappeared into a black hole.

    Mamakthir loved to experiment with his jaguh kampung theory – give a bunch of jaguh kampung the state’s support and surely some of them would become world beaters. Surely some of them would become a GE or a Bechtel or a General Motors. Sadly, none did.

  27. #27 by sheriff singh on Monday, 4 June 2012 - 11:03 am

    What did Clint Eastwood say about all this?

    Hang Them High.

  28. #28 by monsterball on Monday, 4 June 2012 - 1:01 pm

    Sometimes I wonder…the controls of comments by moderator are to protect the commentator or the blog owner himself.
    It’s quite frustrating.

  29. #29 by mauriyaII on Monday, 4 June 2012 - 6:09 pm

    monsterball, I totally agree with you about the comments being censored or when they go totally missing in cyberspace at the discretion of the moderator. I happen to comment on the Forex fiasco perpetrated by some pseudo Melayu. I think my comment was published because I called a spade, a spade. It can’t be because I referred to them as mamaks, one as evil and scheming while the other a jaguh kampong economist taking on the likes of Sorros. The moderator should just remove the offending word with his own in brackets as it is done in Anil Netto’s blog.

  30. #30 by mauriyaII on Monday, 4 June 2012 - 6:11 pm

    errata: third line should read, I think my comment my comment was NOT published …….

  31. #31 by monsterball on Tuesday, 5 June 2012 - 3:58 am

    I am glad “mauriyaII” agrees.
    It’s frustrating to take time…crack my head and compose a comment that I feel is truthful and beneficial to young see it “under moderation” not released at all.
    Many time I get this and one day later…it was released.
    It turns me off to comment further and I am one of the most constant supporter of LKS’s blog for years.
    I hope Lim Kit Siang read “mauriyall” last sentence at 6.09 pm. comment.

  32. #32 by Loh on Tuesday, 5 June 2012 - 9:23 am

    /// Former prime minister Tun Dr Mahathir Mohamad said today he was unperturbed by the claim of DAP advisor Lim Kit Siang that the truth in all the alleged financial scandals during his 22-year premiership would be exposed if Pakatan Rakyat wins the next general election.
    He said Lim could do whatever he wanted even now to prove there were financial scandals during his premiership.

    “He can open any file, even now. He can bring me to court. I am not afraid,” he said when launching the KRU Academy, here.///–MalaysianInsider

    Mamakthir the Mamakputra is of course not worried now when BN controls Putrajaya. He will shit bricks when Pakatan Rakyat takes over PutraJaya.

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