Tanjung vs. Permatang Pauh REVISITED

Speech by  Parliamentary Opposition Leader, DAP Secretary-General and MP for  Tanjong, Lim Kit Siang, in the Dewan Rakyat (Malaysian Parliament) on  the Royal Address debate on Monday, April 11, 1994

 

Bank Negara’s forex losses in the past two years could total as high as RM30 billion, making it the biggest financial scandal in Malaysia as well as a world-class financial scandal.

 

There was in fact a conspiracy of disinformation and misinformation to ‘cover up’ the real nature, cause and magnitude of Bank Negara forex losses in the past two years which I will show in the course of my speech could  total as high as RM30 billion. It is not only the greatest financial  scandal in Malaysia, but has reached the standing to be a world-class  financial scandal!

• In the special  DAP motion on the Bank Negara forex losses in Parliament last April, the Finance Minister, Datuk Seri Anwar Ibrahim strenuously denied that Bank Negara had “speculated” or “gambled” in foreign exchange.

• Anwar said that as Finance Minister, he was “fully satisfied with the  reasons” goven by Tan Sri Jaffar Hussein for the Bank Negara’s forex  losses.

However, truth cannot be concealed forever, as it would always find some way of declaring itself.

 

• There are two other reasons why Anwar Ibrahim must bear personal responsibility for Bank Negara’s forex losses.

• Anwar Ibrahim said last week that he had directed Bank Negara to stop forward foreign exchange trading when he discovered its forex losses 18 months  ago. If Bank Negara had followed his instructions to stop forward forex  trading in 1992, then how could Bank Negara suffer RM5.7 billion losses  in 1993, on top of the RM10.1 billion to RM13.1 billion losses in 1992?

• Furthermore, Anwar Ibrahim had misled Parliament last July when I questioned him  whether Bank Negara had suffered more forex losses. Anwar said that this was not true as he had been monitoring the Bank Negara’s forex dealings weekly.

• On July 19, 1993, I asked  Anwar Ibrahim a supplementary question during question time as to  whether at that date, Bank Negara’s provision of Rm2.7 billion  contingent liability for forward forex trading in the 1992 Bank Negara  accounts had not only been confirmed, but even more forex losses had  been incurred.

This is Anwar’s reply, from the Hansard of 19th July 1993(p. 28):

• “Dato Seri Anwar bin Ibrahim: Tua Yang di-Pertua, dukacita saya memaklumkan  ini satu berita yang kurang baik bagi Yang Berhormat dari Tanjong.  Kerugian yang dimaksudkan itu tidak berlaku dan tidak bertambah. Yang  Berhormat mahu percaya atau tidak, tetapi saya ada maklumat yang sebenar tentang keadaan tersebut. Saya juga meneliti tiap-tiap minggu  perkembangan kerana masalah yang dihadapi sebelum ini…. Saya ingin  member jaminan kepada Yang Berhormat bagi Tanjong bahawa perkara ini  kita teliti lebih dekat dan kita lebih waspada kerana pengalaman yang  lalu.”

• If Anwar Ibrahim claims that he had directed  Bank Negara to stop forward forex trading 18 months ago, and that “there are no new trading arrangements” last year as the central bank unwound  its forward positions in the market last year (Business Times April 6,  1994), then Bank Negara should not have incurred RM5.7 billion when its  contingent liability provision for such forward forex trading in end- 1992 was RM2.7 billion.

• Anwar’s  claim that there were no new forward forex trading by Bank Negara in  1993 had been contradicted by Tan Sri Jaffar Hussein, who said in his  press conference on March 31 as well in his foreword to the 1993 Bank  Negara report:

Yang perlu kita fikir?

• Kenapa DAP tiba-tiba sangat berminat dengan isu FOREX ini? Ada kawan-kawan yang kata, ini strategi untuk memastikan Anwar tidak mendapat rating yang baik; dan DAP dapat lebih kerusi dalam PRU yang akan datang? FOREX BNM ini memang kerja Anwar. Fast money.
• Apakah keperluan nak bangkitkan isu ini ketika rating Anwar/PKR dikatakan melebihi DAP?
• Kenapa Rafizi/PKR senyap dalam isu FOREX ini?
• Ada usaha SABOTAJ sama sendiri dalam PR?
• Kenapa TS Nor tidak berdepan dengan media dalam isu ini? Keluarlah!
• Apakah Anwar comfortable dengan usaha DAP main isu FOREX ini?
• Sediakah Anwar buka semula cerita lama – bagaimana ABRAR FUND juga dijadikan syarikat sandaran untuk finance politik dirinya?