According to Khairy, yesterday the Cabinet decided to reopen the investigation into the US$10 billion Bank Negara FOREX disaster that practically bankrupted the bank. This panicked Mahathir who has asked Tengku Adnan and another Cabinet Minister to torpedo this move. Mahathir knows that this is going to be the biggest disaster of his political career so the Bank Negara matter must never be reopened. It looks like this time Mahathir is heading for hell and he cannot do anything about it.

Yesterday, Khairy Jamaluddin said the Cabinet may reopen investigations into Bank Negara’s US$10 billion or RM44 billion FOREX losses incurred from 1989 to 1992 (SEE NEWS ITEM BELOW). According to Edwin Michael of Universiti Tunku Abdul Rahman, there are five questions that require answers.

Recently, Abdul Murad Khalid, the former Assistant Governor of Bank Negara, said the direct losses Bank Negara suffered was US10 billion. However, if you take into consideration the indirect losses, then we may be talking about RM150 billion or more. Furthermore, at the height of the speculation, Bank Negara was exposed up to RM270 billion, which is five times Malaysia’s GDP.

Some are saying this is an old story, more than 20 years old. However, we are just finding out that for more than 20 years those in power concealed the truth and lied to us. Only today is the truth slowly emerging and it appears like what we were told back in the 1990s was a lie. It is like the Batang Kali massacre being discussed more than 25 years after the event because new evidence emerged after the declassifying of certain classified documents.

So, in Bank Negara’s case, new evidence has just emerged and it appears that the bank was practically bankrupt and they did ‘creative accounting’, asset-stripping, bogus sales of assets and investments at inflated prices, and so on, to show ‘paper profits’ in the books so that these paper profits can offset the real losses, which they lied and said are not real losses but only ‘paper losses’.

mahathir-kit siang-naml negara

Kit Siang may have gambled on the wrong horse that is about to be shot

In short, there is a serious case of fraud involved and there are some people who were then in the corridors of power who are guilty of this crime. And that is what the reopened investigation needs to find out. However, based on the evidence which is already out there in the public domain, it is clear that Tun Dr Mahathir Mohamad and Tun Daim Zainuddin are the main culprits aided by their underlings such as Anwar Ibrahim and Nor Mohamed Yakcop.

So far, for more than 20 years, the truth has been very cleverly concealed. But with the latest revelation it appears like it is now impossible to cover the stench. And we need to thank Lim Kit Siang for this who since 1993 has been relentlessly harping on this matter without giving up. Today, the result of Kit Siang’s effort has finally seen fruition and the Cabinet, at last, is going to get to the bottom of the biggest financial scandal in Malaysian history.

Today, I got insider information that Mahathir is panicking and is trying to torpedo that investigation — or the Royal Commission of Inquiry (RCI) that may be set up to undertake the investigation. Mahathir knows that it will not take too much probing and digging for the truth to emerge because Murad and Tajudin Ramli have both already opened their mouths. All they need to do is to say, again, what they have already said in front of a commission of inquiry.

Mahathir has asked one of this loyalists in the Cabinet, Tengku Adnan Tengku Mansor, and another Cabinet Minister, to lobby the other Cabinet Ministers to try to torpedo the RCI. The setting up of the RCI to investigate the Bank Negara scandal must not happen because if it does then Mahathir and Daim are dead ducks.

Tengku Adnan

Tengku Adnan fixed Murad up in October 1999 so now may be payback time

Tengku Adnan is also worried that if Murad talks then it is bad news because it was Tengku Adnan who fixed Murad up in October 1999. Mahathir needed to fix Anwar up and Tengku Adnan got the Special Branch to detain Murad and then they threatened him with detention without trial for a very long time unless he agrees to sign a Statutory Declaration implicating Anwar in a RM3 billion money-laundering scandal.

Murad’s 26th October 1999 Statutory Declaration that Tengku Adnan forced him to sign (READ HERE: Murad SD 1999)

Murad was said to be an Anwar loyalist and proxy. Those in his mosque congregation, however, said that this is impossible because Murad is a pious Muslim and a regular member of the mosque congregation who does a lot of charity work and donates to the mosque and other worthy causes.

Murad Ahmad

Murad was Tengku Adnan’s victim 18 years ago in October 1999

Anyway, whatever it may be, Tengku Adnan fixed up Murad good and proper and if he is called before a commission to testify he would have a lot to reveal and it would be payback time for what he has suffered these last 18 years. According to Murad, he was coerced into making false allegations against Anwar and to sign that October 1999 SD. Murad is the opposite of Rambo and it does not take much to make him pee in his pants. The alternative to not signing would be a long stint under detention without trial. So Murad signed just to get out of the hell-hole they put him in.

(The Wall Street Journal) – Ex-Malaysian Bank Official Is Charged With Alleged Failure to Declare Assets



So, not only is Mahathir scared, Tengku Adnan is as well because he, too, is going to suffer if the truth emerges. And for sure Murad will reveal what Tengku Adnan forced him to do and the truth behind that RM3 billion SD he was made to sign.

Mahathir and Tengku Adnan are not only partners-in-crime regarding the Bank Negara scandal, they also share the same financial backer, a Chinese Datuk from one of the largest companies in Malaysia. And Murad knows who this Chinese Datuk is and he may spill the beans and reveal that this Chinese Datuk and a few other tycoons have put aside billions to finance the ANC (Anti-Najib Campaign).

Sigh…why is it behind every crooked Malay politician there is an extremely wealthy Chinese tycoon? It is almost like blue arse flies or lalat jamban being attracted to shit.

blue arse fly

The blue arse fly that hovers around shit or crooked politicians

What is interesting is that as soon as Tengku Adnan knew that yesterday’s Cabinet meeting was going to discuss the Bank Negara FOREX scandal and the possibility of the setting up of a RCI to investigate this matter, he came out with annexing Penang to become part of the Federal Territory stunt.

Tengku Adnan wanted to distract Malaysians from the Bank Negara FOREX issue by raising an even bigger issue: the annexation of Penang. Either Tengku Adnan is a downright idiot or he actually did this on purpose as a WMD or Weapon of Mass Distraction. He and Mahathir know that the Penang story is going to dominate the airwaves and the Bank Negara FOREX matter would become unimportant and buried by the Penang story.

Hmm…it looks like finally Mahathir is seriously worried and is on the run. And most noticeable of all is Kit Siang’s silence. Normally by now Kit Siang would have issued s statement welcoming yesterday’s Cabinet decision to reopen investigations into the Bank Negara FOREX scandal. Today he is speechless and has nothing to say. What an irony?


Cabinet may reopen investigations into Bank Negara RM44b forex loss, says Khairy

(Bernama) – The government is considering the possibility of reopening investigation into the alleged loss of RM44 billion incurred by Bank Negara Malaysia (BNM) through foreign exchange trading from 1991 to 1993.

Youth and Sports Minister Khairy Jamaluddin said this possibility was raised at the Cabinet meeting today, besides the need to obtain confirmation on whether there was a cover-up of the scandal by certain individuals.

The Cabinet, he said, took note of the loss of national funds through foreign exchange (forex) trading as acknowledged by BNM and its governor at the time but what needed to be revealed was the possibility of a bigger loss than what was reported.

“The question now is whether the loss was as reported or bigger than that stated by former BNM assistant governor, Datuk Abdul Murad Khalid, recently.

“What should be thought about is whether we need to look at the case again and to ascertain whether there was a cover-up or attempts to close the case.

“And if there was a cover-up, who were involved and who ordered it? These are important questions which need answers now,” he told reporters, here, today.

Raja Petra Kamarudin