RM5.7 billion lost gambling so where is RM25.8 billion more?

By MT Webmaster Last updated Sep 26, 2017

The only way Mahathir and sons can convince Malaysians they are not crooks and that they did not steal their wealth and that their money did not come from Bank Negara is for them to open their books for all and sundry to see where their money came from. Mahathir and sons must show the source of their money and prove that the source is not illegal. Until then Malaysians have to assume that Mahathir and sons stole their wealth and that much of their money came from Bank Negara.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

The Royal Commission of Inquiry (RCI) into the Bank Negara forex losses of 1988-1992 finally concluded yesterday. Lim Kit Siang, however, is not too happy about the matter and feels that the RCI hearing was not thorough enough.

In 1994, Kit Siang wrote a 38-page book titled “The Bank Negara RM30 Billion Forex Losses Scandal”. To be able to write so much (and Kit Siang claims he has written and spoken 10 million words is his political career) that means he knows a lot regarding what happened. However, he testified at the RCI for only 30 minutes. Why only 30 minutes? How come suddenly Kit Siang has very little to say after talking so much for more than 20 years?

Mahathir and his three sons became billionaires in just ten years so they need to explain where their money came from

In 1993, it was Kit Siang who brought this matter to the attention of the world. And, because of his persistency, Anwar Ibrahim, the then Finance Minister, had to finally reluctantly admit in 1994 that Bank Negara had, indeed, lost money gambling on the forex market. But the loss was small and only paper losses, said Anwar.

But Anwar told the Cabinet something else. Anwar told the Cabinet that the loss was actually RM5.7 billion but it was only ‘deferred expenditure’ and ‘unrealised losses’. So Anwar lied to both Parliament and to the Cabinet. And Kit Siang knew this. That was why he came out with his 38-page book titled “The Bank Negara RM30 Billion Forex Losses Scandal”.

The truth is Bank Negara lost RM30 billion and not RM5.7 billion plus it was realised losses, not ‘deferred expenditure’, ‘paper losses’ or ‘unrealised losses’, as Anwar claimed. And Kit Siang knew this. That was why he was like a dog with a bone: which would bite down hard on the bone and never let go while growling away non-stop.

Then, in 2012, Anwar finally relented and told the truth. Bank Negara lost US$10 billion, said Anwar, and Tun Dr Mahathir Mohamad and Tun Daim Zainuddin were behind it.

Kit Siang already knew that, of course. He just wanted Anwar to admit it. But even then Kit Siang knew Anwar was not telling the whole truth. It was not just Mahathir and Daim who were guilty. Anwar was also guilty. So it was the MAD Trio (Mahathir-Anwar-Daim) who should be taken to task.

Kit Siang knew that the disaster actually started in 1988. By 1991 the problem was out of control so Mahathir and Daim appointed Anwar the new Finance Minister. Anwar’s job was to cover Mahathir’s and Daim’s backs if this matter explodes. And in 1993 it did explode. And the person who detonated this explosion was Kit Siang.

Anwar nevertheless insisted that Bank Negara’s losses gambling on the forex market was RM5.7 billion and not RM30 billion or US$10 billion. Kit Siang, on the other hand, insisted it was RM30 billion. While Anwar agreed that Bank Negara lost RM30 billion (and now the RCI says it was RM31.5 billion), until today he still insists that the losses gambling on the forex market was only RM5.7 billion.

What game is Anwar playing? In 1994 he said it was RM5.7 billion. In 2012 he said it was US$10 billion. And today he says it was RM5.7 billion.

Actually, what many do not realise is, Anwar is sending Malaysians a cryptic message. Bank Negara may have lost RM31.5 billon but only RM5.7 billion was lost gambling on the forex market. In other words, what Anwar is saying is, Bank Negara lost RM31.5 billion, RM5.7 billion lost on the forex market, and another RM25.8 billion lost in ‘other ways’.

So, if Bank Negara lost RM31.5 billion but only RM5.7 billion was lost gambling on the forex market, what happened to the balance RM25.8 billion? That is what Anwar is telling us to ask. What happened to the balance RM25.8 billion of Bank Negara’s money that disappeared into thin air if, according to Anwar, only RM5.7 billion was lost gambling on the forex market?

Mahathir himself said that only RM5.7 billion was lost gambling on the forex market. He also said none of the money was stolen. But then Bank Negara lost RM31.5 billion. So how could Bank Negara lose a total of RM31.5 billion but lose only RM5.7 billion playing the forex market and yet none of the money, said Mahathir, was stolen? Mahathir will have to prove that none of the money was stolen if he insists none of the money was stolen and yet RM31.5 billion was lost.

This is what the RCI will need to look into. Mahathir plus his three sons (Mukhriz, Mirzan and Mokhzani) will need to show where their wealth came from. Mahathir and his three sons are billionaires. How did they become billionaires? Where did their money come from? How much of Bank Negara’s RM25.8 billion ended up in the pockets of Mahathir, Mukhriz, Mirzan and Mokhzani?

The fact that Bank Negara lost roughly RM31.5 billion has been proven. The fact that Bank Negara lost RM5.7 billion gambling on the forex market also seems to be what Anwar says happened. What Anwar has not said yet is what, therefore, happened to the balance RM25.8 billion? And Mahathir, Mukhriz, Mirzan and Mokhzani need to prove that the RM25.8 billion did not end up in their pockets. So Mahathir and sons need to show where their wealth came from if their wealth was not stolen from Bank Negara.

It is impossible for the Mahathir family to become billionaires in such a short time of just ten years if the money was earned legally. Even the Genting family, the Hong Leong family, the YTL family, the Berjaya Group family, the Boon Siew family, the Tan Chong family, the Soon Seng family, the Low Yat family, and many more, needed 60 years or more to be where they are today. Mahathir and sons needed only ten years to beat all the Chinamen in Malaysia.

This does not make sense at all. Any Chinese will tell you that Malays are not as smart as Chinese and Malays cannot make it unless they are crooked or are given ‘crutches’. Speak to any Chinese and they will confirm this.

Mahathir’s children and grandchildren live the life of a Saudi Arabian Royal Family