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At first, I told them that I have already said enough about the subject matter and I do not want to prolong the discussion on this issue especially since there is already an independent team at the Royal Malaysian Police PDRM investigating this matter. However, I felt it best that I try to hopefully close the discussion by putting the matter in simple perspective for ease of understanding. It is very important for the public at large to understand the difference between speculative foreign exchange activities and orderly management of the foreign exchange market.
These speculative activities had caused BNM to suffer foreign exchange transaction losses amounting to RM If these speculative foreign exchange losses were not real, the government would not have taken these drastic actions in order to cover the BNM losses at that material time. BNM and the country have since come a long way, particularly in instituting the necessary reforms and checks forex malaysia bnm balances with regard to its foreign exchange forward transaction activities.
I have said enough on this subject and if the understanding of the truth is not the objective of the forex malaysia bnm, then there is nothing much I can say on this. I wish Tun and family the very best of health and a very Happy New Year; forex malaysia bnm the New Year be peaceful and prosperous for all of us Malaysians.
Sukhave for your service to Bank Negara Malaysia. What you have done by resigning is just examplary. It took courage and firm moral conviction to do it. As a Bank Negara alumnus who was with the Bank in s, I am proud of you and wish you all the best. If you are in a position of leadership, remind yourself, and remind yourself often, that leadership is a responsibility and not a privilege.
Forex malaysia bnm that forex malaysia bnm shines a brighter light into the depths of your character than your behaviour when you believe that you have power forex malaysia bnm others. It is never leadership to try to make yourself look good by depriving your subordinates of opportunities to be their best.
It is also never acceptable to forex malaysia bnm bullying as a means to exert your leadership. Respect yourself; respect those who work for you. Last week a long-standing and respected official, the Deputy Governor, Bank Negara Malaysia Dr Sukhdave Singh, resigned and people ought to take that move as a heavy hint as to what is going on behind the scenes.
As you all know by now, I am leaving the Bank soon. Some of you have asked me why I am leaving and I must confess that I have evaded the question. All I can say is that my life in the Bank has been based on certain professional expectations, and when I find myself put in circumstances where those expectations can no longer be met, there could have been no other decision for me.
This past week has been an emotional roller-coaster. The days have flown by so fast and saying goodbye has been harder than I had anticipated. Meeting many of you has brought back a flood of memories and emotions. But I am grateful for the opportunity to personally wish you goodbye, and I thank you for the kind wishes you have expressed to me.
In parting, Forex malaysia bnm want to express my gratitude to those of you who have worked with me and helped me succeed in my job. No one gets to my position without the help of others.
I am unable to thank each of you individually but I hope you know that I am referring to you and please accept forex malaysia bnm heartfelt thanks. If I have contributed to your own professional success, I am glad; but you do not need to thank me. Well, my journey with BNM has come to an end, but yours will continue. I wish you fair weather and good sailing. Bank Negara suffered losses amounting to RM The commission is also forex malaysia bnm the opinion that this incident involved a criminal breach of trust under Sections and of the Penal Code.
Nor Mohamed pic above was in charge of portfolios at Bank Negara between andincluding managing external reserves and regulation of domestic financial markets. However, the RCI said, other parties had to share the blame as well. Lin See Yan told the Royal Commission of Inquiry RCI that he was shocked at the scale of the foreign exchange forex losses suffered by the central bank 25 years ago.
The RCI also accused Mahathir forex malaysia bnm Anwar of withholding information on the forex losses from the cabinet. The RCI also opined that there was a deliberate concealment of the forex losses as it was not accurately reflected in the Bank Negara annual reports. Apart from criminal investigations, the Forex malaysia bnm said, no further enhancements to Bank Negara were necessary as substantial measures had been implemented to improve governance of reserves.
The RCI began its investigations on July forex malaysia bnm and was tasked with establishing whether Bank Negara made losses in the s through forex speculation, whether laws governing Bank Negara were violated, whether forex malaysia bnm was concealment of facts, recommending action against those responsible and recommending action to prevent the incident from recurring. They called in 25 witnesses, and apparently more than 40 relevant documents have been scrutinised.
At the beginning of the RCI, Sidek told the public that they had been given five key tasks. Zeroing the Blame on Dr. Mahathir for Bank Negara Forex Losses.
But what about 1MBD Scandal? First, to determine the authenticity of the allegation on the foreign exchange trading losses suffered by Bank Negara Malaysia in the s and its implications on the national economy.
Third, to determine whether there were hidden facts or information relating to foreign exchange losses suffered by BNM and misleading statements given to the Cabinet, Parliament and the Public.
Fourth, to recommend suitable actions to be taken against those found to be directly or indirectly involved in causing the losses and hiding the facts and information on the losses. Fifth, to recommend appropriate measures to ensure the incident will not recur. I find the increasing demands for RCIs rather worrying. Yes, indeed it is a legitimate tool that we can use to investigate any pertinent matter. But the fact that we see more and more people calling for RCIs on various issues show that there is a lack of trust in the regular mechanisms or institutions that exist to investigate matters.
We already have bodies like the police and the Malaysian Anti-Corruption Commission MACCplus various other law enforcement agencies, whose jobs are to conduct investigations on matters under their purview. Public demand for RCIs to be formed imply that they do not fully trust the existing institutions, and that is why another body needs to be formed. This declining trust in our public institutions worries me. In any case, the formation of this latest RCI is another low in itself. It was formed to investigate a matter that took place 30 years ago, when there are more than enough things that remain unresolved today.
The Malays have a saying about forex malaysia bnm They forex malaysia bnm a point. The focus of this investigation seems to be on Mahathir alone. With a stretch, perhaps it will implicate Anwar Ibrahim too.
But the focus seems to be Mahathir. When he was still in UMNO, nobody was interested in investigating forex malaysia bnm. And when he was Forex malaysia bnm Minister, many of these people, from all races and religions, were kissing his hands. They stayed sheepishly silent while Mahathir was their leader.
Is it a coincidence that these politicians suddenly found their conscience a few forex malaysia bnm after Mahathir forex malaysia bnm a new opposition party? Where did they hide that conscience during the years when they were worshipping Mahathir?
Malaysia follows a Westminster-style democracy where the cabinet as a whole acts collectively. There is no one-man-show. All members of the cabinet are collectively and equally responsible for all the decisions. Or are they going to blame Mahathir alone since he is now an opposition leader, while claiming infallibility for those who are still in government?
An RCI is an institution that we usually appeal to in order to boost confidence in our system of government. When other forex malaysia bnm cannot fully fulfil the trust burden, we often appeal to entities like the RCI to step in and play their roles.
The high regards commanded by an entity like the RCI is the reason why it usually works. But abusing an Forex malaysia bnm like this is completely unacceptable. It erodes trust in yet another institution in the country. If Mahathir has done any wrong in the Bank Negara forex dealings, then those people who were in his Cabinet at that time should have resigned in protest, or they should at least have spoken, then.
But they had 30 years to do it. Failing to resign at that time shows that they have no real principles. And what a shame that they damage public trust in the noble institution of the RCI too in this blatant exhibition forex malaysia bnm their hypocrisy. He may end up carrying the can. But that is purely academic; the forex malaysia bnm exchange loss incurred by Bank Negara Malaysia is real—some RM30 billion. If the political intention in the setting up of this inquiry, or inquisition as some have called it, is to ascribe blame to and imply benefit to some — especially the Prime Minister at the time, Dr Mahathir Mohamad — it has not been conclusive.
But the extent of the losses to the country is clear forex malaysia bnm RM Even this piece of vital information was in the public realm for some time, although it is good to have clear confirmation now. The difference between the situation at BNM highly irregular and speculative trading by the central bank and 1MDB alleged theft are quite different even if the amounts involved are of the same order of RM30 billion.
Forex malaysia bnm was also established that there were attempts to hide the extent of losses, widely reported at the time to be just RM5. But it was not established who decided to classify the documents. There were gaps in terms of the chain of forex malaysia bnm that led to the losses which the RCI was not able to fill. Former Bank Negara advisor Nor Mohamed Yakcop said he accepted his fair share of accountability over the foreign exchange forex losses incurred in the late s and early s.
But he said he never discussed the forex transactions in the years between and with both the then Finance Minister Anwar Ibrahim and Prime Minister Mahathir, which if true, absolves them of blame for the losses. There is also no denying my accountability for the forex losses. I accepted my fair share of the accountability and resigned from Bank Negara. He had been under political pressure to finger Mahathir over the forex scandal but he steadfastly refused to do so.
Bernama reported on November 5, We are trying to protect our currency. We have lost a lot of money before when they revalued their currency like the yen. We lost a lot of money because we borrowed yen, when they devalued their currency we also lost money. I cannot understand this.