Bank negara forex losses
Dr Mahathir was prime minister between and More On This Topic Probe Mahathir, Anwar for forex losses: Royal inquiry The commission recommended that Dr Mahathir and jailed opposition leader Anwar Ibrahim, who was then finance minister, be investigated for criminal breach of trust offences. At the heart of the issue is whether voters would believe that PM Najib was being fair when it investigated the s BNM financial losses but did not probe what happened during his watch.
The opposition has claimed that the RCI probe was done to paint Dr Mahathir and Anwar - both opposition leaders today - in a bad light, 25 years after the BNM losses occurred. Mr Johari on Tuesday repeated what he had said previously, that the drop in forex reserves two years ago was caused by "orderly management of foreign exchange market" and not the alleged "speculative foreign exchange activities" embarked during the Mahathir era.
The inquiry learnt that forex trading activities were conducted in a cloak-and-dagger manner with hardly anyone, apart from the in-house dealers, banking department head and Jaffar, in the know. Interestingly, it is also the only figure often cited as losses suffered in the s, although it was for just one year — However, former prime minister Tun Dr Mahathir Mohamad and the then finance minister Tun Daim Zainuddin both claimed that they were not aware of the huge losses.
Dr Mahathir maintained that he was only aware of forex losses amounting to RM5. He said he only learnt of the losses in because everything was under the Official Secrets Act Even Anwar, who was aware of the additional RM9. Ishak is said to have known about the massive losses because he cited its seriousness in a letter dated March 31, , to Anwar, which prompted the latter to see to the matter urgently. But Anwar claimed that Ishak signed the audited accounts that maintained the forex losses at RM5.
Nor Mohamed was the manager of the banking department, which was involved in forex trading then. Unfortunately, the European currencies crashed after the non-ratification of the Maastricht Treaty by Denmark in February
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That would work out to RM25 billion at the then exchange rate of RM2. Murad also alleged that there were no proper investigations into the matter. Following his allegations, the Cabinet has now set up a task force led by former chief secretary to the government, Tan Sri Sidek Hassan, to investigate whether there were wrongdoings that caused the losses, whether there was a cover-up on the size of the losses and if Parliament was misled.
So, who should the task force call up as part of its probe? I am guessing the following: 1. Tun Mahathir, who was the prime minister then. Tun Daim Zainuddin, who was the minister of finance from to when Bank Negara was active in the forex market. Datuk Seri Anwar Ibrahim, who was the minister of finance when the losses surfaced in and Dr Lin, who was the deputy governor of the central bank then.
Tan Sri Ahmad Don, who succeeded Jaafar as governor. Murad, who made the allegations. And last but not least, Nor Mohamed, who was head of forex operations. Who is Nor Mohamed? Nor Mohamed is the man who lost billions for Bank Negara and resigned along with Jaafar in In an ironic twist, the man who lost billions for the country was later credited with helping save the ringgit from currency speculators in Frustrated by the year-long failure of governments and central banks to fight off speculators, who had devalued Asian currencies the ringgit plunged to as low as 4.
The doctor did not understand how the currency market worked and Nor Mohamed took him through it in great detail. The two men then confidentially devised the plan that shocked the world — the imposition of controls on Sept 1, Widely criticised at the time Ahmad Don and his deputy Datuk Fong Weng Phak resigned in protest , some now say the move helped bring an end to the crisis as speculators feared other affected countries would do the same.
He is now the deputy chairman of Khazanah Nasional Bhd. But now, a ghost from his past has been dug up as fodder for the political contest between Prime Minister Datuk Seri Najib Razak and his biggest nemesis Tun Mahathir.
The objective is obvious. Tun Mahathir says there is a 1MDB cover-up and his foes are accusing him of doing the same. Will the task force unearth anything that is not already known? The substantial losses led to the RCI investigating the matter to uncover what happened to the money. The documents have not been made public at this time. The RCI is investigating whether or not the losses, which occurred between the s through , broke any laws. He states that his knowledge of the losses comes from audited reports.
Lawyers last submitted their submissions on September 21 and have not commented further on the matter. Witnesses testified that the central bank started to pursue forex trading at a time when there was very relaxed trading rules in place. The witnesses also claim that there was a lack of administrative oversight during the time of the losses. Staffers claim that they never knew the extent of the losses and only learned of the losses when it was too late.
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RCI concludes probe into BNM forex scandal
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Lawyers last submitted their submissions on September 21 and have not commented further on the matter. Witnesses testified that the central bank started to pursue forex trading at a time when there was very relaxed trading rules in place. The witnesses also claim that there was a lack of administrative oversight during the time of the losses.
Staffers claim that they never knew the extent of the losses and only learned of the losses when it was too late. The staffers state that they operated fully within their job scope. The culture of the central bank, according to testimony, indicates that the issues within the bank never went beyond supervisors.
Witnesses, many of which are now in their 70s and 80s, also demonstrated poor memory of the events that happened 23 years ago and prior. Names, figures and dates often seemed unclear during the testimony, according to the RCI. So, who should the task force call up as part of its probe?
I am guessing the following: 1. Tun Mahathir, who was the prime minister then. Tun Daim Zainuddin, who was the minister of finance from to when Bank Negara was active in the forex market. Datuk Seri Anwar Ibrahim, who was the minister of finance when the losses surfaced in and Dr Lin, who was the deputy governor of the central bank then. Tan Sri Ahmad Don, who succeeded Jaafar as governor. Murad, who made the allegations. And last but not least, Nor Mohamed, who was head of forex operations.
Who is Nor Mohamed? Nor Mohamed is the man who lost billions for Bank Negara and resigned along with Jaafar in In an ironic twist, the man who lost billions for the country was later credited with helping save the ringgit from currency speculators in Frustrated by the year-long failure of governments and central banks to fight off speculators, who had devalued Asian currencies the ringgit plunged to as low as 4. The doctor did not understand how the currency market worked and Nor Mohamed took him through it in great detail.
The two men then confidentially devised the plan that shocked the world — the imposition of controls on Sept 1, Widely criticised at the time Ahmad Don and his deputy Datuk Fong Weng Phak resigned in protest , some now say the move helped bring an end to the crisis as speculators feared other affected countries would do the same. He is now the deputy chairman of Khazanah Nasional Bhd. But now, a ghost from his past has been dug up as fodder for the political contest between Prime Minister Datuk Seri Najib Razak and his biggest nemesis Tun Mahathir.
The objective is obvious. Tun Mahathir says there is a 1MDB cover-up and his foes are accusing him of doing the same. Will the task force unearth anything that is not already known? It needs three months to complete its work, so we will just have to wait for the full picture before we can come to any conclusion that can bring closure to something that happened 25 years ago.
Perhaps, one day, we will be lucky enough to also have the full picture of the affairs of 1MDB. In that case, should we not have a task force on 1MDB as well so that Malaysians can have the full picture?
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RCI concludes probe into BNM forex scandalMost of the witnesses who testified pinned the policy change squarely on the late Bank Negara governor Tan Sri Jaffar Hussein, who served from June to May
| Bank negara forex losses | The inquiry learnt that forex trading activities were conducted in a cloak-and-dagger manner with hardly anyone, bank negara from the in-house dealers, banking department head and Jaffar, in the know. Nor Mohamed cannot only be responsible and accountable to the Prime Minister himself — when he is also responsible and accountable for his actions and decisions to Parliament, today astros odds people and country. At the heart of the issue is whether voters would believe that PM Najib was being fair when it investigated the s BNM financial losses but did not probe what happened during his watch. The forex losses foreign exchange activity, to put it in simpler words, is a kind of 'gambling' activity with the hope of quick returns. It is different if you are pursuing long-term investments but if you are speculating, do not go into this unless you are prepared link face losses. The opposition has claimed that the RCI probe was done to paint Dr Mahathir and Anwar - both opposition leaders today - in a bad light, 25 years after the BNM losses occurred. |
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| Forex data provider | Now with the RCI over, the forex losses still remain a puzzle, owing to the fact that Jaffar has died and Ishak is medically unfit bank negara forex losses testify. At the heart of the issue is whether voters would believe that PM Najib was being fair when it blackmoon crypto login the s BNM financial losses but did not probe what happened during his watch. But while these funds enter the market no more than once or twice a year, Bank Negara is coming in and doing yards billions of dollars a day. However, former prime minister Tun Dr Mahathir Mohamad and the then finance minister Tun Daim Zainuddin both claimed that they were not aware of the huge losses. The reasons which I had advanced in Parliament in bank negara forex losses a Royal Commission of Inquiry into the colossal Bank Negara forex losses remain valid today, and should be the terms of reference of the White Paper which Nor Mohamed should present publicly as his first Ministerial duty, viz: To determine the actual extent of the colossal forex losses suffered by Bank Negara ; Whether there had been any financial malpractices and abuses in view of the inconsistencies and conflicting explanations about the colossal forex losses; and Establish how Bank Negara could incur such colossal losses. He said it was not known why there was a difference in the amount of losses referred to in the documents and annual report. The behind-the-scenes moves involving the central bank were revealed by Mr Johari in an open letter to Dr Mahathir. |
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