Screenshots: Hello Pak Sheikh... betoikah?

July 19, Screenshots blogged about Anwar Ibrahim, who pleaded ignorance and claimed innocence over the foreign exchange (forex) speculations that resulted in losses of up to RM30 billion for Bank Negara between 1992 and 1994, when he was holding the positions of (former) DPM and Finance Minister .

However, that did not stop Anwar from naming four persons as the the key players in the forex debacle. As one of the four persons he named is dead, Anwar trained his gun on the three living, two of them are his known political nemeses.

Summararily, Anwar accused the trio of dabbling in the forex speculation behind the deceased's back.

Today, Rosli Yaakop, who until April 1994 was Bank Negara’s economics department deputy manager, has stepped forward with a rebuttal.

Contrary to assertions by Anwar, Rosli said the late Bank Negara (BN) governor Jaffar Hussein was “among the main architects of foreign exchange speculation” that caused losses of up to RM30 billion.

Rosli told Malaysiakini that Jaffar could not be freed from sharing the responsibility together with Second Finance Minister Nor Mohamed Yakcop for the losses that occurred between 1992 to 1994.

“I was at Bank Negara then and I knew the inside story. Among the main architects of the forex speculation was the governor himself and Nor Mohamed, who implemented the speculation (scheme),” Rosli told malaysiakini.

He said that Nor Mohamed was considered as Jaffar’s blue-eyed boy. [...]

While the losses were identified by lower-ranking officers, no action was taken to prevent additional losses but because the matter was concealed from the governor’s knowledge, said Rosli.

“Jaffar’s biggest mistake while leading Bank Negara was placing too much trust in Nor Mohamed and failing to discern breach of Bank Negara regulations and (currency) market norms,” he said.

In the final analysis, he said, the actions of Jaffar and Nor Mohamed had led the people’s money to “go down the drain” and had burdened the public.

Rosli is currently PAS Negri Sembilan commissioner.

Comments

My opinion, we shouldn't be talking about the dead in a bad light. What was previously done by him, should not be talked about further in respect of the dead. But this is no suprise to me, I've heard the same comment from reliable sources in BNM itself who points to the same Nor Yaakob as among the perpetrator. I guess if a loss of 30 billion by BNM could be brushed aside, what more if Malaysian losses millions of dollars in other transactions. We just have the mentality of not being bothered because it is not our hard earned money!!!

Posted by: harin | July 25, 2006 01:00 PM

Are these head honchos ever accountable for anything they do with our nation's money?

Or is this another one of their perks in our infamous Bolehland?

It is sad to see that Bank Negara is now always helmed at the top by just "one section" of our society, unlike in Tunku's days...

Posted by: JacknJill | July 25, 2006 01:26 PM

What's the difference with the BN during Tunku's days? Mind to describe?

Posted by: Steve | July 25, 2006 01:34 PM

Dennis Kozlowski (ex-Tyco)
Kenneth Lay RIP (ex-Enron)
Jeffrey Skilling (ex-Enron)
Bernie Ebbers (ex-Worldcom)

What do these people have (had) in common? They all wish they were in Malaysia where you're not punished for messing up, but are instead promoted...Malaysia Boleh!

Posted by: Mithos | July 25, 2006 02:17 PM

It depressed me to see the 9MP budget (18 billion) for five years is less than the 30 billion loss we incurred in forex trading.
It depressed me even further that the person involved in the scam is also in charge of formulating 9MP budget, controls the GLC's and our taxpayer's money. It is like giving money to a blackhole of calcutta. I feel restless. Why can't the PM take a stand and drop him together with Syed Hamid.

Posted by: sydput | July 25, 2006 02:41 PM

May be someone good in maths can enlightern us how much is RM30 Billion.

I wonder how big is actually RM30,000,000,000. How many schools it can build so that our teachers will not stand a chance to fall off from those ruined ceilings ?

And how many hundred thousands and possibly millions of productive and quality hours every year that our caring parents can save if these schools are readily available or located closer to their homes.

Posted by: Chong318 | July 25, 2006 02:51 PM

The sad story is, LESSON NEVER LEARNED.

Besides the 92-94 RM30 billions forex lost, don't forget similar forex issue that trigger 97 currency crisis that wipe out 80% of KLSE stock market value.

Posted by: moo_t | July 25, 2006 04:08 PM

Ageed with JacknJill & Mithos.

Check out who was the "super" forex dealer across the causeway then. He is probably residing some where in Bkt Damansara now, very close to his private office which is located on the opposite side of the "bukit", again, with support & strong patronage from the same old buddy whom operates from a higher ranking office now.

Same old music?

Posted by: victor | July 25, 2006 04:10 PM

I find some contradiction between Rosli's claim that Jaafar Hussein was "responsible" yet same breath this line:

"While the losses were identified by lower-ranking officers, no action was taken to prevent additional losses but because the matter was concealed from the governor’s knowledge, said Rosli." which was what Anwar claimed was the case...

sydput: RM18bil for 9MP is wrong -- it's RM200billion for 5 years hence RM40bil for one year.

to put in context, for chong318's sake, Petronas RM43.6billion NET profit for last announced year ended March 2006 IS MORE THAN RMP's one-year budget!
Yet Petronas thinks the Rakyat have no righjt to hold expectations that the last fuel price rise of 30sen per litre COULD HAVE BEEN EASILY ABSORBED by both Petronas and Gomen had they place the commoner's interests above their Don't-Know-Where the profits go destinations!

Posted by: desiderata | July 25, 2006 04:14 PM

Dear Jeff,

Apologies for going off tangent from the topic, but I am just wondering whether you will be responding to the accusations hurled at you on machai.net?.

Thanks.

JEFF OOI says: Whose machai? Since Jan 2, 2003, when I started blogging, I have set a tall standard for blogging, that blogger must claim responsibility over the content he/she published. A responsible blogger MUST put up his public face, his email and telephone contact to exemplify his/her sincerity and commitment to blogging per se. As such, I don't pay attention to blogs written behind anonymity. But I did usik-usik sikit when another commenter asked me the same question somewhere in this blog, days ago. My challenge still stays, so I don't have to repeat. Go search the archive. Just give you a clue: Follow that BLACK TILAPIA.

Posted by: RajaTikus | July 25, 2006 05:15 PM

Off topic..from Malaysiakini....

Dr M wants to organise Umno meeting
Jul 25, 06 5:15pm

Dr Mahathir Mohamad is seeking an Umno gathering to explain his stand over the spat with his handpicked successor Prime Minister Abdullah Ahmad Badawi.

Who dares to be the organisor?

Posted by: PenangWang | July 25, 2006 05:40 PM

Jeff,
sorry to go off track. where criticisms of u r concerned - 'Let barking dogs bark'. All the bullshit they scream is basic - they r just plain ordinary JEALOUS of u!!!

Posted by: bnaipal | July 25, 2006 06:03 PM

Well... what was all the fuzz Tun M created about foriegners (EVIL) damaging the economy...
So, in Malaysia, forign workers and experts build everything, yet malaysians claim they did it with their own experience starting from KLIA to other projects. That is one.
Two, when Malaysians damage their own economy and steal people's money, they accuse forigners...
God bless Malaysia !!!!

Posted by: i2ammar | July 25, 2006 07:29 PM

INTERNET does not operate in a legal vacuum.
Read this before you post a comment in this blog!

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Thinking Allowed. Thinking Aloud.

Hello Pak Sheikh... betoikah?

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