RCI on Bank Negara’s US$10 billion Forex loss: every man for himself


The RCI to investigate Bank Negara’s US$10 billion Forex losses is going to decide Pakatan Harapan’s fate and future. Kit Siang now has to decide whether to allow his partners, Mahathir and Anwar, to hang, or stand by them and hang together. One would result in his credibility remaining intact, but Pakatan Harapan will die, while the other would result in him being buried. Both ways we shall be having a funeral.


Raja Petra Kamarudin

Prime Minister Najib Tun Razak (or probably his Boffin Boys) are brilliant strategists. As far back as 2013 they already smelled a rat when various moves were made to sabotage 1MDB. And one of the key players in this effort was Bank Negara Malaysia, which at that time was under Dr Zeti Akhtar Aziz.

Anyway, we have written about that so many times that it is no longer ‘news’. And Sarawak Report has its own version of events. Of course, whether you believe Malaysia Today’s version of events or Sarawak Report’s version of events depends on which side of the political divide you stand. Debating the veracity or otherwise of the two conflicting versions would be like a Christian and a Muslim debating whether the Bible or the Qur’an is the true word of God.

In short, believe what you want to believe because most times beliefs are not supported by facts or scientific evidence but on bias, faith and blind loyalty. Logic and common sense can never change a person’s belief once that person has made up his or her mind to believe something. And one thing for sure, just because you believe does not make you right because even close-minded people have beliefs.


Najib’s Head Boffin Boy who Kit Siang calls Joseph Goebbels

Anyway, I started by saying Najib or probably his Boffin Boys are brilliant strategists. And this is because they have managed to force Najib’s critics and detractors into a corner. And they did this by using their enemies’ own weapon against them. That is brilliant and that is what we would call Taichi.

It all started last month when the one-time Assistant Governor of Bank Negara, Abdul Murad Khalid, revealed that Bank Negara actually lost US$10 billion from 1989 to 1992 playing the Forex market, a figure much higher than what the government initially declared. This opened a Pandora’s Box — and a Pandora’s Box, once opened, can never be closed again.

You could hear a pin drop due to the deafening silence following this latest revelation a month ago. Everyone maintained their silence to first size up what was going to happen. This was going to be explosive and they all knew it. As much as the opposition tried to brush it aside by saying that this was an old story and no longer relevant, they knew that this was not so.


Kit Siang now wishes they had not organised this seminar in 2012

The thing is, as recent as just before the 2013 general election DAP had organised a seminar in Penang regarding Bank Negara’s Forex losses. And at this seminar it was revealed that the amount was huge and that there was a coverup. And also at this pre-2013 general election seminar they demanded that a RCI be set up to get to the truth.

So, if it is an ‘old story’ from 1992, why did DAP organise a seminar regarding the matter 20 years later, which was only five years ago, around the same time when the move to sabotage 1MDB started?

In other words, five years ago DAP considered this matter still very relevant and a matter that requires further investigation because over the last 25 years or so the truth has been concealed and we have been lied to all this while.

Murad Ahmad

Murad started the ball rolling last month and now it has become an avalanche

So, last month Murad did what DAP wanted: which was to reveal the truth. And now it has got everyone running around in circles not knowing what to do. Since 1993, Kit Siang has been the Chief Crusader of the Bank Negara Forex scandal. He was not going to allow this matter to die and he wanted to keep it alive until the truth is told.

Last month, Kit Siang’s wish was granted and now he finds that the truth hurts and he cannot handle the truth. He also knows that this is a time-bomb strapped to his chest and if he is not careful it is going to explode and blow him up to smithereens.

Kit Siang is now caught in a Mexican standoff. He thought he had his gun at Najib’s head but now he finds that Najib’s gun is also at his head. So what does Kit Siang do now?

Kit Siang cannot turn around and say it is an old story and no longer relevant when he himself refused to let it die and insisted that the issue be kept alive for more than 20 years. If he does a U-turn after being the Chief Crusader of the Bank Negara Forex scandal for more than two decades his already shrinking credibility will be totally destroyed. But if he goes along with it and supports the RCI on the Bank Negara Forex scandal, while he may save his credibility, he will have to sell out Tun Dr Mahathir Mohamad and Anwar Ibrahim.

mahathir-kit siang-naml negara

Is Kit Siang prepared to save himself by selling out Mahathir?

In short, there is only one parachute. And if Kit Siang uses that parachute to bail out then he has to allow Mahathir and Anwar to die.

The former Bank Negara Governor, Dr Zeti Akhtar Aziz, sees the time-bomb ticking and has offered to help in the investigation. (READ MORE HERE). Anwar, too, supports the RCI to probe Bank Negara’s Forex losses (READ MORE HERE). That means Zeti and Anwar are taking the ‘safe position’ and, in a way, are distancing themselves from Mahathir.


Zeti: prepared to turn state’s witness and reveal all in return for immunity

In fact, Anwar is playing it very safe when he said an ex-senior Bank Negara official, who later became a minister, was complicit in the affair. Anwar added he had asked for the resignation of the ex-Bank Negara official in question but he wasn’t allowed to do so.

Anwar has just hanged Mahathir out to dry. In that statement Anwar has shifted the blame entirely to Mahathir. Anwar also said Jaffar Hussein, who was the Bank Negara governor from 1985 to 1994, had taken the rap for the Forex losses. So that means Jaffar is not guilty after all.  But in 1994 Anwar said the opposite. So why did Anwar lie in 1994? Was it under instructions from Mahathir? This is starting to get very interesting.

Meanwhile Kit Siang has gone into damage control mode. He wants to appear still concerned about the US$10 billion Forex scandal but does not want it to appear as if he is selling out Mahathir and Anwar. So Kit Siang has challenged Annuar Musa to a debate. And when Annuar ignored him, three days ago Kit Siang gave Annuar 48 hours to come out with a joint-press conference. And that deadline has already ended.

Annuar Musa

Annuar is not a man to mess around with and Kit Siang is soon going to find out

Basically Kit Siang still wants to be in the game and does not want to lose control of the ball. But to do that he has to sell out Mahathir and Anwar. However, while Kit Siang still wants to be in the game and try to get back control of the ball, he does not want it to appear like he is bailing out while allowing Mahathir and Anwar to die.

This is called self-preservation and is a very motivating factor in the human instinct of survival. But Najib and his Boffin Boys are too smart to allow that to happen. They are not going to allow Kit Siang to ride the dragon as it eats up Mahathir and Anwar. Yes, that’s right, Kit Siang is also going to join Mahathir and Anwar in their epic fall.

Najib is going to force Kit Siang to either stand by Mahathir and Anwar or allow them to fall. If Kit Siang stands by Mahathir and Anwar he is going to get dragged down with them. And if Kit Siang abandons Mahathir and Anwar then Pakatan Harapan is going to get wiped out due to this treachery.

Now you know why I side with Najib. It is because I love winners and I despise losers. And Pakatan Harapan is without doubt the losers in its contest with Najib and his Boffin Boys.