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Friday, April 28, 2017

TO THOSE WHO KNOW, 1990s FOREX LOSSES WAS COMPULSIVE GAMBLING: BUT WHO WAS THE ADDICT – NOR MOHAMAD WHO CALLED THE BUY/SELL SHOTS, OR DR M WHO GAVE HIM TOO MUCH REIN

Dato Seri Anwar Ibrahim was called in by the special taskforce enquiring on the foreign exchange speculation losses by Bank Negara Malaysia in 1994.
He issued a statement relating to the enquiry. Bit late but understandably he is in prison.
Anwar quoted few personalities that has passed on. Unless his statement in the enquiry differs from the released statement, it generally tallies with what were already known.
Anwar denied being aware of the losses but did express concern on the riskiness of the operation to Bank Negara Governor then, the late Tan Sri Jaafar Hussein twice.
He said he was not told the real situation. Jaafar only admitted later of not knowing the real situation too.
The officer in charge, now Tan Sri Nor Mohamed Yaacob did not give the true situation of the Bank’s trading operation to the Governor.
Who gave him the go ahead to undertake such massive speculative operation? If he never did, it could be considered a criminal offense.
Will he reveal there exist person when called in by the Special Taskforce? More so, if is another Keling.

The statement with our comment, as a former foreign exchange dealer with some familiarity with the issue in hand and some inside track, below
KENYATAAN MEDIA

Berkenaan Kerjasama Saya Dengan Pasukan Petugas Khas Forex

Saya memilih untuk bekerjasama dengan Pasukan Petugas Khas Forex selaku mantan Menteri Kewangan 1991-1998. Saya berpuas hati dengan ruang yang diberikan oleh Pengerusi Tan Sri Sidek dan jawatankuasa.
Dalam kesempatan singkat pada 20hb April lalu, saya telah jelaskan antara lain bahawa:
1. Sebaik menyandang jawatan Menteri Kewangan, Ketua Setiausaha Perbendaharaan (Tan Sri Zain Azraai Zainal Abidin) ada menyentuh urusan dagangan matawang oleh Bank Negara Malaysia. Menurutnya, sejak 1989, Perbendaharaan Amerika (Fed); Bank Pusat England dan IMF telah memaklumkan bahawa penglibatan BNM dalam urusan tersebut dianggap membimbangkan.
Comment: True, the concern by the Fed was as far back as 1989. But IMF?

It is not their area of operation so why IMF. Guess only Anwar is that close with IMF.
Berikutnya, dalam taklimat Gabenor Bank Negara Malaysia (BNM) Tan Sri Jaafar Hussein, beliau menafikan keterlibatan BNM sambil menekankan bahawa penglibatan BNM adalah sah sekadar mempertahankan kedudukan ringgit dalam pasaran.
Comment: It is an open secret which the whole foreign exchange market knows but those benefitting from the business would not say openly.
Jaafar did commented to press, in Forex Club dinners and at an International Cambiste conference for traders in Kuala Lumpur of “active reserve management”. In market parlance, trading but to common folks, compulsive gambling.
2. Masalah mula dikesan laporan yang membimbangkan dari media antarabangsa dan pasaran Zurich, sekitar akhir 1991 dan awal 1992, dan perkara tersebut dikemukakan semula kepada Gabenor BNM. Tan Sri Jaafar memberikan keterangan yang sama dan memaklumi bahawa Pengarah Urusan tersebut di BNM adalah Tan Sri Nor Mohamed Yakcop. Namun, manakala deraf awal audit BNM 1991 dibentangkan, Perbendaharaan melahirkan kebimbangan. Gabenor BNM akui jumlah terlibat adalah lebih besar dari yang dijangka.
Memandangkan saya dan Kementerian Kewangan tidak dimaklumkan mengenai hal tersebut, Gabenor sendiri yang menjelaskan kepada media dengan menyebut “kerugian atas kertas”.
Comment: True, the international media was tipped off and were on the prowl. More so, negative news were surfacing on Malaysia and beginning to be the target of international media.
Later years, British press painted the then Prime Minister as Mr 10%.

Berikutnya saya terpaksa menangani permasalahan tersebut di Parlimen, terutama persoalan-persoalan yang dibangkit Ketua Pembangkang ketika itu, YB Lim Kit Siang. Kerajaan memberikan penjelasan BNM sambil menjelaskan keutuhan ekonomi. Namun, saya menegaskan arahan agar BNM menghentikan dagangan Forex tersebut.
Comment: True, it happened amd Anwar’s reply in Parliament was made the butt of opposition jokes.
3. Dari perkembangan tahun berikutnya, 1993, ternyata urusan tersebut diteruskan; dan jumlah kerugian ketika itu, dianggar sekitar RM9 bilion hingga RM10 bilion.
Should Nor Yakcop remain in
Khazanah Nasional?
Gabenor BNM membuat pengakuan kepada saya bahawa Tan Sri Nor Mohamed Yakcop tidak memberi laporan tepat kepadanya dan beliau telah menerima perletakan jawatan Tan Sri Nor Mohamed Yakcop sebagai petugas yang bertanggungjawab. Tan Sri Jaafar sendiri mengambil tanggungjawab sepenuhnya, walaupun saya akui kewibawaannya dan percaya bahawa beliau tidak diberikan keterangan lengkap oleh Tan Sri Nor Mohamed Yakcop.
Comment: This is confirmation that Nor Yakcop was the person in charge.

It begs the question as to if he did not give true picture to his boss, who Nor Yakcob report to?
If none, was he a rouge trader like the imprisoned Nick Leeson that did illegal trade at Baring Brothers which did not conform with bank policies and procedures?
The operations were not authorised!

4. Tan Sri Ahmad Don yang mengambil alih tugas Gabenor BNM pada tahun 1994 telah bertindak menghentikan dagangan tersebut, dan mula membayar kerugian sekitar RM500 juta setiap tahun. Pengurusan BNM bertambah mantap, diperkemas dengan laporan dasar yang lebih teratur kepada Menteri Kewangan.
Jumlah kerugian akhirnya dianggar sekitar 15 hingga 30 bilion ringgit tertakluk kepada cara BNM mengaudit dan mencatat potongan ‘contingency fund’, ‘reserve fund’, ‘insurance fund’; kos membendung inflasi dan mempertahan ringgit.
Comment: True, Jaafar and Ahmad Don were used to cover-up this financial scandal. Re-read past posting  here.
Do include currency swap cost and ascertain the accounting treatment of the “borrowing” foreign exchamge transaction.
Do verify actual foreign exchange reserves of the time and bring in Ahmad Don as we were reliably informed that it was wiped out!
George Soros got wind of it and exploited to the hilt. BNM was incapable of defending the ringgit in the infamous attack in 1997.
5. Setelah saya dipenjarakan pada September 1998, Tan Sri Nor Mohamed Yakcop telah dilantik sebagai penasihat ekonomi kepada Perdana Menteri. Dan lebih serius lagi apabila beliau dilantik Menteri Kewangan Kedua pada 2008; walaupun ketika diberhentikan pada tahun 1998, Kementerian Kewangan telah mengemukakan syarat bahawa beliau tidak boleh lagi terlibat dalam mana-mana institusi kewangan negara.
Comment: Nick Leeson lost his job and was imprisoned. Our own Nick Leeson rose and still around in government and corporate. He was awarded Tan Sri ship.
Words on the “street” is he is still on.the prowl for questionable deals and mentioned by not to disclosed sources that he id the biggest money launderor in town with operations out Dubai.
6. Dalam pertemuan dengan Pasukan Petugas Khas Forex ini, berulangkali saya tegaskan keperluan dibekalkan dengan laporan dan dokumen untuk memastikan perjalanan lebih telus dan teratur. Perkara ini belum dilaksanakan. Saya juga perhatikan masalah wujud manakala keputusan Pengerusi membenarkan peguam saya, R Sivarasa, hadir untuk saya rujuk, tetapi keputusan ini diketepikan oleh seorang pegawai di Kementerian Kewangan.
Comment: Yes, the report and documents need be made known for public viewing.
However, the Special Taskforce may recommend to government whether to proceed for further investigation. If there is ground for prosecution, it will only be made known in court.
Why should Sivarasa be around?
This is not a criminal investigation. More so, it is dangerous to teach Pattaya Pete boss new tricks
Anwar Ibrahim
26 April 2017
Mahathir behind?
Was Tun Dr Mahathir behind yet another financial scandal and mother of all losses?
Is this another of his signature scandal cover-up?
Mahathir has expressed willingness to be called in. His motive is clearly for politics to potray he is unafraid.
Unfortunately, his mental seemed to fail him in courts and RCI enquiries. He maybe unfit to do so.
The Special Taskforce need to create a red-colured polical rally with a podium to enable him to be in his elements.
He need to be able to recall his past misdeeds despite the likelihood he will go “deny everything Baldrick” and play the no proof line.
When his memory is working, enquire if he had amended laws to decriminilise the offenses done by Nor Yakcop in retrospective.
Also enquire of a proprietary program trading introduced by a late former Deputy Minister that came from a banking family.
The tip came from former bankers close to a former BNM Governor family.
Just asking in the same manner he ask questions as his way of making various allegations against Dato’ Najib on 1MDB.
If he does not answer, will it mean he is guilty too?
Though useful as a tool to guide traders’ decisions, program trading triggerred stop losses in the Futures and Options market that led to the accelerated market freefall in the Black Monday crash on Wall Street in 1987.
It is unsuitable for size operations in which every trade will move market.
It makes it difficult to get out of position taken, especially large losing ones like a USD200 million Swiss Franc trade BNM reportedly did.
It need traders able to move steps ahead of the market. The one person capable of doing so on the ringgit market is a member of the Special Task Force.
Get his expert opinion …

– http://anotherbrickinwall.blogspot.my

Part 1 - The Salafi Project In Malaysia, South East Asia

This is from Today Online in Singapore here.   This is a speech delivered by Singapore's Law and Home Affairs Minister K Shanmugam at Johns Hopkins University's  School of Advanced Intn'l Studies.  

I hope our local "security experts", Cabinet Ministers, MPs, Civil Servants will read this carefully.  Singapore has top notch talent  that knows how to handle  these situations.

But let me first give you my own conclusion to this posting.  

I have been saying a thousand times that the jihadi extremists can be easily defeated through intellectual discussion and intelligent dialogue. 

Whenever you apply intellect, logic, demand proofs and sound explanations, then the jihadis lose the argument.  They just cannot show any evidence for what they say.

They know this better than everyone else.

This is why the jihadis will absolutely NOT AGREE  to allow free speech, free discussion and free criticism of their religions. 

That is also why in Malaysia they support  the 3,5,6 Laws (specific for Muslims) and now they are attempting the RUU355 amendment. 

The desired effect is the same : No Muslim should be allowed to freely discuss or criticise the religious authorities. 

If you say anything they do not agree with, they can charge you and fine you and/or lock you up in jail. Just for saying things they do not agree with.  

All this acts in favour of the jihadis and the extremists.  The Salafis and other extremists  are now poised to influence all levels of the government and society in Malaysia. The 3,5,6 or the RUU355 allows the jihadis to hijack the whole country. Better watch out. 

They need the 'dont you dare question me' factor. The people must be kept stupid. Look at the banner on the right hand side of this page.  Questioning shall not be allowed.  

The simplest and most powerful weapon to completely neutralise the jihadis and extremists is free and unfettered discussion and criticism of their religious beliefs  without any threat of prosecution by the State and/or persecution by the religious mobs.

This is exactly what Minister Shanmugam is hinting at, but he is not specifying (possibly because it is very sensitive) :


Law and Home Affairs Minister K Shanmugam  :  But if we do not deal with the underlying philosophy and the underlying causes, in the end, as long as you do not deal with that, as long as you do not deal with people’s views which lead them to be radicalised in the first place, all you will be doing is cutting out their heads and new heads will come up,” he said.


Fighting them through force, arresting them, sending them to jail etc will not work. It has to be an intellectual battle. There is no other way.

Ok folks, here is K Shanmugam Minister of Home Affairs,  Singapore :


History repeating itself in South-east Asia, and US must act now: Shanmugam

 

 
April 28, 2017

SINGAPORE - dealing with (IS) in South-east Asia is something US has to do now
said Law and Home Affairs Minister K Shanmugam

Speaking at a seminar in Washington DC
security challenge stemmed from fighters who went to Afghanistan
returned home with techniques, ideologies to fight against govt


SALAFIS TARGET SOUTH EAST ASIA

now exactly same scenario repeatS in South-east Asia with IS 
about 1,000 fighters from the region in Syria and Iraq

Today in Syria and Iraq  history repeating itself
People go there, learn, train latest techniques, go back to South-east Asia
  • an area of the world where things are happening 
  • people are not paying enough attention
  • By the time it demands attention, it will be too late
  • best to deal with the problem before it gets to that stage

(My comments : This is where we in Malaysia are also sleeping and snoring.)
  • IS openly targeted South-east Asia 
  • particularly Indonesia, Malaysia, southern Philippines 
  • prime locations to establish caliphates

HOW THE RADICALISATION CREEPS IN
 
  • availability of online material
  • money from Middle East to fund kindergartens, schools
  • preachers from school of thought contrary to moderates
  • have led to rising “political Islam”.

(My comments :  'school of thought contrary to moderates' means 'Salafi / Wahhabism'.  Nothing else.  Salafism / Wahhabism are now more dangerous threats to this region than communism.)

 
makes the ground more fertile for radicalisation, said Shanmugam
sizeable population in Indonesia, Malaysia already favours Syariah 
socio-economic, political environment shifts people become more extremist
or creates climate where people prepared to "take further action”

Indonesia :  no laws to detain individuals who are serious security threats
Worse is radicalisation takes place inside Indon prisons
some attacks planned by prison inmates


SALAFI PREACHERS LIKE ZAKIR NAIK, MUFTI MENKE SPREAD RADICAL MESSAGE

foreign preachers who are wanted or banned can travel freely  in SEA
He cited Zakir Naik, who urged Muslims not to vote for non-Muslims 
and Mufti Menk, who said Muslims should not wish Christians Merry X'mas


(My comments :  Both Zakir Naik and Mufti Menke are Salafists / Wahhabis. Both are banned from entering Singapore.   This is also why Singapore will continue to be peaceful and prosper. Zakir Naik has TWO arrest warrants against him in India. But both Zakir Naik and Mufti Menke are welcomed by the gomen in Malaysia - for political purposes.  Malaysia will pay the price.) 


TREATING THE SYMPTOMS BUT NOT THE CAUSE

All these boiling beneath the surface have significant consequences down the road
  • a lot of countries focus on downstream actions
  • taking out terrorist leaders
  • dismantle terror  organisations
  • deal with their finances

MUST DEAL WITH THE UNDERLYING  PHILOSOPHY 


But if we do not deal with the underlying philosophy and the underlying causes, in the end, as long as you do not deal with that, as long as you do not deal with people’s views which lead them to be radicalised in the first place, all you will be doing is cutting out their heads and new heads will come up,” he said.

 
need concerted intn'l strategy to deal with underlying causes and reasons 
why people get into these; how populations are becoming more radicalised

Islamophobia backlash
 
Shanmugam cautioned that Islamophobia is to be avoided
“ Islamophobia will make your populations anti-Muslim, anti-Islam
that just feeds the terrorists. It’s a big risk. We need to guard against Islamophobia
vast majority of Muslim populations in most places are moderate and peaceful

My comments : There is a simple and painless solution that the international community (especially the UN) can sponsor and move forward that can help ALL the Islamic countries. 

A few years ago, Pakistan sponsored / underwrote a sort of  UN Resolution that never took off. Meaning the Pakistanis were being hypocrites.

This was a "sort of"  resolution to ask all UN members (especially the Muslim countries) to abolish ALL Blasphemy Laws.  

This would most certainly include the 3,5,6 Laws in Malaysia as well as the proposed RUU355.

"Sort of resolution" because it did not become a resolution. It became something like a position-paper or something. No legal effect anywhere. 

Pakistan only pretended to sponsor such a resolution but they were not serious.

Because Pakistan itself is a country that not only has these Blasphemy Laws but actively uses their Blasphemy Laws to prosecute and persecute its people, especially the Ahmadias, the Christians, Hindus plus other Muslims too.  Pakistan is not ready to abolish their Blasphemy Laws.  

Neither are Saudi Arabia, Egypt and all the other Islamic countries.    I dont think our local politicians are also ready to abolish the 3,5,6 Laws.

Once the modern day Muslims are freed from these Blasphemy Laws  and they are allowed to discuss religion openly, freely, intelligently and intellectually - without any fear of prosecution or persecution - then on that day the jihadis and the religious extremists are finished.  

Only then will the Muslims be able to progress, prosper and live peacefully among the other people of the world.  

The numerous types of  Blasphemy Laws in ALL Islamic countries around the world  plays into the hands of the jihadis. These laws only work in favour of the jihadis and the extremists.  

The unsuspecting or  plainly  ignorant governments are just creating the repressive religious ecosystems  that  incubates and  nurtures jihadism and extremism.  Then when their societies collapse into ignorance and violence they will just stand and stare like fools.

They are no more Masters of their own Fate.
They become Masters of their own Doom.