Tampering with High politicisation
In his explanation to Parliament, Anwar said that his jurisdiction as the Finance Minister at the time had only allowed him to force Nor’s resignation from the Bank and order for his removal from any involvement in the country’s financial affairs, whether public or private.But he could not charge Nor without Mahathir’s green light.to have caused the central bank’s massive RM30-billion loss in the international foreign exchange speculation scandal some 20 years ago.
the central bank ventured into speculative forex market in a big way during Daim’s tenure as Finance Minister.The order to go and make money in the forex market was from Daim with Dr Mahathir’s blessing,that Jaffar was their “Yes Man” Governor at that time.
Nor Mohamed Yakcop the biggest culprit by going overboard in the speculative foreign currency venture.he speculated and gambled recklessly and irresponsibly with no regard to the safety of Bank Negara’s assets.that he wanted to beat George Soros, perhaps, to impress his bose Dr Mahathir Mohamed that he is the expert in forex dealings.then Bank Negara advisor in charge of Investment Department, would use his computer and other staff computers to speculate and gamble in foreign exchange market.But truth is it was Nor Yakcop did it all Bank Negara Forex Scandal – When Government Becomes Speculator. Nor was forced to resign from Bank Negara on July 10, 1994, which Rosli described as a grossly insufficient punishment for such a big a crime he committed against the nation.Anwar said the deal was that Nor shall never be involved with Bank Negara again.But, in 1997, Rosli said Nor was ‘rewarded’ when he returned to Bank Negara to handle the ringgit crisis.
Nor Mohamad has never pointed the finger at Mahathir or implicated the older man. However, the fact that Mahathir has consistently refused to punish Nor has stirred suspicion. He even promoted Nor to Special Economic Adviser and gave him a key role to play in Malaysia’s controversial implementation of currency control measures during the 1997-98 Asian financial crisis.
Mahathir protected and promoted Rogue Currency Trader Nor Mohamed Yakcop
the “forex scandal elite club masters including former Prime Minister Dr Mahathir Mohamed and ex-Finance Minister Daim Zainuddin
Deputy Home Minister Nur Jazlan Mohamed, your father-in-law (the late Jaffar Hussein) had to resign because he did not discharge his duties to protect the integrity of the central bank. In fact, the entire top echelon of Bank Negara was trying to hide these losses.
Nur Jazlan you are pawning your own credibility. if any , you had the cheek to say now that your late father-in-law had "resigned" for someone else's mistake.
Why don't you resign for MO1's alleged corruption? Is that not a misuse of rakyat's money? Not only this, the 1MDB fiasco had brought great "shame" to us and yet it had been swept under the carpet by you.
Did you resign from the Public Accounts Committee (PAC) allegedly to cover up for somebody else? Don't you see the irony of it before you open your mouth? the masters were Mahathir and Daim, while Jaffar and Nor was given the dirty job to gamble. He said this was the reason why Jaffar and Nor were left scot-free and rewarded later, and no independent investigation held on the scandal.
In an interview with New Straits Times and Utusan Malaysia, the 64-year-old shared the workings of the Bank Negara forex operations, claiming that there was no proper documentation of the huge transactions.
Only a top central banker and a junior staff had a record of all the deals, claimed Murad.
The losses, he added, valued at RM44 billion at the current exchange rate, were “real money that went down the drain”.
“It means that our (forex) reserves in US dollars, British pounds and Japanese yen all went down the drain.
“It disappeared just like that... This is accumulated losses over several years.”
Claiming that there was no control over the matter, Murad said nobody knew what was happening at the time.
“The most important thing is that there was no investigation at all. You lost US$10 billion, but there was no investigation.
“The police or the Anti-Corruption Agency (now the Malaysian Anti-Corruption Commission) did not come. No one came to investigate,” he said.
As a central bank, Bank Negara’s role was not to speculate in the forex market and was supposed to only intervene to smoothen the movement of the ringgit, added Murad.
“There are two things, one is speculation and another is reserve management. Reserve management is moving your assets. It’s a real thing and real assets... if you want to invest in Treasury bills, government bonds.”
“That’s the role of Bank Negara - the real assets. But what they did was (pure) speculation.”
'Bank gave conflicting data'
Bank Negara, he further claimed, had given conflicting and confusing data when put under scrutiny over its purported dubious activities.
“It’s a big loss, but there is no investigation. Bigger than other cases. Why was there a cover-up? The truth must prevail.
“It is not easy to conceal a dead elephant... the carcass is just too big for the hole. We are not talking about a chicken.”
Murad, therefore, wants the authorities to reopen the case.
“They should and I’m willing to cooperate. The records are more than 20 years old and might have been eaten by termites... The dealings were done here.”
The New Straits Times reported that Murad’s claims were expected to cause a political stir and renew calls for a thorough probe into the losses, which occurred during the tenure of Dr Mahathir Mohamad as prime minister.
Bank Negara, by 1994, had conceded that it had lost as much as RM15 billion. It had betted heavily against US billionaire and infamous currency trader George Soros on the pound sterling.
However, the central bank eventually lost the gamble and Soros emerged as the victor, earning him Mahathir’s ire.
also read this Power corrupts not whistleblowers curbed arbitrary,discretionary power
and this Nur Jazlan: Urgent need for M'sia to have Bribery , Corruption and Sex offenders - Registry