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Tuesday, February 7, 2017

RCI only needed on BMF and Bank Negara Forex scandals


Salleh Said Keruak

Lim Kit Siang and Tun Dr Mahathir Mohamad are sour grapes and are not comparing apples-to-apples when they say a Royal Commission of Inquiry (RCI) is needed not just for the BMF and Bank Negara Forex scandals but also for 1MDB as well. 

Maybe Kit Siang and Mahathir overlooked the fact that 1MDB has already been investigated by the PAC, Special Task Force, Auditor-General, Attorney-General, PDRM, MACC, etc., plus reports regarding the matter prepared. Regarding the BMF and Bank Negara Forex scandals, however, no such thing was done and, in fact, at that time Parliament was misinformed about the matter and only today are we discovering the truth.

The government’s real exposure in 1MDB is only RM1 million, the initial paid up capital. Mahathir, however, is creating the impression that the government lost RM42 billion, which is not true and is a fabrication. In the case of the BMF and Bank Negara Forex scandals, though, the losses were real and substantial and involved massive capital injections and bail-outs to avoid bankruptcy. While the finances of 1MDB is an open book, until today we do not know the truth regarding the finances related to the BMF and Bank Negara Forex scandals. That is why the need for a RCI on these two matters.

The government has never needed to bail out 1MDB with any capital injection (other than the initial RM1 million capital injection) like in the case of the BMF and Bank Negara Forex scandals, which cost the country hundreds of billions. Even then we do not know how much the amount really was, unlike  in 1MDB’s case. And only a RCI can get to the truth regarding the BMF and Bank Negara Forex scandals.

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