Bank Negera Malaysia’s 1992 and 1993 RM 15 Billion Loss in Foreign Exchange- K L Lau

Published :      17 April, 1994.

Posted.       :     30  January, 2017.

 

The Bank Negara’s RM5.7 billion loss last year plus RM9.3 billion in 1992 amounting to RM15 billion loss in foreign exchange is of grave concern to the country and the people. Compared to the BMF scandal of RM2.5 billion loss 10 years ago, this amount is monumental – some 600% more.

The only difference is, in this case, there is no reported evidence of fraud or CBT but is due to “errors in judgement” as admitted by Bank Negara’s governor. Tan Sri Jaffar Hussein, who has taken full responsibility. He will resign from the governorship as of 1st May 1994.

The resignation is a courageous step taken by the governor but the “errors in judgment” is inexcusable because the loss is not RM1.5 billion but RM15 billion which is very huge by any standard. To allow the losses to snow ball into such a big number, he must have made many “errors in judgment” by allowing the trading in forex to persist so long before taking a position which losses can be cut within a few billion ringgit.

Last April 1993, when the RM12 billion loss (RM9.3 billion + RM2.7 billion of contingency liability) in foreign exchange was reported, Jaafar had said “make no mistake” and that it was only “a paper loss”. He gave detailed explanations that the forex losses were mainly attributed to :-

*A strong ringgit which brought about reserves losses due to strong economy.

*Such losses could get longer due to difference of exchange rates between the beginning and the end of the year,

*Tightening inflation which was costly by tightening the inflow of foreign exchange, especially the US dollars.

*The dilemma of reserves management when BN could not just sit still when the values of its reserves were exposed to risks of external currency fluctuations while trying to attain higher yields.

Many critics, including the writer, had doubts that he had fully explained to the public. With recent revelation and admission of “errors in judgment” on the foreign exchange losses, his past explanations are now mainly invalid and have become incidental. He was either not telling the truth or ignorant of what had transpired in Bank Negara’s foreign exchange department or had been thoroughly ill advised.

Now, it is clear that Bank Negara’s RM15 billion loss has been due to heavy trading, beyond prudence, on the forex.

Following the release of 1993 Bank Negara’s accounts last week, the governor and the government continue to emphasize that the balance remains strong with the total assets increased by 68% to exceed for the first time, RM100 billion at the end of 1993 (see BNM’s Balance Sheet for 1991, 92, 93 appends) and the international reserves rose sharply by RM29.3 to RM76.4 billion or equivalent to eight times of the value of monthly imports.

Such statements are most reassuring and they provide confidence locally and internationally in the country’s monetary system. However, it should not be over-played, because the statements have appeared to be condoning Bank Negara’s “errors in judgment” on foreign exchange losses.

The RM5.7 billion loss has wiped out all the Bank Negara’s paid up capital, the general and other reserves which total only RM3.6 billion – far from sufficient to cover the loss.

With this, Bank Negara has become technically INSOLVENT. This does not appear so because the RM5.7 billion has been categorised under “differed expenditure” in the assets column. This figure artificially helps to add up to the total asset values of over RM100 billion for the first time. This can be unreal. But Bank Negara is owned by the government and unless the government is insolvent, Bank Negara cannot be insolvent as it is aptly claimed by the deputy governor.

The sharp increase of RM29.3 billion of the total reserves to RM76.4 billion is a result of mopping up funds during the year of 1993 by Bank Negara through various available instruments f IProm the highly liquid banking system and money market. For the year 1992 and 1993, a total of RM46 billion had been mopped up by Bank Negara to back up its total reserves of gold, foreign exchange and international monetary fund.

Many have claimed that with the backing of RM76.4 billion in gold and forex reserves, Bank Negara is still in a strong position to withstand the loss of RM15 billion. But is this worth the risks?

The losses are very costly, it will take many years to recover fully. It is a lesson to be learnt – several times more costly over the losses of the BMF loan scandal, the Maminco fiasco and the Co-Op debacles put together in the past 10 years. When will we ever learn again?…..and again ?…..and again ?

Besides, this backing of reserves comes from the R hiakyat and foreigner’s deposits placed in our local banks and financial institutions which Bank Negara is holding in trust for them. This is a vote of confidence for the government and the country’s economy. Being so, Bank Negara should protect the depositors’ trust and interest, responsibly. It should also ensure the hard-earn confidence of the local and foreign depositors are not eroded.

The role of Bank Negara is to regulate prudently in protecting the country’s reserves and monetary system in order to help maintain confidence and stable economic growth.

The RM15 billion loss has given every reason for the people to think that Bank Negara’s role encourages speculations rather than regulations. Its integrity as the country’s monetary regulator and its custodian role as trustee of billions of ringgit in deposits are at stake.

Bank Negara and the government have taken full responsibility. They must ensure that such costly incident must not recur again. They should act swiftly to investigate and to review the management of the foreign exchange trading policy to avoid further losses.

 

K L Lau

Kuala Lumpur ,12 April 1994.

Foot note :

1.To give the readers an idea of the enormous loss, RM15 billion is equivalent to striking a 1st prize lottery of RM2 million every day for a period of 20 years.

2.This article was translated into Chinese and published in‘The China Press’’on 17 April, 1994.

 

 

……………………………………………………………………………………………………………..

BANK NEGARA MALAYSIA

 

BALANCE SHEET AS AT DECEMBER 31st

 

(RM MILLION)

1991                      1992                       1993

ASSETS

Gold & Foreign Exchange                29,197                  46,074                   75,310

International Monetary Fund Reserve Position            700                         848                        838

Holdings of Special Drawing Rights                                   570                         295                        326

Malaysia Government Papers                                             1,611                         561                        454

Bills Discounted                                                                      5,195                     3,860                     3,524

Deposits with Financial Institutions                               2,387                      1,944                     1,749

Loans and Advances                                                              1,898                      2,369                     2,637

Deferred Expenditure                                                            –                              –                            5,707

Other Assets                                                                             3,001                      3,641                     9,754

——-                 ——-               ——

Total                                                                                          44,559                    59,592                 100,299

======                  ======               ======

LIABILITIES

Authorised Capital                             RM200,000,000

Paid Up Capital                                                                           100                         100                       100

General Reserve Fund                                                           3,458                      3,556                    3,556

Others Reserves                                                                    10,053                         752                         41

Currency in Circulation                                                     12,070                     13,174                 14,649

Deposits From:

Commercial Banks, Finance Companies

and Merchant Banks                                                      10,447                     27,559                 56,761

Other Financial Institutions                                                  21                             29                  –

Federal Government                                                           5,596                       5,596                   2,911

State Governments                                                                 393                          566                 –

Others                                                                                           79                      6,780                13,534

Bank Negara Malaysia Bonds/Bills                                 –                              –                          7,161

Allocation of Special Drawing Rights                                542                          491                     510

Other Liabilities                                                                   1,800                          906                  1,076

——–            ———      ———

44,559                     59,592              100,299

========                 ========         ========

 

(Source: Bank Negara Annual Report 1992 and 1993)

 

 

 

 

 

 

 

 

BMF Loan Scandal – when will we ever learn ?-K L Lau

Published.     6th Oct. 1984

 

I read with great concern the ominous M$2.4 billion that Petronas had paid out to rescue Bank Bumuputra Malaysia Bhd (BBMB) from insolvency. This has eaten ‘away a sizable portion of its surplus’ and yet Tan Sri Raja Mohar (NST 21st Sept, 84) still dismissed this will not affect Petronas both immediate and long-term financial positions.

I agree that immediate effect is minimal, but on the longer term I am very much skeptical. Notwithstanding that it is debatable can Petronas go into banking under Malaysia Legislation, I am convinced that this country has NOT learnt its lesson, despite the PM, the Finance Minister, Heads of Government Departments, Newspapers’ Editorials down to Man-in-Street have said so.

Tan Sri Mohar is so confident of Petronas future financial stability but I wish to ask whether he was as confident when in 1982 the Hong Kong property market collapsed and brought BMF down to its knees. Do we know that one of the greatest mistakes most people make in recent past of economic and financial policies has been an excessive, unshakable, myopic belief in the ability to forecast ?

A few years ago the price of crude oil peaked around US$41 per barrel. About twelve years ago it was as low as about US3/- per barrel. Now it is around US$27. What if the price nose dives to say US$15 by 1987 ? With so many new oil and gas fields developed, sluggish world economic growth, possible continued recession, massive world energy conservations and several major oil producing countries like Iran, Iraq and Mexico so eager to pump more oil for foreign exchange to rebuild their wartorn cities and infrastructures and to repay their debts, it is not unforeseable that US$15/barrel or even lower can be breached especially when Iran-Iraq war ends sooner than expected. Hi

We have to expect the worst and know that we can overcome it before we know what stability means. With the worst at US$15/barrel or even lower can we make or break ? We must not forget our cost for off-shore productions are usually much higer than on-shore.

Preliminary investigations have found that the M$2.25 billion bad loan from BMF in Hong Kong resulted from ‘good money chasing after bad money’ and lending practices which Tan Sri Aziz, Governor of Bank Negara, described as ‘far exceeded banking prudence’.

Is the Petronas’ M$2.4 billion good money chasing after bad money in BBMB ?

Has Petronas exceeded investment prudence by putting this sizable surplus into one basket ?

Can Petronas expect at least 10% annual return of its capital investment over the next 10 years from BBMB after it had lost M$969 million in 1983 ?

Can Petronas contain or survive any future unexpected adversed economic storm with the balance unpublished portion of its surplus ?

In July 1983, Permodalan Nasional Berhad (PNB) had injected M$600 million into BBMB thus increasing 126% of its capital at that time. PNB should continue to carry the sick baby and nurse it back to health. Instead, it found an easy way out by passing the ailing buck to another government agency, Petronas. This is contrary to the government call to Malaysians,especially the Bumiputras, to stand on their own feet.

Such arrangement will encourage even more over-dependency especially among individuals and among government agencies, like taking out money from one pocket and putting it into another which may be leaking.

It will hardly discourage the repetitions of the many smaller ‘George Tans’ whom a former banker’s concerns over the existence. Can we really learn our lesson ?

To be able to learn a lesson is not by merely saying it. We must go to the roots of the causes and take whatever actions necessary to discourage the recurrences of past mistakes.

The US House Government Operations Committee (B.T. Oct 3, 84) said in its report on bank failures were mainly caused by FRAUD and CRIMINAL activities.

It found that ‘banks did not just fail – they were ROBBED from the INSIDE’.

It recommended strong and decisive legal actions should be taken swiftly against those officials guilty of misconduct in performing their banking duties.

In Oct 1983, the Prime Minister, Dr. Mahatir had said that BBMB groups lending practices in Hong Kong were a ‘Heinous Crime’. On 25th Sept. 1984, the Auditor-General, Tan Sri Ahmad Noordin Zakaria had said that it ‘ was still not too late to set up a Royal Commission of Inquiry ‘.

May I add that it is not too late to learn a lesson.

Why are we still waiting !

When will we ever learn ?

K.L. Lau

6th Oct. 1984

 

1984 BMF Revisited-Seeking the Truth -K L Lau

Published :  19 November 2012

TDM in  ”“9/11 Revisited — Seeking the Truth” organised by the Perdana Global Peace Foundation (PGPF) at the Putra World Trade Centre here, is Appropriately Inspire the Timely Opportunity for the Rakyat, including the writer to :

” Seeking the Truth,1984 Revisited— RM 2.5  Billion BMF  Loan Scandal” and other Other Scandals.

In October,1984, I wrote an article under the heading,

”BMF LOAN SCANDAL-When Will We Ever Learn ?’

It was published in an edited version, in ‘The Star ”on 15th Oct 1984, under the heading,’BMF: Have we really learnt our lesson?”

At the same time,a copy of an unedited version was also extended to most of the Ministers in the Cabinet that included Dsai, then Mentri Pertanian and Tun Daim,then Mentri Kawangan and the Governor of Bank Negara at the material time.

In the concluding paragraphs of the unedited version,I wrote :

” Such arrangement will encourage even more over-dependency especially among individual and among government agencies,like taking out money from one pocket and putting it into another which may be leaking. It will hardly discourage the repetitions of many ‘George Tans’ whom a former banker’s concerns over the existence.

Can we really learn our lesson ?

To be able to learn a lesson is not by merely saying it. We must go to the roots of the causes and take whatever actions necessary to discourage the recurrences of past mistakes.

The US House government operations Committee (B.T. Oct  23 84)said in its report on bank failures were mainly caused by FRAUD and CRIMINAL activities. It found that ‘ banks did NOT just fail -they were ROBBED from the INSIDE’. It recommended strong and decisive actions should be taken swiftly against those officials guilty of misconduct in performing their banking duties.”

In Oct,1983, the Prime Minister ,Dr. Mahathir had said that BBMB groups lending practices in Hong Kong were a ‘Heinous Crime’.

On 25th Sept. 1984, the Audit-General,Tan Sri Ahmad Noordin Zakaria had said that it ..’it was not too late to set up a Royal Commission of Inquiry’.

May I add that it is not too late to learn a lesson . Why are we still waiting !

When will we ever learn ? ”

Subsequent to the losses of RM2.5 billion BMF Scandal(in 1983) and a precious life, many similar financial scandals easily in excess of RM300 billion in total, including “Perwaja Steel.. London Tin Speculation.. Bakun Dam..PFTZ… Bank Negara’s RM15 billion losses in forex….” just to name a few, continue to “flourish” at the expense and suffering of the Rakyat and the country.

The PM at the time, (Tun) Dr Mahathir had described in Oct 1983, that BBMB groups lending practices in Hong Kong were a “Heinous Crime”.

On 25th Sept 1984, the Auditor-General, Tan Sri Ahmad Nordin Zakaria had said that it ”…was still not too late to set up a Royal Commission of Inquiry”.

Following the AG’s statement, Dsai was also calling(NST 13th Oct. 84)for a ‘Royal Commission of Inquiry’ and I expressed my thoughts to him in a letter that he ”..was most courageous and sensible to  the need and feeling of the people who wish to know the whole truth.

We cannot undo what had been done but at least the public and the civil servants must be made aware the serious long term consequence it will bear on our country and ensure the repetitions of such ugly nature must not recur”.

Surprisingly, none of the Ministers responded or took positive remedial actions to prevent similar Scandals recurring. They had only deceived the people with cheap talks. That is why Bank Negara can so easily lost Rm 15 billion(in 1992) at a blink of the eyes.

There was also a second Rm982.4mill  rescue of Bank Bumiputra in 1989 by Petronas when it suffered a record loss of Rm1.06 billion for the year ended March 31,1989.

The irresponsible and misconduct officials were never brought to books.

Until now,almost 30years later, my question “When will we ever learn ?”still remain UNANSWERED.

This is also the same question that the Rakyat are asking. They are demanding an answer and most probably through ‘Bersih’ if they continue to receive unsatisfactory and dubious response from the government of day who fail to DELIVER a clean,fair,honest and efficient system of Good Governance that will meet the needs and wants of the Rakyat.

The Rakyat will now demand to know the TRUTH behind the BMF Scandal and Each and Every Subsequent Scandals which have persistently caused so much untold distress,anguish and hardships to the nation and its Rakyat, largely as a result of those who misconduct themselves in performing their duties.

The sensible and patriotic Rakyat who have access to information of those who were involved should take the courageous responsibility and come forward to disclose the truth,so that the country’s entrenched culture of glorifying deceit and cover-up by those who abuse their position and power can altogether be eradicated.

Those who found guilty of committed such ”Heinous Crime ” should be brought to justice.

THEN ONLY, WE CAN LEARN the LESSON that such SCANDALS will  NEVER EVER RECUR AGAIN.

It will also be of public interest to know the responses of  those past Ministers and the present Ministers and officials who are fully aware of the BMF Scandals, that had led to such damaging and serious long term effects and consequences on the lives of every Rakyat and our country, will conscientiously conduct themselves in performing their duties.

BMF  Scandal  is  Hereditary . It has become the DNA of the Umno/Bn  Regime.

It is the Mother of the all the Subsequent Bigger Scandals.

Its Genes, UNFORTUNATELTY until Now, have Not  been Replaced.

Perhaps @ the Coming 13 Ge in which its Tainted Electoral Roll must be Cleaned  BERSIHLY

This article ” is about finding the truth regarding” the Malaysian Scandal-shaking events.

No Attempt should be Made by the Players of the Press, whether Electronic, TV, Cable, Main Stream,or Alternate Media, to Frustrate, Hide or Blackout the Truth those  Scandalous Sweepstakes , Hopefully. -K .L Lau

* KL Lau reads The Malaysian Insider.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider. 

– See more at   http://www.themalaysianinsider.com/sideviews/article/the-bmf-scandal-revisited-seeking-the-truth-kl-lau/

A win, win situation for all—K.L. Lau

 

Published :    6 th  March 2014  

 

In reference to the news report headlined, ‘Fulfil Malaysia Agreement or let Borneo states free, says Jeffrey Kitingan‘ appearing in TMI on March 06, 2014, I wish to share my thoughts on the subject with your readers.

If Singapore, a part of Malaya before 1963, was allowed to leave Malaysia in 1965, and thrives on its own, to become among world’s top developed countries with an income per capita of US$60,000.00, is it far-fetched to allow Sabah and Sarawak to do the same?

Does this not make good sense in political, social and economic terms, based on the Singapore model (competency, efficiency ,self-sufficiency)?

Will not the people of Peninsular Malaysia (less burdened) achieve more from that model like Singapore?

Is this not beneficial for all ?

But first, Sabah and Sarawak should give Malaysia another chance, perhaps for a period of 5-10 years.

The issues here are the non-compliance and non-performance according to the terms and conditions of the Malaysia Agreement. But Umno/BN is the Federal government in which a majority of the Sabah and Sarawak MPs are party to it.

If they had been neglected or treated unequally, they have to take full responsibility. They had decided for the past 50 years to team up with Umno in BN.

They should decide for the next 50 years, most pertinently now, for a probable change, at least for the next 5-10 years, of the Federal Government, preferably in partnership in a new coalition that can start on a clean slate, with fresh and spacious baggage that can accommodate and carry all the governance, competency and integrity that the people of Malaysia expect.

The rakyat of West Malaysia will also benefit in moving forward together, to catch up with the neighbour, of a developed nation status by 2020.

So, Sabah and Sarawak, especially their MPs, should reconsider their positions in BN, or Sabahans and Sarawakians are themselves to be blamed.

Taken the above into account, a swift resolution is a win, win situation for all. — March 6, 2014.

 

* K.L. Lau is a reader of The Malaysian Insider.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.

 

 

A Great Start On a Clean Slate for Malaysia – K L Lau

Published:  5 th January  2015

The recent initiatives taken by the ‘’25 Eminent Malays” to speak out to ask for a dialogue of truth with the PM, inspires.

Tan Sri Professor Dr. Kamal Salih’s call for Putrajaya to abandon the ‘’Bumiputera Agenda’’ and   “…..must go for the national agenda and create a national policy that is more inclusive …’’ reported by The Malaysian Insider, 2 January, 2015, enlightens.

More Malays, like Tan Sri Professor Dr. Kamal Salih, the ‘’25 Eminent Malays’’, including the MPs from within or outside the government, the indigenous and others from Sabah and Sarawak, should Speak Up**, replicate the message and keep up the momentum of Truth until the government of the present and future day, Response and Act Positively for achieving truly, in posterity, a 1 Rakyat Malaysia.

With more concerns of the prominent Malays standing up and be counted, to better inform the people, the momentum of the movement should gather on its own inertia and merits, and in building up the mass support of the Rakyat whose arguments are not with the government of Malaysia, but with the lack of leadership qualities that had misused and betrayed their trusts -the inability to deliver the needs* and wants to the people with positive results, adequately.

The Government of the 21,000 Days, (the ruling Umno Baru/Bn leaders) had largely hijacked and ”robbed ” much of the wealth expended that were largely intended for the poor Malays, abusing its power, misusing in the 17 million bumiputera names, (in creating NEP, the likes and other policies of divisiveness and hatreds) while pretending, together with MCA and BN cronies, to help them, and some non-Malay poor, all supposed to be done in the name of national unity and progress.

That have become illusionary, because it was implemented, largely out of hypocrisy in advancing personal greed and sustaining political power.

Scandals breed and feed on bigger scandals, time and again. Lessons hardly learned while the Rakyat suffer. The ruling leaders should stop blaming others for their own misconducts and mistakes.

The results are : despite squandering hundreds of billon ringgit (could be a trillion by now) and the irrecoverable time wasted, wealth DISPARITY within the Malays themselves and with the Non-Malay poor, remains dubiously problematic, and on many instances, widen. The Rakyat are angry.

Affirmative Policies Based on Race, especially on majority race community, proven world over never got the desired result, regardless. They seldom work and they are regressive.

Re-normalization would remove the infinite practice of hypocrisy and incompetency blatantly on display.

Malaysia needs to invest for the future with whatever human, financial and natural resources that are or can be made available now to give values to the deserving Rakyat for what Malaysia is worth for all.

In reality, the prerequisites are quality leaderships and efficient supporting systems that must prioritize governance-wisdom, empathy, knowledge, competency, SiTEM (=science, information technology, engineering, mathematics), communicating skills, political maturity and rationality based on the rule of law derived from our model-dependent Constitutional Democratic Parliamentary Monarchy System.

Such qualities are lacking in Putrajaya, and because of this, satisfying the needs of the people and closing up the old wounds seem tenuous. Facing up new challenges can be grossly inadequate.

It would require more than relying on the faith in the ordinary people whose wisdom are there, but suppressed, in Speaking up and Demanding Peacefully with One Malaysian Voice, on One Malaysia Term: 

Change Immediately. Reinvent to form a new government with quality-governance leaderships from either sides of the isle or resign or be kicked out from Putrajaya coming 14 GE where people could resort to petition for an early election anytime this year.

My take is the movement and the Rakyat mass should demand peacefully and rationally to pressure the leaders to act swiftly, productively and inclusively because:

Time, events, globalization, information technology and their advances have already over taken us and the whole nation.

They are not on our side.

Even with positive actions are taken immediately, Malaysia would still have a very hard time just catching up, not to mention getting on par to countries like Korea, Taiwan (China), Singapore, relatively, or to compete globally.

But at least, it can be a great start on clean slate that will dip the direction of the country from being ended up in the black hole.

*job opportunities food and shelter, security and stability, and encourage them to work hard for what they want and progress to attain a higher standard of living, comparatively.

 **The Rakyat Chinese and Indians have spoken in Rejecting the Policies of MCA and MIC, it is still not too late for the Malays and the indigenous people of Sabah and Sarawak, MPs  to do so and speak up for which many including the writer has persistently advocated for quite some time.

 

* KL Lau reads The Malaysian Insider.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.

http://www.themalaysianinsider.com/sideviews/article/a-great-start-on-a-clean-slate-for-malaysia-kl-lau

BMF, the mother of all scandals that follow – KL Lau

Published:   9 May 2015      7:38 am

 

BMF (Bumiputera Malaysia Finance Limited) fiasco in 1984 had made the people poorer by RM2.5 billion then, (by today’s value, estimated at RM22.5 billion). Despite being reminded repeatedly and protested by the public (including myself, emphatically) lessons were never learnt because the (real) culprits were never punished or had gotten away with merely a rap on the knuckles.

 

Adversely, it set the impetus for larger financial and corporate scandals, easily in excess of RM600 billion (by today’s value RM1 trillion) in total.

 

This includes Perwaja Steel, London tin speculation, cooperative scandals, Bakun Dam, PKFTZ, Bank Negara’s RM15 billion losses in Forex, …,…,…, which continue to “flourish” all at the expense and sufferings of the rakyat and the country. And recently there’s been the “Cow Lady” and 1MDB, just to name a few, and still counting…

In fact, in Seeking the truth, it was specifically pointed out: “The US House government operations Committee (Business Times, October 23, 1984) said in its report that bank failures were mainly caused by fraud and criminal activities.”

It found that “banks did not just fail- they were robbed from the inside “.  

It recommended that strong and decisive action should be taken swiftly against those officials guilty of misconduct in performing their banking duties.

In October 1983, Tun Dr Mahathir Mohamad, then PM, said: “BBMB group’s lending practices in Hong Kong were a “heinous crime”.

On September 25, 1984, the Auditor-General, Tan Sri Ahmad Noordin Zakaria said: “it was not too late to set up a Royal Commission of Inquiry”.

Nothing happened.

All of which has led me to conclude that while we cannot undo what had been done, at least the public and the civil servants must be made aware the serious long-term consequence it will bear on our country and ensure the repetitions of such an ugly nature must not recur.

But sadly, and most outrageously, it did recur, blatantly with more vigour and magnitude, unlimited, expanding from the time Tun Dr Mahathir Mohamad took over (as PM), during his 22-year-reign and continues until today under Prime Minister Datuk Seri Najib Razak, who has said he is responsible to the people.

Challenging Tunku Aziz in seeking MACC services would solve little for the alleged ‘’stealing’’ or plundering or otherwise, but seeking the advice and proven record of the US House government operations committee findings (that banks or institutions or delivery systems do not just fail, they are robbed or betrayed from the inside) would succeed-in preventing recurrence of scandals, or bringing them down to near zero levels.

The people (me included) always maintain that the lessons were never learnt, but why?

Who is to be held fully accountable or responsible, or partially or substantially, if not dominantly?

It matters most when all the people’s money and their trust, held in custody by their leaders, had been disappearing perpetually. Why?

The scandals do not happen in a vacuum of uncharted waters. It occurred repeatedly involving the members of the ruling parties, Umno Baru/BN, government agencies, corporates and those who had been closely connected to them. Why did the powers-that-be let it happen?

For more than 30 years, the people (and I) are still waiting for answers from those who are responsible for the countless scandals and happenings that have been replicated with greater frequency, intensity and magnitude, and which has been going on ominously unanswered till today.

Would Dr Mahathir care to enlighten?

Would Najib? – May 9, 2015.

 

* KL Lau reads The Malaysian Insider.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider. 

 

– See more at: http://www.themalaysianinsider.com/sideviews/article/bmf-the-mother-of-all-scandals-that-follow-kl-lau#sthash.w3nWLLoR.dpuf

Malaysia in crisis, retesting leadership quality and sincerity – KL Lau

Published:  28 July 2015     8:55 pm

 

Prime Minister Datuk Seri Najib Razak has removed Tan Sri Abdul Gani Patail as Attorney-General  and made a Cabinet reshuffle.

Decisively and swiftly, in appointing Datuk Seri Ahmad Zahid Hamidi as Deputy Prime Minister, Najib has reinforced the red line Tan Sri Muhyiddin Yassin had crossed.

Najib has shown he is the boss, at least until the 14th general election.

He had often articulated in delivering the practice of good governance but was unable to match it with his actions, so far.

Now, he no longer has the unspoken luxury of using the excuse that the dominating “Mahathirism” of MACCP (Money politics, abuse of power, corruptions, cronyism and puppetry) has been disenabling or disrupting his will, capability and the delivery system to perform effectively with governance, accountability, competency and transparency.

Regardless, during this transitional period of tumultuous events occurring, the critical questions are:

  1. Will and can he “Save Malaysia” from the reign and ruin of the rogue culture of “Mahathirism” at no cost to the people or worse, continue to expand it (Mahathirism) further and deeper into “Najibism” at all costs to the nation?
  1. Is this Cabinet reshuffle the beginning of cementing or showing the way for a full or partially non-partisan Cabinet that is inclusive of members across the aisle of Parliament?

In this crucial transitional period, Malaysia needs to have its compass realigned  for sustained growth, inclusively and productively, in terms of political, social and economic developments, successions, peace and stability, moving forward.

It would appear that this is the last opportunity for Najib to show leadership and sincerity that are truly inclusive or be excluded from the next general election. – July 28, 2015.

 

* KL Lau reads The Malaysian Insider.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.

– See more at: http://www.themalaysianinsider.com/sideviews/article/malaysia-in-crisis-retesting-leadership-quality-and-sincerity-kl-lau#sthash.eMe3rUyK.dpuf