24 January 2018
Press statement by MCA Religious Harmony Bureau Secretary Chris Daniel Wong
What other concealed Bank Negara losses is the ex-Deputy Governor aware of ?
Prime Minister Dato’ Sri Najib bin Tun Abdul Razak has just presented a strong case to investors regarding the economic transformation of our country, for example, Gross National Income (GNI) has increased over 50% to RM1.3 trillion today, while the mean monthly household income grew from RNM4,025 in 2009 to RM6,958. For B40 households, monthly income has risen from 10.2pc per annum from RM1,440 in 2009 to RM2,848.
Yet, it is regrettable that former Bank Negara Malaysia Deputy Governor Tan Sri Lin See Yan had in January this year, bemoaned of an alleged weak currency, youth unemployment, claiming the economic growth was sugar coated (Berita Daily, 12 Jan 2018). This contradicts the World Bank seeing Malaysia's economy growing 5.2% in 2018 (The Star, 14 Dec 2017), while the International Monetary Fund expanding 5% to 5.5% in 2018 (The Star, 12 Dec 2017).
Lin should clarify transparently where he obtained his data from. During the RCI on the Bank Negara forex losses in the 1990s, the ex-Deputy Governor Tan Sri Lin admitted to that Bank Negara was in fact, covering up the massive losses made by speculative foreign exchange (forex) trading in the 1990s. In his testimony during the fourth proceedings of the RCI, Lin said the Finance Ministry (MoF) was only alerted when the losses became too big for BNM to contain on its own (New Straits Times, 30 Aug 2017).
It was further reported that Lin explained that a decision was made to contain the problem within BNM with the intention of resolving it; but it had unfortunately become too big. “As the central bank, we can't just go on declaring losses,” Lin is reported as saying.
As Lin has now finally admitted this information (massive forex losses suffered by Bank Negara) was withheld from the public, the public deserves a right to know - why then were the forex losses concealed? Who gave the orders? From someone “dari atas?”
Anyone with a clear conscience should come out and disclose more about the hidden machinations to mask all truths about BNM forex losses in the 1990s.
Why were the forex losses “sugar coated” until it was too late?
Chris Daniel Wong
MCA Religious Harmony Secretary
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