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Weak ringgit due to massive illicit outflows
Published:  Jan 24, 2011 1:02 AM
Updated: 12:05 PM

vox populi small thumbnail 'In the US or UK, the minister in charge of the Federal Reserve or the Bank of England will be hauled before a congressional or select committee to be grilled.'

Anwar: Impossible to hide RM208b in illicit outflows

Wira: The criminals have no use for ringgit overseas so they will have to convert it to foreign currencies before or after the money leave this land. This also means RM208 billion in foreign currencies which should be there to build up our reserves for the payment of imports had been transferred out illicitly in just one year - that is in 2008.

It's no wonder why the ringgit remains low all these years. The ringgit had been sucked dry by such illicit outflows.

HJ Angus: In the US or UK, the minister in charge of the Federal Reserve or the Bank of England will be hauled before a congressional or select committee to be grilled.

Over here no BN MP has given any idea or opinion about how such a large amount of monies has been sent out. Clearly the authorities have not been doing a good job and it seems to be a case of complicity at the highest levels.

The people who should be held responsible would be BNM (Bank Negara Malaysia), banks, financial authorities like the Finance Ministry and International Trade Ministry and Jabatan Hasil (Income Tax Department) who have enabled such transactions to occur without controls.

WanFair: There is little wonder that the strength of the ringgit is weak comparatively. The Singapore dollar has gone stronger each year, which is why a small country, which has no natural resources, can do much better than Malaysia.

Najib Razak as finance minister is duty bound to explain this issue to all Malaysians.

Gerard Samuel Vijayan: In 1997, ‘legal' funds left the country due to the Asian financial crisis which in Malaysia was caused by excessive spending and huge deficits thanks to Dr Mahathir Mohamad's economic policies of wastage, excess and extravagance.

As finance minister, Anwar Ibrahim had to tow the line and eventually got booted out when he started to disagree with Mahathir. Now there is no crisis. But the huge outflow is of ‘illegal' funds. These are funds that originate from corruption, illegal money laundering and tax fraud. Can the government explain?

Yes, China may have seen US$1.4 trillion leaving but what is the size of their economy as opposed to Malaysia's puny US$320 billion GNP. The problem with Umno/BN is that they can never get the economy right because it is all about enriching their families and cronies while the country is being sucked dry.

It always spend and spend more with poor returns and no value added to the economy. The total lack of transparency and competitiveness has made us the sick man of Southeast Asia.

Ghkok: This is a result of 53 years of one-party rule. Such massive indiscretions demonstrates a total disregard for the consequence on the country's economy and currency. They just do what they like.

Dr M echoes BN S'gor's stand on sultan's powers

Habib RAK: I am glad that Prof Abdul Aziz Bari has set the record straight. I am really disgusted with Mahathir's denials. Once again, Mahathir has proven to be a liar and deceitful person.

If he continues to behave in this manner, any remaining respect we have for the some good that he has done will be ignored completely. Further, he is making a mockery of championing the causes of Palestinians when he himself is doing the same as the Israel government.

Ira: Oh my God, this senile ex-PM is dangerously forgetful. What does he really mean when he says, "The constitution says that prime minister, chief minister and menteri besar advises the ruler. Whether or not the ruler heeds the advice is up to him"?

Doesn't he know that article 40A of our federal constitution has this to say? "(1) In the exercise of his functions under this Constitution or federal law the Yang di-Pertuan Agong shall act in accordance with the advice of the Cabinet or of a Minister acting under the general authority of the Cabinet, except as otherwise provided by this Constitution; but shall be entitled, at his request, to any information concerning the government of the Federation which is available to the Cabinet."

The ruler cannot act on his own. He shall act in accordance with the advice of the cabinet.

Albert_37fb: Mahathir likes to criticise others, especially Singapore. Is it because of his bloated ego that he cannot stand the successes of Singapore?

He has conveniently forgotten that as the PM for 22 years, he has systematically discriminated and marginalised the non-Muslim minorities as well as sidelined the poor Malays. What about his rampant abuse of ISA and the Operasi Lalang?

His premiership has left untold miseries and sorrow to majority of the rakyat and the country. Rampant corruption is the order of the day. The judiciary, MACC, police, AG's Chambers do not often exercise independence and professionalism.

Large number of Malays and non-Malays have remained poor whilst his cronies and families (e.g. his billionaire son) are obscenely rich. There is increasing racial disharmony and hatred. Massive leakages amounting to billions of ringgit due to his gross abuse of power in direct negotiations, Port Klang, MAS, forex and tin trading.

Can Mahathir be remembered fondly by the rakyat? I doubt it.

Raja Chulan: What is the point of Mahathir talking about the rights of the Palestine people when he himself was a terrible dictator while in power for 22 years in Malaysia?

Ask Malaysians and they will tell you how manipulative, unjust, corrupt and brutal he was when in power. Doc, why go so far to the Middle East when you did such terrible things to your own people back home?

20 free houses for Tenang's Orang Asli

Faz: These simple Orang Asli communities had been given basic infrastructural needs. Good, but then all poor people in Malaysia deserves this too. Really, what they needed most are the 'rods' to fish, and not the fish.

Now, the goodies and the promise of more help, if the Orang Asli vote Umno-BN. Of course, they will vote Umno-BN with the JKOA (Jabatan Kemajuan Orang Asli) controlling them. It is sad to note the manipulation by the powers-that-be of the weakest in the society.

There is no excuse whatsoever for Rural and Regional Development Minister Shafie Apdal to conceal his threats within the offer of help. The phrases used were so blatantly self-serving, unfair and immoral, creating the view that only rakyat that support Umno-BN will get help and nobody else will.

Shafie, the taxpayers do not pay taxes according to their political beliefs.


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