Malaysiakini Yoursay

‘Forex losses in 1990s a far cry from kleptocracy’

Published:  |  Modified:

YOURSAY | ‘It is a shame Nur Jazlan did not choose to follow his father-in-law's integrity.’

Nur Jazlan: Father-in-law quit for 'someone else's mistake'

Grey Matter: The truth is during that time Bank Negara's role was to stabilise the ringgit against too much fluctuation. The currencies traders in Bank Negara were speculating with the currencies thinking that they would make money for Bank Negara.

They took too much risks and Bank Negara suffered huge losses. The governor resigned because he did not control or rein in this unfettered speculation, and neither did he have any control over the central bank.

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.

Former assistant governor Abdul Murad Khalid should not ask why there were no investigations as the respective persons got sacked or resigned. I am just wondering why Murad himself did not resign?

To be fair, no individual made money in this misadventure and it was done in good faith for the nation.

Sarawakian: I am sure it was a mistake/wrong policy, and Dr Mahathir Mohamad did not personally benefit from that mistake like MO1 (Malaysian Official 1). Money did not appear in his personal accounts.

Central banks lost big fortunes defending their currencies during the 1998 financial crisis. You can call it speculation but I would call it a mistake, a far cry from kleptocracy.

Grey Matter, I fully agree with you. As long as it was done in good faith for the nation, mistakes should be forgiven even if it was under the directive of Dr M.

There was nothing to prove, and no allegations either that Dr M benefited personally from the transactions, unlike MO1.

If the gamble had been successful, the benefit would have gone to Bank Negara and the nation and not Dr M personally.

Commentable: It has been 22 years and that is a long time. To deal with that, the best way is to go by the facts.

Whether or not Bank Negara had incurred a US$10 billion in forex losses remains unsubstantiated, not by any thorough investigation. Only one man now claims it is true, that man being former Bank Negara assistant governor Murad.

This allegation remains hearsay with no evidence in support. The only other evidence corroborating this episode is the resignation of then Bank Negara governor Jaffar.

What we know for a fact is that he resigned and the reason for his resignation is that "he made a mistake", without much elaboration as to what mistake he made.

But what is certain is he didn't say he resigned because it is "to cover someone else's mistake". That is again hearsay, coming from the mouth of Nur Jazlan without any other facts corroborating that statement.

Sorry, Nur Jazlan, but you need to do far better than that. You are pawning your own credibility.

Léon Moch: Why did Nur Jazlan continue to serve the government that did all these things to his father-in-law?

Why did he not fight to clear his father-in-law's name then? Why did he serve those whom he now says wronged his father-in-law? What does this say about him?

Anonymous 539281478077880: Nur Jazlan, you had the cheek to say now that your late father-in-law had "resigned" for someone else's mistake. Good.

Now 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.

The act of denial had brought "great uneasiness" among many as the attorney-general (AG) had "denied the wrongdoings of the PM".

Nur Jazlan, you must remember that the "past mistakes of someone" during the Bumiputra Malaysia Finance (BMF) scandal did not arise to accuse any one particular person. Whereas in the 1MDB fiasco, the one person implicated is well-known in our country and also throughout the world.

Till today no solution had been found for the 1MDB scandal. But the BMF scandal had been put to rest. Forget about the past and think of the future, Nur Jazlan.

Fair Play: There is a world of difference between resigning for someone's mistake and forced to resign or take early retirement for someone's fault.

Nur Jazlan, your father-in-law was the head of Bank Negara Malaysia. You know the meaning of this - the buck stops right there, at the Bank Negara governor's chair.

By all accounts, you are an accountant. That is corporate accountability for you.

Wake Up: Since the Central Intelligence Agency (CIA) had suggested that the Malaysian government was aware of the dubious dealing, the whole former cabinet under the PM at that time should take the responsibility and not the PM alone.

If the then-PM was wrong, why didn't the cabinet highlight it and instead made someone a scapegoat? Why should this person take the responsibility if he is not wrong? It is a mystery.

Goldee: I wonder if the Umno past and present Malays know what shame is? What he is trying to explain is that Dr M made the same mistakes as the current PM so ‘it's okay, why complain’?

But then Dr M did not pocket the money in his personal account, unlike others. So there’s no comparison.

Sa Tombs: Jaffar was a gentleman who, unlike his son-in law, never seemingly abandoned his work just to become a deputy minister.

Like the old saying goes, "You can pick and choose your friends but you can’t pick and choose your relatives."

Drngsc: I do remember that the late Jaffar Hussein had some integrity and resigned to accept responsibility.

However, it is a shame that his son-in-law did not choose to follow Jaffar's strong character and integrity.

They are really trying very hard to dig up the Bank Negara issues of 30 years ago, just to try and cover the 1MDB issues that we all remember so well.

Nes: Yes, and 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 above is a selection of comments posted by Malaysiakini subscribers. Only paying subscribers can post comments. Over the past one year, Malaysiakinians have posted over 100,000 comments. Join the Malaysiakini community and help set the news agenda. Subscribe now.

These comments are compiled to reflect the views of Malaysiakini subscribers on matters of public interest. Malaysiakini does not intend to represent these views as fact.

Share this story


Welcome back,

Your subscription expires on

Your subscription will expire soon, kindly renew before

Your subscription is expired
  Click here to renew

You are not subscribed to any subscription package
  Click here to subscribe now

Any questions?
  Email: [email protected]
  Call: +603-777-00000