BNM RM32b forex scandal
Total loss to country: RM32b
- equivalent to 15.9% of Malaysia's economy size of RM201.7b in year 1992
- equivalent to 62.7% of Malaysia's total FOREX reserves of RM51b in year 1992
- total recovery = nothing, no asset to show for.
- total benefit to country = nothing
- action taken: RCI concluded that Mahathir and Anwar be probed for committing CBT, criminal neglect and concealing/misleading cabinet and parliament over the losses but in the end, no action was taken and nobody was ever held criminally responsible

CONSEQUENCE of BNM forex losses led to Malaysia lacking FOREX reserves to defend our Ringgit which then led to the financial crisis of 1997-1998.

1MDB scandal
Total loss to country: USD4.5 billion (RM13.5b in 2013 or RM21.2b in 2024)
- equivalent to 1.3% of Malaysia's economy size of RM1.05 trillion in year 2013
- equivalent to 3.1% of Malaysia's total FOREX reserves of RM441.7b in year 2013
- total recovery to date = RM29.03b as at Feb 2024, assets remaining RM40b TRX project, RM140b Bandar Malaysia project, RM500mil Pulau Indah land, RM2b Penang land.
- Najib hit with various criminal charges which is mostly AMLA. He is not charged with stealing 1MDB/SRC money for his personal use.

People forget that the actual amount of money misappropriate from 1MDB was US$4.5b (RM13.5b) - not RM32b which is actually the total 1MDB debt.

In fact, the total recovery to date via the various settlement agreements of RM29.03b has already exceeded the US$4.5b (RM13.5b or RM21.2b) that was misappropriated from 1MDB. Additionally, various settlement agreements are still being worked on which would lead to even more recovery.

1MDB's debts have mostly been settled already. There is more than enough balance in 1MDB's trust account to pay for the remaining principle and interest payments of 1MDB's final debt of RM5b bonds that will mature only in year 2039.

1MDB also had to spend billions out of these RM32b debts to:
- buy the land, relocate and compensate existing tenants, pay for land conversion costs, build the infrastructure (including RM3b for the 5km underground tunnels) and construct the RM40b TRX project
- buy the land, build and upgrade 8 military bases in Malaysia and promote the Bandar Malaysia project
- buy the Pulau Indah land
- buy the Penang land
- buy the various Independent Power Plants (IPP) to help eliminate the lop-sided IPP deals that were costing Malaysia RM15b to RM20b loss per year
- pay for the interest on the total debt
- pay for management and operations cost of 1MDB
- pay for various CSR activities including sponsoring tens of thousands of people to go for Haj

It is clear after taking into account the above, Malaysia actually stands to profit from 1MDB - not loss.

The second biggest scandal that hurt Malaysia the most is the Maminco scandal during Mahathri time that eventually led to the total collapse of Malaysia's tin industry which was our largest export then.

PKFZ now very profitable. 100% occupancy rate now. Can easily pay back the loan already.

In fact, they building PKFZ 2 nearby because demand too high.

He adds that the transformation of Port Klang to a port city that comprises other commercial elements will be the booster for PKFZ to move into the next development stage, for instance, the expansion of PKFZ 2, 3 or even PKFZ 4.
https://www.edgeprop.my/content/1749989/pkf...s-be-discovered

Royal commission recommends criminal probe against Anwar, Mahathir for forex losses
https://www.straitstimes.com/asia/se-asia/r...or-forex-losses

Which part you don't agree with and want me to prove? Just state it.

The often quoted RM12.5b PKFZ "loss" is actually a scenario where PKFZ may incur additional RM5b interest if it is not able to generate any revenue to pay back their loan and interest of RM7.453 billion.
https://theedgemalaysia.com/article/pkfz-ho...st-comes-rm125b

This scenario hasn't happened. In fact the reverse is true.

PKFZ is now 100% occupied and generating revenues and surplus of hundreds of millions per year - just by leasing out their land and warehouses to customers.

---
This was in year 2019. PKFZ revenues have grown since then.

He (Anthony Loke) told a press conference that PKFZ was paying the PKA RM55 million every three months and was significantly rehabilitated from the days of its scandal.

“We know that PKFZ was developed through a loan and it has been restructured. PKA took a RM3.8 billion loan from the Finance Ministry and they must pay back the loan. Since PKFZ assets falls under PKA, PKA must pay back to the Finance Ministry in instalments.

“This is why it is critical for us to ensure that PKFZ can increase its revenue through the facilities and infrastructure that we build here to gain more income,” Loke said after launching PKFZ’s Transformation Master Plan (TMP).

Later, PKA general manager Captain K. Subramaniam told reporters that it has never defaulted on payments and last year collected RM220 million from the zone.
https://malaysia.news.yahoo.com/minister-pk...-063416899.html

Oh... really?

This is not what Nga and Anwar said.

Anwar said after a decade of development, TRX symbolises Malaysia's aspirations to create a leading global financial district, supporting its ambition to compete on the world stage.

Anwar added the Tun Razak Exchange is a step forward in the long and proud narrative of Malaysia, reflecting the country's rich history as a trading nation.

"Already, TRX is home to major financial players. "Today's launch of TRX also represents a milestone forward in the government's mission to renew the country's economic and financial architecture through the Madani Economy," he noted.

"With over 30,000 employees, including 20,000 knowledge workers, TRX has become a bustling business hub expected to drive economic growth and innovation while creating job opportunities."
https://www.nst.com.my/business/economy/202...nces-incentives

So you are saying that TRX doesn't benefit the country or that 1MDB doesn't profit from the TRX project?

RM32b is TOTAL debt as at year 2018 then.

Not entire RM32b is lost.

But what is generally accepted is that the total missing money is US$4.5b - not RM32b.

"Malaysia will seek to recoup US$4.5 billion of funds that were potentially lost through 1MDB"
https://www.businesstimes.com.sg/internatio...ds-goldman-fees

Last time, MAS was owned by BNM.

As part of the move to make BNM solvent again, Mahathir and Daim asked Tajudin Ramli to buy the controlling stake in Malaysian airlines from BNM at RM8 per share compared to market value of RM3 then in year 1994.

After running MAS into the ground, Tajudin Ramli then sold back the shares at RM8 to Khazanah when market value was RM3.

Detox??? That's Guan Eng and PH narrative.

In fact, most of the major tenants and investors in TRX you see today:
- Lend Lease
- TH
- WCT
- HSBC
- CCCC
- Affin Bank
- Prudential

were all signed before GE14 when TRX was apparently "toxic"


And you logic that 1MDB is pokai and PH forced to bail out TRX is damn flawed.

You think PH use their own money to bail out TRX is it?

If TRX was really pokai and if PH didn't take over the govt, you think the BN Govt also cannot similary lend money to TRX to develop?

Akal.... mana akal? Where your brain?

This post has been edited by Roblox Malaya: Jun 13 2024, 05:18 PM

How has this "reputational damage" lead to actual losses for country?

Share market? FDI? currency? etc?

He convicted because judge said it was not his right to give RM42m to charity out of RM123m that was already approved for and paid to do charity.

And you are right....

Malaysia's biggest financial scandal and biggest loss which caused the biggest damage to Malaysia has gone unpunished. No one ever made responsible or was punished.

Because PH Govt then NFA the case despite RCI already done.

- Important to note that this is a civil case and not a criminal case.
- It is 1MDB suing DSRM - not govt charging for criminal offences
- Important to note that DSRM had already been cleared in several cases in the past few years when the govt had tried to forfeit such jewelries where the judge had said that there is no evidence that those items seized were related to 1MDB or to criminal wrong-doing. Such items have already been returned to DSRM
- Such civil suits make for sensational media headlines but we will prove in the courts that the claims made by 1MDB that the summonses from 1MDB are false.

So the question you should ask is why govt not charging Rosmah for criminal offence but 1MDB just suing Rosmah in civil case?

Even if 1MDB wins, the most they can do is to bankrupt Rosmah. she no need go jail.

Still got people like this thinking that 1MDB caused Ringgit to fall to RM4.48?

Our Ringgit fell badly in 2015 and 2016 because of two things.

The roll-back of the USA quantitative easing as well as the SLUMP in oil prices.

If Ringgit falling was due to 1MDB then it wouldn't have recovered strongly starting from 2017 to end at RM3.86 just before GE14 lah

Actually, Anwar and Mahathir did benefit by hiding the losses and misleading the cabinet and parliament so they are not punished politically for the scandal.

But it is without doubt that their actions have caused the biggest losses and damage to the country.

And we recovered NOTHING from the loss and have nothing to show for it.

In terms of scale, it was 15.9% of our GDP then.

In today's terms, 15.9% would be a loss of RM286 billion out of our total GDP of RM1.8 trillion now.

This post has been edited by Roblox Malaya: Jun 13 2024, 05:48 PM

Second half of 2015.

So you are saying that oil prices didn't start to plummet in 2014?

so, which part that I write is wrong?