Speech by Parliamentary Opposition Party Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at the DAP Bagan ‘Tanjong 3’ dinner held in Butterworth on Friday, April 8, 1994 at 8 P.M.
Anwar should explain how Bank Negara could lose RM5.7 billion last year if he had directed Bank Negara to stop trading in the forward foreign exchange market in 1992
Finance Minister, Datuk Seri Anwar Ibrahim, has said that he had directed Bank Negara to stop trading in the forward foreign exchange market in 1992 after learning about the colossal forex losses eighteen months ago.
The question Anwar should explain is how Bank Negara could lose RM5.7 billion last year if Bank Negara had, as he said, complied with his directive in 1992?
In the 1992 accounts, Bank Negara made a provision of RM2.7 billion loss as contingent liability for 1993, which should be the maximum loss which Bank Negara would suffer in 1993 following the closing of all transactions as directed by Anwar Ibrahim.
However, in 1993, the RM2.7 billion contingent liability for forward forex trading was not only lost completely, the total forex losses amounted to RM5.7 billion. Furthermore, the Bank Begara’s 1993 accounts had made another provision for RM1.4 billion loss in forward forex commitments for this year!
Anwar should realize that his failure to furnish all necessary details to explain how Bank Negara could incur such colossal forex losses in the past two years is most unsatisfactory, and the DAP will press in Parliament next week for full accountability and explanation for Bank Negara’s colossal forex losses.
All Malaysians need not pay income tax for five years if not for Bank Negara’s colossal forex losses in the past two years
The forex losses incurred by Bank Negara in the past two years are so huge that they are tantamount to about eight times the Bumiputra Malaysia Finance scandal!
In 1992, Bank Negara’s losses ranged from RM10.1 billion to RM14 billion. Last year, Bank Negara’s forex losses are at least RM7.1 billion (RM5.7 billion and RM1.4 billion).
The RM20 billion losses incurred by Bank Negara are the taxpayers’ money, and represent about the total individual income taxes paid by all Malaysians for five years. This means that all Malaysian need not pay income tax for five years if Bank Negara had not lost some RM20 billion and this money had been used to give all Malaysian an income tax holiday for five years!
Kang Chin Seng has become a second Lim Boo Chang!
It is a shame that MCA and Gerakan Ministers dare not even question the RM20 billion Bank Negara losses in Cabinet and Government – let alone demanding for a Royal Commission of Inquiry to ascertain how such colossal losses could have been incurred in two years!
It is the most recent example of the ‘marginalisation’ of MCA and Gerakan in Cabinet and Government, where they have been ousted from the mainstream of decision-making and thrown out to the periphery.
Are the MCA and Gerakan MPs, for instance, prepared to back the DAP in Parliament next week to demand the establishment of a Royal Commission of Inquiry into the RM20 billion Bank Negara forex losses?
This is why the Gerakan’s recent nine-part attack on the DAP by its Publicity Bureau Director, Dr. Kang Chin Seng, was nothing but abuses, lies and half-truths, as compared to the nine-part reply by DAP Deputy Secretary-General, Liew Ah Kim, which ‘deals with facts and talks reason’.
In his nine-part article, Dr. Kang Chin Seng has shown that he has emulated the Gerakan Youth Leader, Lim Boo Chang, This is a great let-down! Instead of setting high standards for Lim Boo Chang, Dr. Kang Chin Seng as become a second Lim Boo Chang!
Tsu Koon holds the record is Malaysia as the state government leader who is most scared of holding State Assembly meetings.
With such political standards among the Gerakan leaders, the Chief Minister, Dr. Koh Tsu Koon, has good reason to be afraid to convene Penang State Assembly meetings.
Tsu Koon holds the record in Malaysia as the state government leader who is most scared of holding State Assembly meetings.
Since the 1990 general elections, Tsu Koon has tried to avoid holding State Assembly meetings by perverting the six-month rule, which requires the State Assembly must be called at least once in six months.
The six-month rule lays down the maximum period that the State Assembly could be adjourned, but in Tsu Koon’s hands, this rule has become the minimum period before he would call a State Assembly meeting.
Parliament and all other State Assemblies have this six-month rule, but it is only in Penang where the Chief Minister has held only two Assembly meetings a year since 1990.
All other states, such as Perak, Selangor, Negri Sembilan and Malacca, normally have State Assembly meetings thrice a year.
Penang has the most highly-educated Chief Minister or Mentri Besar in the country, but why is Tsu Koon the most scared of holding State Assembly meetings?
DAP will sack all MPSP and MPPP Councillors if it forms the State Government in Penang in the next general elections
In the past few months, complaints by the people in Seberang Prai about the high-handedness of the MPSP had mushroomed, and the MPSP Councillors have been completely powerless to protect the rights and interests of the ratepayers.
In fact, not only are the MCA and Gerakan councilors completely helpless to protect the rights and interests of the ratepayers from MPSP harassments, even the State Exco Member in charge of Local Government, Dr. Goh Cheng Teik, is also helpless. Previously, Cheng Teik has an office at MPSP to help resolve problems of the people, but now he could not even do this!
The MPSP seems to judge the efficiency of its various departments from the number of summonses they could issue, and the amount of fines they could collect, from the ratepayers.
It is most deplorable that MPSP Councillors have failed to check this ‘summonses complex’. May be, these councilors are hoping that there would be a case to increase their allowances as Councillors if the MPSP could be more successful in its ‘summonses’ offensive.
DAP will sack all the MPSP and MPPP Councillors if it forms the State Government of Penang in the next general elections.
At present, the appointments of the MPSP and MPPP Councillors are divided among the Barisan Nasional component parties, as if the municipal councils have become the private properties of the Barisan Nasional.
DAP will appoint hawkers’ representative as MPSP and MPPP Councillor
We will reject this type of appointments, and will ensure that municipal councillors are appointed to serve the ratepayers rather than the Barisan Nasional component parties or themselves.
We will ensure, for instance, that there will be at least one hawker’s representative each in the MPSP and MPPP to help deal with hawkers’ problems and needs.
It is because the hawkers are not represented by their own councilor in the MPSP and the MPPP that the hawkers are being hounded by these two Municipalities, as their voice had been shut out.