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Wednesday, August 30, 2017

‘Forex losses due to bad decisions, 1MDB losses due to bad intentions’



YOURSAY | ‘Imagine your fund manager embezzling your money and claiming it was ‘lost’.’
Vijay47: Umno information chief Annuar Musa has outlined the difference between Bank Negara's foreign exchange (forex) losses and 1MDB. He said the RM30 billion lost by Bank Negara was real and irredeemable, whereas 1MDB’s losses were on paper and its business was still operational.
Annuar, I am boldly if unwisely making two assumptions. First, since you have been issuing statements for numerous years, you must be an adult.
Second, since these statements have been made in an extremely cavalier fashion, you believe them to be of great pride to race, religion, wife and children.
But I am sorry to say that neither of these earns you credit, even within Umno circles, not when you reduce yourself to MCA and MIC levels. Perhaps lower.
So, you hold that forex losses are real while 1MDB’s losses are on paper. I am lost here - what does that mean?
An ill-advised though legal misadventure is a capital offence, while grand larceny, as US President Donald Trump might say, is one of those “boys will be boys” lark?
Oscar Kilo: Forex losses are due to bad policy decisions. 1MDB's "losses" are due to alleged criminal action. Note the difference.
Imagine your fund manager losing your money in a bad investment compared to your fund manager embezzling your money and claiming that your money was "lost".
Cry, My Beloved Country!: Annuar, the forex losses are also on paper. No physical cash was used. The loss was due to a form of gambling. But it did not go into anyone's bank account.
As for 1MDB, the loss was due to alleged theft, plain and simple. Money was allegedly lost through shameless theft by the mega-thief and his co-conspirators, and used lavishly, as the whole world knows.
It is best that you stop making a fool of yourself - this is my sincere advice.
RM2.6 Billion Turkey Haram: Annuar, both losses are real, and involve taxpayers’ money.
But the differences are: forex trading loss is legal, while 1MDB's money was allegedly stolen, a criminal offence.
The money lost through forex trading is gained by unknown persons, while 1MDB's loss can be traced to known individuals.
AnyoneButThieves: The forex losses were due to bad decisions and 1MDB losses were due to bad intentions.
Both have something in common, which is that both are losses which could have been used to build 10 lanes of a toll-free superhighway stretching from Perlis to Johor.
Sarawakian: Losses? What losses are you talking about? How dare you say that when no one has seen the audited 1MDB accounts in years.
Malaysian Official 1 (MO1) has only to revalue the "units" held overseas or the Tun Razak Exchange (TRX) land and poof! Like magic 1MDB will earn billions in paper profits.
Just in time for the next general election too, unlike former leaders Anwar Ibrahim or Dr Mahathir Mohamad humbly acknowledging billions in forex losses to Parliament.
Oscar Kilo: 1MDB's losses are on paper? Are you kidding me? That's like saying that the superyacht Equanimity is a paper boat.
FellowMalaysian: Annuar said a royal commission of inquiry (RCI) is formed upon the request of the people, and in the case of Bank Negara’s forex losses, it was DAP parliamentary leader Lim Kit Siang who had raised the matter on numerous occasions.
Therefore, the RCI was formed due to DAP's initiative and the government viewed the opposition party's demand as relevant to the people’s interest.
Lim last demanded an RCI on the forex losses some 11 years ago and Annuar is telling us that the RCI is being carried out based on Lim's initiation or instigation?
If that is the case, then this showed how apathetic and insouciant the Umno government had been in managing the economy of the country the past 60 years.
A gargantuan monetary loss which amounted to half the country's reserves took a shocking total of 23 years before they woke up from their stupor. This proves Umno is not fit at all to govern and manage this country's economy.
Gaji Buta: Eleven years to get around to addressing a critical national issue? This is totally irresponsible and not protecting the interest of the rakyat. This is exactly why BN must go.
Boeyks: Annuar, why don't you ask whether Lim still wanted the RCI on forex losses now after all these years, or why the government wanted it carried out now and not previously?
In fact, Lim wants an RCI on 1MDB now. Why is the government not doing this, when it is more relevant and still prevailing at the moment?
Legit: 'Great' argument, Annuar, that befits your level of intelligence. Well, now Lim and the people are feverishly demanding an RCI on 1MDB. We hope this caring government will comply immediately.
Anonymous 2456321485312809: Lim also spoke out many times against many wrongdoings by Umno/BN, such as the Port Klang Free Zone.
He also spoke up against the corruption and theft in 1MDB, electoral gerrymandering, complained many times about the Electoral Commission, and his party also called for RCIs on 1MDB and on Teoh Beng Hock.

While we are at it, since when did the government follow Lim's wishes? Saying that such logic is stupid does not go anywhere near towards describing it. It's really very embarrassing that Malaysia has such leaders. - Mkini

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