Ex-Bank Negara forex dealer says he traded billions of dollars a day

A former foreign exchange dealer with Bank Negara has claimed that he had traded billions of dollars a day under the instructions of the then chief dealer, former Bank Negara advisor Nor Mohamed Yakcop, and another separate chief dealer.

Azman Mat Ali, who was a Bank Negara forex dealer from 1988 to 1998, testified before the Royal Commission of Inquiry (RCI) tasked to probe the central bank's forex losses today, said he could not remember the highest transaction he had executed.

"But the amount could reach up to a couple of billions in US dollars a day," he said.

Azman insisted that he did not dare to execute any forex transaction without instructions from either the chief dealer or Nor Mohamed.

"Everything was executed based on instructions from the chief dealer or Nor Mohamed only," he said.

In his witness statement, Azman said the chief dealers were Lim Tam Mee from when he started dealing in forex trading until 1989, Selvaraj from 1989 to 1990 and Chua Tiong Chin from 1990 to 1994 or 1995.

Azman and RCI member High Court judge Kamaludin Md Said later got into a heated exchange after the latter prodded him to give a more precise estimate.

"It was in the billions but if you ask me to estimate, I can't do that. It's not fair for me to throw a figure out of the blue," said Azman.

Kamaludin, however, said it was more unfair if Azman could not provide an estimate.

"Previously, (former forex dealer) Fizaman (Noor Mohammed Nasir) saidhe traded up to RM800 million a day!" Kamaludin exclaimed.

To this, Azman said: "Correct. He has a better memory.

"(But) I only remember in the billions. How much exactly, I can't remember."

Azman later agreed with Kamaludin that the trading he had done was definitely "more than US$1 billion".

[More to follow]

-Mkini