Posted by lepaklangkawi > 2015-01-29 21:41 | Report Abuse

typical. our govt is BRILLIANT @ blaming everyone but themselves for F*&K-Ups

scapegoat some chinese dude oso can

Posted by Ayoyo > 2015-01-29 21:59 | Report Abuse

I agree... No one person can manipulate or corner the currency markets if it doesn't have a structural weakness in the first place. Tong was merely far sighted enough to see it and took his chances, much like any speculator would. No one would have battered an eyelid had he took a wrong bet but because he's now making hundreds of millions at Malaysia's expense, someone is probably red eyed.

Posted by Icon8888 > 2015-01-29 22:39 | Report Abuse

Needs evidence

Show me the evidence

Posted by zackboy > 2015-01-29 22:41 | Report Abuse

https://malaysianexpose.wordpress.com/2015/01/29/tong-kooi-ong-dalam-cubaan-merompak-bank-negara-melalui-spekulasi-mata-wang/ dalam Bahasa Melayu!

Posted by zackboy > 2015-01-29 22:57 | Report Abuse

If all currencies devalued then how?

Posted by zackboy > 2015-01-29 23:12 | Report Abuse

http://www.cnbc.com/id/102379625#.

The next shot in the currency war will be fired by...

Posted by zackboy > 2015-01-29 23:27 | Report Abuse

First this blogger is an unknown person. Why should blame the government and Malay for writing this. This blog just pop up out of nowhere. Seems like the writer has some inside information.

Posted by andychucky28 > 2015-01-30 08:11 | Report Abuse

Bring back the $$$$ from 1MDB to fight with TKO

Posted by adax66 > 2015-01-31 11:15 | Report Abuse

Yes he is now Malaysia's Public Enemy No1. Investigate him immediately and if found guilty throw him in jail! In the meantime we all should start boycott of The Edge and Malaysian Insider !

Posted by truthseeker1 > 2015-01-31 11:26 | Report Abuse

adax66 Yes he is now Malaysia's Public Enemy No1. Investigate him immediately and if found guilty throw him in jail! In the meantime we all should start boycott of The Edge and Malaysian Insider !

31/01/2015 11:15

I pity the workers if they have to lose their job for crime not done by them.

Posted by hsteoh56 > 2015-01-31 12:37 | Report Abuse

aiya! don't blame this old man lar! if i have the chance i'll do the same. after all 'pocket sendiri didahulukan, rakyat 1 malaysia ditipukan'.

Posted by informedwareuser > 2015-01-31 13:38 |

Post removed.Why?

Posted by koonspinner > 2015-01-31 13:49 |

Post removed.Why?

Posted by informedwareuser > 2015-01-31 13:56 | Report Abuse

https://kronismemahathir.wordpress.com/

THIS IS THE ONE behind that MALAYSIANEXPOSE BLOG.

Posted by informedwareuser > 2015-01-31 14:49 | Report Abuse

http://i.imgur.com/2dtMK2e.png

Here's the comparison

Posted by koonspinner > 2015-01-31 16:50 |

Post removed.Why?

Posted by informedwareuser > 2015-01-31 19:06 | Report Abuse

I can't believe Malaysians are so gullibe. One article from this "source" and the mainstream media picked up the story. Did they learn any referencing rule ?

http://www.therakyatpost.com/news/2015/01/31/investigate-economic-sabotage-allegations-true-says-ahmad-maslan/

With this, I conclude the credibility of Malaysian media is ZERO or below ZERO.

Posted by izoklse > 2015-01-31 19:16 | Report Abuse

How Tong Kooi Ong is attempting to break Bank Negara and crash the RM

An owner of a prominent news media empire is casting undue influence on the financial and political state of Malaysia for his own personal monetary gain.

Sources within Bank Negara Malaysia (BNM) revealed that Tong Kooi Ong, the owner of the Edge Group and The Malaysian Insider has taken a USD1.4 billion short position on the Ringgit through a proxy. The first transaction took place in August 2014 and subsequent short positions have been taken leading up to January 2015.

Tong Kooi Ong is no stranger to investments, notably during the last financial crisis, Tong took a similar short position with Rashid Hussein which resulted in a significant gain.
He is a former stockbroker, financial analyst and banker who founded and built Phileo Allied Berhad, one of the most successful and innovative financial banking groups in Malaysia in the 1990s. Phileo Allied Bank was subsequently taken over and merged with Maybank in 2000.
http://www.bloomberg.com/research/stocks/private/person.asp?personId=8374312&privcapId=4481718

According to the source, Bank Negara Malaysia and the securities commission are monitoring Tong closely.

How shorting a currency works:

A short position on the ringgit is essentially a bet that the ringgit will fall. The Malaysian ringgit will be traded for USD and if the ringgit reduces in value, the investor will make money when they buy back the ringgit at its lower value to cover the short position.

When a currency is being devalued, the central bank will step in to release reserves to balance the value of their currency against the currency that it is being most actively traded against.

In the Malaysian scenario as the RM drops, BNM will step in to buy RM in exchange for their USD reserves.

Speculators who short the currency will exploit this by taking a loan in Malaysia or using their own funds in RM to trade for the USD. The goal of which is to trade the RM for USD until the central bank is out of reserves so effectively the currency will crash.

The investor will then go back to the Bank that they initially borrowed money from and will convert it into RM to pay back the loan. The profit would be made off the gain that the USD receives against the RM. As the loan was made in RM and the currency has crashed the investor would have to trade less USD to pay back that initial RM loan.

Media and Mass propagation

With access to his media empire that spans from radio to print and online, Tong Kooi Tong is able change public sentiment through the mass distribution of articles that create doubt amongst the general public about the state of the Malaysian ringgit. After reading headlines that spell doom and gloom above, what would you do if you were holding Malaysian ringgit?

Take into consideration that in order for the currency to crash, it is crucial that Bank Negara reserves are pushed to their limit. A media empire would be the perfect channel to damage the perception of the RM effectively facilitating the devaluation of the RM.

The unpatriotic acts of short selling coupled with media propagation will lead Malaysia into a recession causing untold suffering for the average man on the street whilst lining the pockets of a few individuals.

To give readers a better understanding of how investors make money by shorting a currency let’s look at 2 case studies followed by a comparison of how the same could happen in Malaysia.

Soros Breaks the Bank of England and earns $1 Billion in a day

This is certainly the most notorious forex market event which took place on September 16, 1992 which is called “Black Wednesday” and Soros got his nickname “the man who broke the bank of England” from transactions he performed together with other traders. They didn’t break it directly, but they devalued it so badly that Britain had to take it out from the European Exchange Rate Mechanism (ERM).

READ MORE WITH EVIDENCE :

https://malaysianexpose.wordpress.com/2015/01/28/how-tong-kooi-ong-is-attempting-to-break-bank-negara-and-crash-the-rm-2/

BANK NEGARA PLEASE ACT AND BRING THEM TO JAIL. THEY TRY EVERYTHING FROM MASS RALLY....ACCUSE THE GOVT...BLAME GOVT....ATTACK THE GOVT....USE RED BEAN ARMY AND NOW THEY TRY USE THIS CHINESE TAUKE JUST TO SHAKE UP THE CURRENCIES AND TO SHOW EVERYBODY THAT GOVT IS WEAK AND DONT KNOW HOW TO HANDLE ECONOMY. PLEASE FIND THEM AND BRING THEM TO JUSTICE

Posted by izoklse > 2015-01-31 19:20 | Report Abuse

How Soros earns $790 Million, crashes the Thai Baht and triggers the Asian crisis.

The second most notorious trade of Soros came in 1997 as he saw a possibility that the Thai Baht could go down so he went short on the baht (by going long on USD/THB) using forward contracts. His actions are often considered to be a triggering factor which sparked the big Asian financial crisis, affecting not only Thailand but also South Korea, Indonesia, Malaysia, Philippines, Honk Kong and others.


1.Soros goes short on the baht.

2.Thailand spends almost $7 Billion to protect the Baht against speculations.

3.Soros sells all his baht resources and keeps telling everyone to do the same by publicly scaring people with the fall of the baht and crisis. It works.

4.On July 2, Thailand is forced to give up the fixed rate of the Baht and it starts to float freely. Thailand asks for help from the International Monetary fund (IMF).

5.Thailand takes on hard austerity measures to secure the loan from the IMF.

6.Baht has fallen from 1$ for 25 baht to 56 baht thus Soros had gained more than 790 million USD

Posted by izoklse > 2015-01-31 19:22 | Report Abuse

How Tong Kooi Ong would break Bank Negara Malaysia

1.Tong Kooi Ong goes short on the RM

2.Malaysia spends reserves to protect the RM against speculators

3.Media empire is used to spread doubt to drive the RM down further

4.Tong Kooi Ong closes his trade after the RM has devalued enough for a significant profit

5.USD position of estimated USD1.4 billion is converted to devalued RM for huge profit. Bank is paid back initial loan of now devalued RM. The difference between the initial cost of the RM and the devalued cost of the RM is pure profit.

Posted by kk123 > 2015-01-31 19:50 | Report Abuse

I think we shld not believe all the blog posting
Most of it is horse shit
Until there's solid evidence

Posted by Ooi Teik Bee > 2015-01-31 19:54 |

Post removed.Why?

Posted by calvintaneng > 2015-01-31 20:17 | Report Abuse

OTB is correct!

Evidence shows that Tong of Edgedaily Started A New Portfolio recently.

Anyone who short Rm or KLSE will dump all his stocks. Not telling people to buy stocks but to sell only like our Bo Chow C cat Leno.

Posted by Ven Felix > 2015-01-31 20:23 | Report Abuse

This news are trying to fool those are less financial & economic sense. Try to recall back our very close Neighboring country BRUNEI & SINGAPORE how our Rm dilution happening. .Fck the damp manipulated Story; even our local bought Cadbury chocolate and Milo are not so decent, compared to the foreign countries. Can't blame coz v bought it at lower price due to our keep depreciated Rm. The nation con, by our dedicated Malaysia Boleh. They take the easy move and for generations hv to pay for it. Clear n obvious.

Posted by sheep > 2015-01-31 22:00 | Report Abuse

They are trying to shift attention from 1MDB fiasco.....

Posted by stockraider > 2015-01-31 22:10 |

Post removed.Why?

Posted by calvintaneng > 2015-01-31 22:24 | Report Abuse

YES RAIDER,

I THINK THE CRASH OF CRUDE OIL HAS DONE COLLATERAL DAMAGE TO ALL OIL PRODUCING NATIONS LIKE RUSSIA, VENEZUELA, MALAYSIA, NORWEGIAN KRONE.

PUBLIC BANK MANAGER (OVERALL TOP CHAMPION TAMAN PERLING BRANCH) MS YONG THOUGHT OF BUYING NORWEGIAN KRONE SINCE NORGES SOVEREIGN FUND IS CASH RICH.

ALL MIDDLE EASTERN STOCK MARKETS ALSO CRASHED LIKE KLSE.

I THINK TONG ONLY PLAY A SMALL PART. BUT MALAYSIA OF TODAY IS DIFFERENT FROM 1997/8

EVEN GEORGE SOROS COMMENTED THAT MALAYSIA IS WEALTHY AND DOESN'T NEED HIS HELP.

SO THE FEAR IS OVERDONE.

MALAYSIA WILL EMERGE ALL RIGHT.

LAST YEAR ARGENTINA MARKET IS TOP WITH 59% GROWTH IN SPITE OF GOING BANKRUPT IN YEAR 2002.

MALAYSIA SHOULD PERFORM WELL

Posted by lotusf1 > 2015-01-31 22:29 | Report Abuse

If it is in china if found guilty,mr tong will face a single shot on d back o his head..

Posted by damagpie > 2015-02-01 00:03 | Report Abuse

Are we even sure that he buys and sells real stocks on his portfolio on the edge website?

And his portfolio is only RM100k right? Peanuts sum to allay people's suspicions.

Posted by sheep > 2015-02-01 00:05 | Report Abuse

Well, we will just wait for TKO response. He wont be able to keep quiet. No answer means it's true?

Posted by Saturn > 2015-02-01 17:03 | Report Abuse

TKO Is not the first in Malaysia however he is the most notorious. Whenever you hear his name, it's always associated with Rashid Hussein above the success he made of Phileo Bank.
This is no different than Forex. In fact, there are many who are playing this type of game whether directly or indirectly. In the most indirect of the games is being paid in foreign currency and refusing to be converted to MYR. When that happens, it is no different from getting a project done in Malaysia but the money never sees the light here. Hence it becomes a development that raises churn in another foreign currency. When that happens with many occurrences, it creates an imbalance and this devalues the money.

However in Malaysia, the above example is done by many but no one complain but when it is explicitly done to devalue, suddenly we get so much attention. You see the difference is the action is premeditated and explicitly done by buying a foreign currency as a bet in a big way. See the similarity?

Malaysia is blessed with a lot of natural resources and top of the food chain is Oil and CPO. If without that, we would all be at the mercy of the many methods of currency export abroad as shared above. We always forget and some are not in the know, is that the biggest of this player of explicit gambling of Forex was Soros.

Of course, the difference is that SOrOs like TKO are mercenaries in this area of business. After all, their background set forth the methodology and experience by which they will gain more probability of winning than the avg economist or trader/investors, and banker. For those who are not aware, SOrOs took the beating to our former PM in their hedge at the currency of pounds vs usd back last two decades. It was obvious who won and lost and today we hv TKO who aspires to do the same in a global way rather than just playing the last fiddle within the country.

So in essence, if you bet against the country you reside is akin to absconding money fr the company you work for in CBT cases and due to the nature it was premeditated (if proven) would be the only difference from those who export their salary to be paid in other currency.

Posted by sheep > 2015-02-01 19:05 | Report Abuse

Now TKO had clarified. Let's not stop here. Identify and catch the ones who started the allegations. I am sure the person involved has higher backing..I think there is more to come.
If none, then maybe trying to divert attention from their woes.

Edge owner denies claims he manipulated ringgit

Businessman and owner of The Edge Media Group Datuk Tong Kooi Ong (pic) has denied allegations made on anonymous blogs that he is betting against the ringgit to make it crash for personal profit, and is trying to identify the individuals behind these claims to sue them.

In a statement, Tong, the group's executive chairman, said Bank Negara should be well aware of the allegations against him and the central bank would have contacted him if he was indeed involved in currency speculation.

"I vehemently and absolutely deny the accusations. I did not at any time short the ringgit.

"I am an equity analyst, besides being an established entrepreneur. I am a value investor. I have never shorted currencies or equities. I acquire and build companies, create value for shareholders and create employment through ideas and innovation. My track record speaks for itself.
"I am certain Bank Negara Malaysia will be aware if there is such a heinous crime. Bank Negara has not contacted me and I pledge to cooperate fully with Bank Negara if my assistance is needed at any time," Tong said today.

He called the claims "malicious lies and fabrications" which were "beneath human decency".

They were carried on the blogs malaysianexpose.wordpress.com and kronismemahathir.wordpress.com recently.

"I am currently unable to ascertain the individual(s) who is or are responsible for the malicious lies against me, and what their intentions are. I will pursue legal course of action once I am able to identify those responsible," he said.

The blogs claimed that Tong had taken a US$1.4 billion short position on the ringgit through a proxy in transactions from August last year and to January 2015.

But Tong said it would be impossible to "break Bank Negara" or crash the ringgit because the country's foreign exchange reserves amounted to more than US$110 billion, while the country's current account was in surplus.

"Non-ringgit borrowings are very low. I have gone on record with the above statement both in my speeches and in the articles I wrote," he said of Malaysia's financials.

Tong said "almost every currency in the world" was falling against the US dollar and said the reasons were partly due to the strengthening of the US economy and expectations of an interest rate hike.

"Further, many countries in the region as well as Europe are depreciating their currencies and lowering their interest rates to promote growth," he added.

The ringgit has fallen to its lowest since the 2008 financial crisis amid a climate of high national debt and low world oil prices.

Tong said he also supported the call by Prime Minister Datuk Seri Najib Razak that economic "saboteurs" must be brought to justice.

"As a Malaysian, I, too, am against economic saboteurs. I support the prime minister's call that those who sabotage the country's economy must be brought to justice.”

Last Friday, Najib had told reporters after the Umno Supreme Council meeting that the government would act against ringgit manipulators if there was evidence to prove allegations against them. – February 1, 2015.

- See more at: http://www.themalaysianinsider.com/malaysia/article/edge-owner-denies-claims-he-manipulated-ringgit#sthash.lZ4sZfrI.dpuf

Posted by sheep > 2015-02-01 19:07 | Report Abuse

OBT got it right!

Posted by Ooi Teik Bee > 2015-02-01 23:26 |

Post removed.Why?

Posted by supersaiyan3 > 2015-02-01 23:40 | Report Abuse

Many of them are just fake accounts, either get paid or plain stupid.

Posted by Saturn > 2015-02-02 15:48 | Report Abuse

TKO real or fake, depends on how he justifies to himself. To many bribery is rezeki so nothing wrong, to many trading market is business and winning matters even at someone else's expense, while to many more winning is an art. Sometime you win even though you lose and that is called a deal.
A deal allows a win-win situation. Example I don't mind making 1 to 2 % in a business transaction which may be a lost to me to cover my ppl and admin cost but I am assured the next 2 deal to keep my competitors out of the game.
So who is to tell TKO is for real or not in this game of shorting. To vouch for someone at this prelim level speaks poorly of the person defending him. We Hv seen this many time amongst iur authority whereby before investigation, the head already defend his subordinate openly.

We do not want to wait until the whole market collapse before we start a prelim investigation. While it can be legal in another country, the players in Malaysia are playing by the Malaysian rules. Imagine if someone tells a football referee that in rugby they can take down an opponent and hence the referee should not penalize the offensive player ....bullocks!!
Don't chnage the rules to suite your argument but change the rules to close the loopholes. If it's illegal, it's illegal.

The stupidest argument are from the smartest moron because they intend to do the same.
In TKO's case, they have to supplement the rules and technically be able to prove where he did wrong. He may turn out to be a whistleblower if many others are doing it.

Posted by Saturn > 2015-02-02 15:54 | Report Abuse

The reason TKO was highlighted and others is probably the billion that was hedge against the MYR. The rest probably play under the radar of million. If such is the case, the game of billion is illegal or the game of million ringgit hedge also illegal. Until then, there is no saying who is guilty and who is not and could fall flat if billion is not allowed while million hedge is.

During the currency peg, allowable amount taken out of the country was rm10k. Of course that was Mahathir's time. So if that level of control can be determine why not now?

Posted by Saturn > 2015-02-02 15:59 | Report Abuse

Those are some of the areas Zeti needs to take position because in globalise and soon free market enviroment, this is needed to determine the total amount that leaves the country even if it is to buy or transact another business. In most cases those companies buying or developing outside the country better open another private limited company abroad if transaction value is large enough to create accountability back to Malaysia and better still transact the business as a wholly independent company

Posted by Saturn > 2015-02-02 16:46 | Report Abuse

Whoever wrote a correlation of shorting Malaysia market to do with KLCI counter I wonder his level? What has the shorting to do with stock market? The only correlation is those that import raw material or products from abroad with stronger currency will have their business affected provided they didn't factor in their quoteation out properly and would also be indirect to the stock market. While export business maybe better with the weak ringgit.
It's puzzling ppl claim TKO innocence just becoz he continued to buy bursa counter while shorting the market is perplexing. The individual should technically quantif/qualify what exactly TKO did in on all those accusation levied on him.
Example if I tell you taking ppls thing is stealing and a crime while some want to argue that he did not break into anyones hse hence it's not stealing as the person just found the item. This is where the technical definition is important. If within that definition, then it's against the law it's a crime.this is where the authority must define and qualify so we are all clear.

Posted by Ayoyo > 2015-02-02 19:02 | Report Abuse

To me, nothing wrong if TKO indeed shorted the ringgit although technically, he bought dollars with the borrowed ringgit. He is a businessman. If he has the foresight, it's his money. And knowing the shrewd businessman that he is, he would disguised the transaction via a purchase of overseas assets than a downright naked short.

Well, IOI is also doing it via their proposed purchase of Taipei 101 and with that, many other GLC or listed companies too. Are these guys unpatriotic as well.

Posted by Fat Cat Tim Buddy > 2015-02-02 19:09 | Report Abuse

conflict of interest, his newspaper ' the edge '? will never get to renew it license , he will force to sell his business or close shop since nobody dare buy from him

Posted by soojinhou > 2015-02-02 19:23 | Report Abuse

Get off Datuk Tong's back. It's a free market and if the government has done a better job, like managing 1MDB better, nobody will have the opportunity to short the ringgit. Even if Datuk Tong didn't do it, many international vultures are already on it. So don't blame Datuk Tong for highlighting the obvious mismanagements by the government, the ringgit is ripe for shorting by anyone. It is ridiculously stupid that Malaysia happily partake in the fruits of free trade, including currencies, and then cry foul when things don't go their way due to their own mismanagement. Sounds like a bunch of piss ass whiny spoilt babies who should just grow the f up and fix their management of the economy.

Posted by kl foong > 2015-02-02 19:45 | Report Abuse

check the truth first.
well, if it is true, I think he is brilliant.

Posted by kai8994 > 2015-02-04 09:31 | Report Abuse

EXPOSED! Pro-Jho Low blogger behind attacks on Dr M, Nazir and Edge owner Tong

http://www.theedgemarkets.com/en/article/exposed-pro-jho-low-blogger-behind-attacks-dr-m-nazir-and-edge-owner-tong

Perhaps someone want to placate the new CEO of 1MDB.

Posted by kris134 > 2015-02-06 21:18 | Report Abuse

I think there is some truth in this blog. He uses his news portal to manipulate the market for his own personal gains. Look at Dsonic, it was going so well and he went "straight for the jugular" by mentioning one key word that he undoubtedly knew would harm the entire project....'cronyism'...Poor Dsonic wasted years building the project. He knows what words to play around with to appeal to the more urban community which most of the time are clueless and dense. The thing about Malaysian Insider is that they use a tiny whisper and blow things out of proportion. Most of the time I don't even know if there is any basis to their stories. I hope he gets what he deserves

Posted by duitKWSPkita > 2015-02-06 21:53 | Report Abuse

Let it be!!!!!!!
should be proud of Malaysia Got Talent!

Posted by kris134 > 2015-02-09 16:18 | Report Abuse

This is where the discrepancy lies. Everyone is just his puppet, dancing to his tunes. He is a manipulator.