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Strategies & Market Trends : Asia Forum

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To: Stitch who wrote (6063)	9/1/1998 9:24:00 AM
From: B Tate	Read Replies (2) of 9980

TO all; NEWS - Tues evening Kuala Lumpur I am currently watching an interview with Dr. M (Brain surgeon) ;-( I have been away from this thread for a while but had to update those of you that may have investments with Malaysian content. Either direct or indirect. (Worswick - absolutley FORGET SDarby even at .05 USD!) "Offshore Ringgit will be illegal/worthless in 30 days from today, 1 Sept 1998." No offshore Ringgit will be allowed into the country after this 30 day period. Lots of hairy details coming out of his mouth, but Malaysia is going to establish its own monetary rules for international trade it seems. Any export/import of funds will have to be pre-approved by Bank Negara in accordance with the current (Bank Negara established and yet to be determined) rate of exchange. As I type this he is talking about re-valuing the companies on the KLSE since they will not have to worry about outside influences on the price of stock. Also foreign investors will be encouraged with the codicil that any money invested in a company must remain for a period of 1 year. "THIS WILL ENHANCE FOREIGN INVESTMENT POTENTIAL SINCE IT WILL BE A GIVEN THAT THE RETURN WILL BE FIXED!" Folks were are now entering the Twilight Zone of international high finance. As most of you know my Malaysian investments went all to cash in the spring, tommorrow I will withdraw every single Ringgit, exchange it to USD and put it under my mattress. No bull...... As part of a Joint Venture with an American firm I can imagine our phone bills tomorrow. We will have to re-evaluate why we are doing business here since any profits generated will not be allowed to leave the country. What a way to build an economy. This is really frustrating, as you can probably tell from this msg tone I am absolutely beside myself. What a bunch of crap. bt PS Today the ringgit improved to 4.01++ a nice 2% increase. The KLSE went into freefall and ended at approx 260 or 40 some odd points in the toilet. HMMMMMmmmm a 2% increase in currency rate and a 14% drop in KLSE valuation Sounds like a good deal to me! Anyone else??

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