The Edge media group owner Tong Kooi Ong has gone on the offensive against allegations he is involved in ringgit speculation, threatening legal action against his accusers.

"Making up such lies is beneath human decency," said Tong in a statement today, following Umno-owned Utusan Malaysia's editorial Awang Selamat's commentary today urging Tong to answer to a growing online smear campaign.

"I vehemently and absolutely deny the accusations. I did not at any time short the Malaysian ringgit," he said referring to web postings in malaysianexpose.wordpress.com on Jan 29 and kronismemahathir.wordpress.com a day earlier.

A paid advertisement was spotted on Facebook over the past several days apparently to aggressively publicise malaysianexpose.wordpress.com, whose only postings are two bilingual articles aimed at Tong (left).

"I am currently unable to ascertain the individuals 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," said Tong.

He said it was not "even remotely possible" to break Bank Negara or crash the ringgit as the country holds foreign exchange reserves in excess of US$110 billion.

Calling the allegations "malicious lies and fabrications", the media magnate said Bank Negara would have contacted him if they were true.

"Bank Negara has not contacted me and I pledge to cooperate fully with Bank Negara if my assistance is needed at any time," said Tong.

Utusan jumps in fray

Utusan Malaysia’s Awang Selamat today weighed in on the online assault against Tong calling on Tong to answer claims that he is to be blamed for the alarming fall in the ringgit.
 
“It would only be ‘fair’ for Tong to answer all allegations made against him in the past weeks,” Awang, its pseudonym for the daily's senior editors, said today.
 
Awang, earlier, had said that Tong’s name has been in the limelight after several reports revealed that Bank Negara Malaysia (BNM) and the Securities Commission are believed to be monitoring currency speculation transactions (Forex) via “short-selling”.
 
Short-selling is the sale of a loan with the expectation of a currency to fall in value.

Nevertheless, Awang said one cannot be deemed guilty until proven so.
 
“I believe he is a gentleman and would be more than ready to assist should he get investigated by the authorities,” said Awang, adding that should the investigations clear Tong’s name, it would be better for his image in the future.
 
“He is responsible to give an explanation to the rakyat, who deserve to know the truth."
 
Awang also claimed that the said blogs had pointed out that currency manipulation activities began in August last year until Jan this year.
 
Deputy Finance Minister Ahmad Maslan (right) had said yesterday the Malaysian Communications and Multimedia Commission (MCMC) and Bank Negara should investigate the allegation that certain individuals are speculating on the ringgit for personal gains.

Ahmad said the agencies should check on the veracity of the allegation that saboteurs had been speculating on the currency unit through the social media to keep it weak.

Prime Minister Najib Abdul Razak on Friday was reported as saying that the government would act against those who take advantage of the economic condition to sabotage the economy if such claims were true.