KUALA LUMPUR (Feb 2): 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.

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.