Day: January 25, 2017

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The Innocent U-Turn Mahathir

I see many adverse reactions to the exposé of the BMF scandal that has implicated to a certain extent U-Turn Mahathir.

Even the man in question has gone on record declaring that he was not the CEO of Bumiputera Malaysia Finance (BMF) or Bank Bumiputera Malaysia Berhad (BBMB) when the whole affair began.

First and foremost, we must understand the structure of BBMB and BMF to understand the scandal.

BBMB was formed through monies from Petronas (RM50 million per month) with the aim to assist the Bumiputera agenda. BMF was formed as a subsidiary to invest in properties in Hong Kong using the monies received by BBMB.

A series of loans totalling RM2.5 billion were given by BMF to the Carrian Group beginning 1979 to invest in Hong Kong’s booming property industry.

As BBMB was a GLC, any investment abroad would naturally come under the Ministry of International Trade and Industry (MITI).


In 1979, MITI was already under the stewardship of none other than U-Turn Mahathir, who was also the Deputy Prime Minister since Tun Razak’s passing in 1976.



Obviously Mr U-Turn would have had to okay any form of investment to be made by BBMB’s subsidiary.

In fact, according to his old new friend Anwar Ibrahim, when the whole deal turned sour about three to four years later, U-Turn Mahathir who was then the Prime Minister even okayed for more money to be thrown into the venture to contain the damage!

In the end, BBMB had had to be rescued using taxpayers money twice, amounting to USD600 million in today’s terms.


There was never a Royal Commission of Inquiry set to investigate the causes of the losses.

After being pressured, U-Turn Mahathir in the end reluctantly formed a three-man commission led by the late Tan Sri Ahmad Nordin (then Datuk Wira) to investigate the case.


This commission had no real powers and in 1986 concluded that what was going on in BMF was just “the tip of the iceberg” and implied that bigger hands were at play.

The commission’s report was never tabled in Parliament and had limited public release (2,000 copies only at RM250 each said the Malaysian Bar).

Tan Sri Ahmad Nordin was accused of working with the Opposition and was ostracised by the Mahathir administration.

That, my friends, was how innocent U-Turn Mahathir was.

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Terima Kasih, Lim Kit Siang

My wife knows how I often thank people – be it a hotel cleaner, the toll booth operator manning the TouchNGo reload booth, the waiter at some stall.

This time I would like to thank Lim Kit Siang for being the proud politician that he has alwas been – the self-glorification by a man who thinks very greatly of himself, his works, his speeches, his essays; that he shares all these with us online that it feels like you are walking through a Presidential library of a man never destined to preside over or administer a country.

And it all began with Lim Kit Siang’s admission of willingness to work with the Barisan Nasional. One would wonder what has made this proud man discard his pride to go back on his struggles just to remain relevant?

It does sound like U-Turn Mahathir and I dare say it also partly has to do with trying to save his son from an imminent prison sentence for corrupt practices while being a Chief Minister.


The other part, in my opinion, is because of the recent revelation of CIA documents linking U-Turn Mahathir to the Bumiputera Malaysia Finance scandal of 1983 that saw billions of Ringgits missing and resulted in the death of a senior bank auditor for knowing too much, and the suicide committed by the Carrian Group’s adviser.



It was during U-Turn Mahathir’s watch, two years into his stewardship, that Bank Bumiputera which was a government-owned bank formed with the purpose of assisting unfortunate Bumiputeras lost that huge sum of money.

And according to the CIA document it was impossible for Mahathir’s cabinet to not know anything about the outflow of such a huge amount of money in the form of loans given to a non-Bumiputera associate of his in Hong Kong.

Mahathir, like in the PKFZ hearing, has denied any knowledge of the missing money.

For those born in the mid-1970s and have no recollection whatsoever of the BMF scandal can watch this awesome documentary which has none other than the self-admiring Lim Kit Siang talking about the scandal.


Unfortunate for Kit Siang, he cannot claim ignorance of what he had said about the scandal be it on camera or online.


Like I said, Kit Siang is so proud of himself, his works, speeches etc., that he shares them all with us online. And there are about ten posts related to the BMF scandal itself.

Among the more interesting posts is one titled ‘DAP reiterates call for Royal Commission of Inquiry into the $2.5 billion BMF Scandal after $8 billion suit against BBMB in California Federal Court.’


That article dated 29th February 1992 has an interesting ending where Kit Siang asked the following:

“If the Government leaders have nothing to hide, why is the Prime Minister, Datuk Seri Dr. Mahathir Mohamed, and the present Cabinet so adamant in refusing to commissioning a full public inquiry into the BMF scandal?”

I would like to know too! Why?

And I would also like to know if Kit Siang now knows that with the CIA exposé there is absolutely no way that he could work with Mahathir, deny ever knowing about the BMF scandal, and sacrifice the MP allowances that is helping him with sustaining his lifestyle in the next general elections?

This is one lump of dirt that even Kit Siang cannot sweep underneath his carpet. He knows that if he continues to work with U-Turn Mahathir, his political career would be as dead as a Dodo.

So he makes a U-turn and decides to work with the Barisan Nasional to rid the country of the biggest kleptomaniac of all – U-Turn Mahathir s/o Mohamad.

Thank you again Lim Kit Siang, for the reading material. You really made my day.