How Petronas Was Used As A Bailout Bank

I found this on FMT and this is good especially for those born after 1970 and never knew the man:

Malaysians must never forget that under former prime minister Tun Dr Mahathir there were monetary losses amounting to tens of billions of ringgit unaccounted for, and irretrievable.
These include:
Forex scandal in early 90s : RM30 billion
The Perwaja Steel Scandal : RM10 billion
Bank Bumi scandal: RM10 billion
Maminco-Makuwasa Affair RM1.6 Billion
Mahathir used Petronas as a ‘bank’ to bail out many companies, banks etc.

Opposition politician Syed Husin Ali said, “Petronas has neither been fully transparent nor accountable with how it spends its money, especially in aiding and abetting Tun Mahathir to indulge in unproductive construction of mega projects, to bail out ailing crony companies and corporate figures, and to involve [itself]in excessive and wasteful spending on celebrations and conferences.”

Mahathir used his position to bail out his children or to give them special benefits.

Konsortium Perkapalan
In early 1998, Petronas acquired a debt-laden shipping concern controlled by Mahathir’s eldest son Mirzan Mahathir’s Konsortium Perkapalan for RM 226 million and assumed its debts of more than 324 million, according to Far Eastern Economic Review stating the debt at RM 1.6 billion.
In early November 2012, Petronas Carigali Sdn Bhd reportedly awarded a RM700 million contract to a Sapura-Kencana Petroleum Bhd wholly-owned subsidiary where Mahathir’s son Mokhzani is a vice-chairperson.
Mahathir replied in a sarcastic tone when asked during a press conference whether there was conflict of interest in the deal.

“Yes of course, he (Mokhzani) is given it because I instructed Petronas. Put that in your paper. I presided over everything. I told them, please give to my son and not to anybody else. That’s what I have been doing all the time. When I was the prime minister, everything was given to my children. But when everything goes to the children of the other Prime Minister, you don’t want to mention because he is a nice man. He enables you to read, doesn’t he?” Mahathir said in reply.

Can Mahathir explain and repay all the above losses?
In sharp contrast, 1MDB is facing a cash flow situation but has strong assets.
When president of UMNO, Mahathir introduced a quota system for party elections to ensure he was not challenged. Now he is telling UMNO members to remove the PM.
When he was PM, he was infamous for using the ISA jailing opposition. Can you ever forget Ops Lallang I and II?
Has the current regime done that? No.
Tun Dr Mahathir could never be criticised by anyone, not even Soros. Today, old and filthy rich, he wants to criticize and remove Najib who has silently endured all attacks and is ready to be transparent.
Malaysians seem to have forgotten how ‘wonderful’ Malaysia was under TDM and are sharpening claws to attack Najib whom, thanks to the TDM media psywar, is perceived as the bad guy when actually the worst villain ever to have walked Malaysia is TDM!
http://www.freemalaysiatoday.com/category/highlight/2015/03/14/never-forget-the-billions-lost-under-mahathir/

Apa Yang Strategiknya?

Sibuk golongan yang kurang kebolehan berfikir memainkan sentimen kerajaan menjual aset strategik pertahanan negara kepada negara luar akibat 1MDB dan kerakusan terhadap wang.

Ceritanya, 1MDB telah membeli tanah tersebut dengan harga yang murah dan menjualkannya kepada China dengan harga yang tinggi untuk memulangkan balik wang rakyat sebanyak RM42 billion yang hilang. Maka, tanah milik Tentera Udara DiRaja Malaysia itu kini dimiliki oleh China.

Dari kedua-dua perenggan di atas, dapatlah kita membuat rumusan bahawa ada TIGA butiran utama yang dikaitkan dengan penukaran Pangkalan Udara Kuala Lumpur kepada Bandar Malaysia milik negara China:

  1. Menjual aset strategik pertahanan negara,
  2. Memulangkan balik wang rakyat sebanyak RM42 billion yang hilang, dan,
  3. Tanak milik Tentera Udara DiRaja Malaysia kini dimiliki China.

1, Bida’ah Pertama: Pangkalan Udara Kuala Lumpur Adalah Aset Strategik Pertahanan

Ada seorang pengguna Twitter baru-baru ini mengutarakan kisah yang sama: Pangkalan Udara Kuala Lumpur adalah satu aset strategik pertahanan kerana ianya satu-satu pangkalan tentera udara di dalam sebuah bandaraya.

Apabila saya bertanya apakah yang dimaksudkan dengan ‘strategik’ beliau tidak menjawab hingga ke hari ini.

Baiklah.  Mari kita bincangkan betapa strategiknya pangkalan tersebut.

Pangkalan Udara Kuala Lumpur merupakan pangkalan terakhir di mana saya bertugas sebelum menamatkan tauliah jangka pendek dalam perkhidmatan TUDM lebih 20 tahun yang lalu.  Pada waktu itu, tepi landasan kapal terbang berada agak jauh dari Lebuhraya Kuala Lumpur-Seremban. Saya sering gunakan bahagian rumput di tepi landasan tersebut di waktu petang setelah operasi udara harian di pangkalan tersebut tamat untuk membawa anak saya terbang menaiki pesawat ringan jenis Buckeye.

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Pada tahun 1975, semasa jalanraya masih berada jauh dari bahagian tepi landasan, pengganas dari Parti Komunis Malaya telah melancarkan serangan mortar terhadap pesawat-pesawat Caribou milik TUDM yang berada di pangkalan tersebut, merosakkan dengan teruk salah sebuah pesawat tersebut manakala empat lagi mengalami kerosakan kecil.

Sekiranya anda memandu dari arah Seremban menghala ke Kuala Lumpur anda boleh lihat betapa hampirnya kini lebuhraya dengan tepi landasan tersebut.  Anda tidak perlu lagi berada jauh sekiranya ingin melakukan khianat terhadap aset-aset serta bangunan-bangunan yang berada di dalam pangkalan tersebut.

Panjang landasan di PU Kuala Lumpur tidak pernah berubah sejak ianya dibina pada tahun 1952 iaitu sepanjang 3,934 kaki. Semasa saya bertugas, pesawat taktikal sayap kaku yang diterbangkan dari sini adalah pesawat DHC-4 Caribou yang mempunyai jarak berlepas sepanjang 910 kaki, dan pesawat amfibian Grumman HU-16 Albatross yang memerlukan jarak 1.700 kaki untuk berlepas.

Kedua-dua buah pesawat telah dilucut tauliah semasa saya masih bertugas.

Kini, pesawat angkut yang digunakan oleh TUDM adalah lebih besar dari pesawat Caribou.  Pesawat A400M memerlukan jarak  berlepas minima sepanjang 3,215 kaki manakalah pesawat C-130H memerlukan 3,586 kaki.  Walaupun cukup untuk berlepas, landasan tersebut tidak cukup panjang untuk kedua-dua jenis pesawat membuat pemberhentian cemas dengan selamat.

Tambahan pula, Nombor Klasifikasi Beban (LCN) iaitu kategori kekuatan beban landasan di PU Kuala Lumpur ialah 40. Walaupun pesawat C-130H hanya memerlukan LCN 37 untuk tarmac/asphalt, pesawat A400M perlu mempunyai lebih dari 49.

Maka, PU Kuala Lumpur hanya mampu menerima pesawat-pesawat ringan tanpa menjejaskan keselamatan pesawat dan struktur landasan.

Mendarat di Runway 22, Pangkalan Udara Kuala Lumpur (Simpang)
Mendarat di Runway 22, Pangkalan Udara Kuala Lumpur (Simpang)

Gambar di atas di ambil sekitar tahun 2001.  Bahagian berumput di sebelah kiri gambar kini hanya tinggal setengah akibat pembesaran Lebuhraya KL-Seremban dan Lebuhraya SMART.  Jalan di latar depan gambar ini ialah Jalan Istana yang berhubung dengan Lebuhraya Sultan Iskandar (Lebuhraya Mahameru).  Kini ada satu jejambat yang lebih tinggi dibina di situ.

Di latar belakang gambar atau di hujung landasan tersebut adalah satu tebing di mana landasan Keretapi Tanah Melayu dan juga ERL lalu.  Tebing tersebutlah yang menjadi suatu halangan yang boleh memberi akibat yang buruk sekiranya pesawat angkut A400M atau C-130H terpaksa membatalkan perlepasan.

Lain-lain halangan yang kini berada di situ ialah sebuah bangunan berketinggian hampir 60 meter berada 1.86km di hadapan landasan tersebut.Enam buat tiang lampu yang berada betul-betul di bawah pesawat yang ingin membuat pendaratan di Landasan 22; pokok-pokok milik persendirian berketinggian 55 meter juga di bawah pesawat sebelum mendarat; menara kabel tension tinggi berketinggian 105 meter di sebelah timur landasan; dua buah menara telekomunikasi berketinggian 35 meter dan 76 meter juga dalam laluan pendaratan pesawat.

PU Kuala Lumpur juga tidak mempunya kemudahan penyimpanan dan pengisian minyak yang sempurna.  Sekiranya anda menerbangkan pesawat ringan persendirian mahupun milik kelab dari situ maka anda perlu terbang ke Lapangan Terbang Sultan Abdul Aziz Shah di Subang untuk mengisi minyak sebelum pulang semula ke PU Kuala Lumpur.

Ditambah pula dengan keadaan lalulintas di sekitar kawasan PU Kuala Lumpur yang sememangnya sesak, adakah anda masih menganggap pangkalan udara ini sebuah aset yang strategik?

2. Bida’ah Kedua: Memulangkan Balik Wang Rakyat RM42 billion Yang Hilang

Wang siapa yang hilang?

Wang rakyat?

Sudah tentu bukan.

RM42 billion adalah jumlah wang yang dipinjam oleh 1MDB dari institusi-institusi luar negara untuk melaksanakan projek-projek di dalam negara.  Ianya berbeza dengan kehilangan berbillion wang yang diperuntukkan oleh PETRONAS untuk membantu kaum Bumiputera melalui Bank Bumiputera Malaysia Berhad (BBMB) semasa pentadbiran 22 tahun seseorang yang kini mudah lupa.  Wang BBMB tersebut telah diberi pinjam kepada orang luar untuk projek hartanah di luar negara yang tiada kaitan langsung dengan rakyat Malaysia mahupun kaum Bumiputera.

Jika wang RM42 billion yang kononnya hilang itu dipinjam oleh 1MDB dari institusi-institusi kewangan luar negara, bagaimana mungkin wang tersebut datangnya dari rakyat?

Untuk makluman semua, cerita RM42 billion ini adalah merupakan cerita basi yang dimainkan semula akibat kehabisan modal untuk terus menipu rakyat.  1MDB telahpun melangsaikan segala hutang awal tahun 2016 lagi!  Malah, 1MDB dapat membuat lebihan berjumlah RM2.3 billion lagi.  Maka, hentikanlah dari berbohong atau bersubahat menyebarkan pembohongan melainkan anda memang tidak percaya kepada Tuhan.

3. Bida’ah Ketiga: Tanah Milik TUDM Kini Milik China

Bagi saya, saya kurang faham bagaimana cerita bodoh ini boleh dipercayai ramai seperti juga cerita 700,000 bakal warganegara baru Malaysia yang berasal dari China.

Bagaimanapun, saya akur Tuhan tidak menjadikan kita ini semua sama kalau tidak hidup ini akan menjadi bosan.  Oleh itu saya amat terhibur dengan cara mereka yang mempunyai daya pemikiran yang sama seperti katak puru yang tersenarai sebagai salah satu dari empat binatang terbodoh di dunia.

Seingat saya, angka 700,000 yang dibawa oleh U-Turn Mahathir ini adalah angka yang sama didakwa oleh bekas Senator Chong Eng Leong dari Sabah telah menerima kad pengenalan Malaysia semasa pentadbiran U-Turn Mahathir.  Chong Eng Leong mendakwa bahawa Projek IC semasa pentadbiran U-Turn Mahathir telah memberi kad pengenalan Malaysia kepada 700,000 orang asing yang mana seramai 200,000 adalah pengundi berdaftar di negeri Sabah.

Siapa sebenarnya yang memiliki tanah milik TUDM ini?

Mari kita lihat pecahan pemilikan tanah tersebut:

  1. 40 peratus adalah milik Ministry of Finance Incorporated (MOF Inc), sebuah syarikat di bawah Kementerian Kewangan Malaysia;
  2. 22 peratus adalah milik Credence Resources Sdn Bhd., sebuah syarikat swasta milik warganegara Malaysia;
  3. 14 peratus adalah milik Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ); dan,
  4. 24 peratus milik China Railway Engineering Corporation yang akan membina terminus High-Speed Rail di situ.

Ini bermakna, 54 peratus milik syarikat-syarikat kerajaan dan 46 peratus milik swasta (22 peratus milik swasta Malaysia dan 24 peratus milik swasta China).

Ini juga bermakna 76 peratus Bandar Malaysia adalah milik Malaysia manakala 24 peratus adalah milik China.

Jadi di mana mungkin China memiliki tanah bekas milik TUDM?

Dan murahkah nilai tanah TUDM yang dibeli oleh 1MDB?

1MDB membeli tanah tersebut pada harga RM400 juta.  Namun sebagai ganti, 1MDB perlu membina sebuah Pangkalan Udara untuk unit-unit TUDM dari PU Kuala Lumpur ditempatkan.  Selain pangkalan udara yang baru, 1MDB juga perlu membina TUJUH buah lagi pangkalan tentera  menjadikan jumlah keseluruhan LAPAN buah pangkalan tentera berjumlah sekitar RM1.6 billion. Jumlah keseluruhan = RM2 billion.

Bayangkan apa yang boleh memanfaatkan kita dengan jumlah RM2.5 billion pinjaman yang lesap di Hong Kong semasa pentadbiran U-Turn Mahathir!

Fikir-fikirkanlah!

Lim Kit Siang Stands By His BMF RCI Request

It was supposed to be a press conference to announce la granouille extraordinaire Zaid Ibrahim’s yet another leap into a political party.

Minutes after the announcement Zaid’s joy was short-lived when U-Turn Mahathir took a swipe at him saying to the press that he hopes Zaid’s stay in DAP would be longer than the ones he had had in other opposition parties.

U-Turn Mahathir has never had anything nice to say about Zaid and I doubt he has anything good to say now either.


Zaid Ibrahim never had anything nice to say about U-Turn Mahathir either. You can read a special section on the old Pharaoh  from Page 215. Don’t bother buying the book now because he now has to like the old Pharaoh. Just get one from someone who plans to return the book for a refund.

Talking about books the best moment of the press conference was when a reporter asked what is DAP owner Lim Kit Siang’s current stand on the Royal Commission of Inquiry for the BMF scandal.

The author of two books blaming the BMF scandal on U-Turn Mahathir went through the roof!

This is how DAP would behave once power is being given to them. We can already see how charged-for-corruption Chief Minister Lim Guan Eng has been behaving in Penang.

Like father like son.

Anyway, Kit Siang says that he stands by his request for an RCI to he set up to investigate the BMF scandal.

However, he added that an RCI should first be formed to investigate the 1MDB scandal.

Perhaps we should jog the memory of this selectively amnesiac ass.



The Commission of Inquiry set up to investigate the BMF scandal in the 1980s was not given the power to summon witnesses to testify. There was no other investigation done.

1MDB had had its accounts and other documents opened up for the MACC, police, Bank Negara, the PAC (which coincidentally has members of the opposition in it), and had to undergo a forensic audit performed by the Auditor-General’s Office.

There was no “bailout” for the 1MDB as opposed to the BMF scandal which was bailed out by Petronas amounting to RM2.188 billion on top of the RM2.255 billion that vanished through loans to the Carrian Group.

Also Kit Siang, please note that the RM4.443 billion came from the rakyat’s coffers so to speak as money at BBMB was from Petronas to assist the Bumiputera, and Petronas money used to bail BBMB out belonged to the people too.

BMF lent Malaysian money to a foreign company for the purpose of projects outside Malaysia that have nothing to do with Malaysia.

1MDB on the other hand borrowed foreign money for projects in Malaysia. There is no ‘rakyat’s money’ involved as claimed except the ones used to form 1MDB.

And also please remember, the US DOJ never named the current Prime Minister in its investigation documents, only a reference to an ‘MO1’ was made as that person was not directly involved in the investigation.

However, the CIA document specifically linked the BMF scandal to U-Turn Mahathir.

So Kit Siang. It is your credibility that is on the line here. Whether DAP makes it in GE14 depends on whether you would support the formation of a RCI for the BMF scandal without any conditions.

Your son is going to jail for corruption and you are the only one left from your family to ensure that your family continues to be relevant to the rakyat.

Or are you too busy kissing U-Turn Mahathir’s ass and defending him to even think about the end of your credibility as well as your political career as you know it?

Perhaps DAP supporters should start burning all the books written by Kit Siang and ditch he and his family.

There is no use keeping an old man who has no integrity yet is trying to dictate things to others.

Kelepetokrasi

KELEPET.

The word means hem or a fold on a piece of cloth or paper.  A Malay synonym would be ‘lipatan.’  To Lipat or to Kelepet would colloquially mean ‘to pillage.’

Malaysia Airlines Boeing 737-800

Malaysia Airlines has always been a favourite airline of mine.  The national flag carrier is THE symbol of Malaysia’s global reach.  However, the airline which roots can be traced back to 71 years ago has been suffering badly from an especially bad episode of mismanagement dating back from 1994.

Disguised under the New Economic Policy that was supposed to assist the Bumiputeras to be economically stronger, U-Turn Mahathir and financial henchman Daim Zainuddin selected several cronies to helm public-listed companies.  They include Amin Shah Omar Shah (who screwed up the Kedah-class NGPV programme) and Tajuddin Ramli (TR) who stripped Malaysia Airlines of its edge and finances.

TR took over Malaysia Airlines in 1994 through his company Naluri as instructed by U-Turn Mahathir and Daim, the year Jaffar Hussein resigned as the Governor of Bank Negara Malaysia after making a loss in the region of RM30 billion in US Dollars through foreign exchange gambling.

Malaysia Airlines was okay for about two years before crashing in 1997 with a net loss of RM259.85 million (RM426.15 million in today’s terms) from a net profit the year before of RM333.01 million (RM546.14 million in today’s terms).

Like the collosal losses of real money the nation had to absorb through the BMF as well as the BNM Forex scandals, U-Turn Mahathir and Daim saw it fit for Malaysia Airlines, or rather their crony Tajuddin Ramli, be bailed-out using, again, the rakyat’s money.

An infuriated Lim Kit Siang (thank you again, Uncle) released a press statement on the 20th February 2002 saying among others:

The Malaysian Airlines System (MAS) police report on January 9 and the police investigations into alleged million-ringgit  management irregularities at  the MAS  cargo division during   the tenure of  former MAS executive chairman and key shareholder Tan Sri Tajudin Ramli is  a most welcome  departure from the invariable past practice of government and  corporate cover-ups, especially  in government-owned or controlled companies, making Malaysia notorious as a country teeming with “heinous crimes without criminals” – starting with the infamous Bumiputra Malaysia Finance (BMF) scandal in the eighties. 

It has been reported that the alleged management irregularities centred on business arrangements between MAS and a Germany-based cargo handler controlled by Tajudin Ramli and focussed on contracts between MAS and ACL Advanced Cargo Logistic GmbH, a 60%-owned unit of Naluri Bhd., a listed Malaysian company in which Tajudin is the largest shareholder.  ACL operates a cargo facility in Hahn, Germany, that MAS in 1999 contracted to use as its global cargo hub.  

The management irregularities being investigated by the police can only be  the tip of an  iceberg as MAS has chalked up colossal debts of RM9.2 billion and accumulated losses of R2.5 billion, requiring repeated billion-ringgit bailouts at the public taxpayers’ expense – and the Malaysian public are entitled to demand a  full accountability as to how the national airline could end up as such a sick company, a national embarrassment and a burden on public coffers.  

It was reported that the management irregularities in the cargo division  were discovered in   an audit ordered by the government after taking control of MAS early last year  following  the scandalous RM1.79 billion buyback  bailout of Tajudin’s 29.09 per cent stake at RM8 a share when the market price was only RM3.68.

This raises the question as to why an audit was not conducted before the government’s  buyback  bailout of Tajudin’s MAS stake – which would have a very important bearing on the proper price of the government buyout. 

I am sure Uncle Ah Siang has not forgotten this episode too when he became pally with U-Turn Mahathir recently.  Surely the interest of the rakyat is paramount to the God of DAP.

Or is it still?

He continued:

On March 21 last year,  the then Finance Minister, Tun Daim Zainuddin, gave a long and most unsatisfactory reply in Parliament during question time to justify the buy-back bailout of  Tajudin’s MAS stake which took place under his watch, but he  failed to address or  answer the  two most important questions, viz:

  • Why no independent professional valuation was ever done when the government agreed to  pay Tajudin’s Naluri Bhd for the MAS stake at RM8  per share representing  a premium of  RM4.32 or 117 per cent over the closing market price at RM3.68 per share when the deal  was signed on 20th December 2000; and 
  • Why rules for the bail-out of companies established by the National Economic Action Council  in the “National Economic Recovery Plan” was violated and  Tajudin was not only spared from having to “take his appropriate hair-cuts” but was given a bonanza at taxpayers’ expense to reward for his mismanagement of MAS by  being given  117% premium for the  MAS shares over the  market price, transforming it into a personal rescue for Tajudin instead of a public rescue for MAS.  

The  current police investigations into management irregularities in MASkargo Sdn. Bhd. have again brought to the fore  the  questions concerning  prudence, propriety, responsibility,  integrity, accountability and transparency of the decision to use RM1.79 billion public funds for the buy-back bailout of Tajudin’s MAS stake.  

Last month, the government announced a RM6.1 billion MAS restructuring exercise involving assets sale to enable the national carrier to retire some of its debts and provide RM820 million as working capital, which is just a creative way for a second round of government bailout for the national airline.

Malaysia Airlines, Perwaja, Renong as well as other companies steered towards oblivion by their cronies had to be bailed out using the rakyat’s coffers, and not one person has ever been charged in a court of law for the breach of trust they committed.  This included Amin Shah Omar Shah who, prior to being given the contract to build our Navy’s vessels, had never built a single fishing boat!

Kit Siang the self-proclaimed rakyat’s champion as recent as 2012 stated in the DAP’s mouthpiece Roketkini that Mahathir cannot pretend to be ignorant of the MAS scandal.

In fact it as also reported that “Mahathir had his hand in getting Petronas to bail out his son Mirzan Mahathir’s shipping company, then Konsortium Perkapalan, which had trouble servicing US$490 million debt!”

(courtesy of Finance Twitter)
(courtesy of Finance Twitter)

Lim Kit Siang was so furious about the bailout of Konsortium Perkapalan using the rakyat’s money that on the 16th June 1998 he wrote:

But Mahathir should similarly give full co-operation to the Royal Commission of Inquiry into Nepotism, particularly as to whether there is any nepotism in the government, through Petronas, using hundreds of millions of ringgit of public funds to bail out Mirzan Mahathir’s Konsortium Perkapalan Bhd.

Just recently, a copy of a directive from the Ministry of Finance to Telekom Malaysia regarding a direct negotiation contract award totalling RM214.2 million to Mukhriz Mahathir’s OPCOM made its rounds on the Internet:

img_6640

A blog post by a Sup Torpedo wrote about this back in 2006:

Mahathir’s criticism of Scomi is justified. It has proved that Scomi does not garner very much government work and now that’s all open to scrutiny. Unlike a company called Opcom Sdn. Bhd. who had a direct nego approved by the Finance Ministry way back in 2003 when Mahathir was both Prime Minister and Finance Minister. The amount of the tender by Telekom Malaysia Berhad was two hundred and fourteen MILLION ringgit. The Ministry of Finance approved it, no doubt with the blessing of the then Finance Minister and Prime Minister, Tun Dr. Mahathir Mohamad.

Hey! What’s new?  If you look at the above letter, it was dated on the 7th October 2003.  The old fart stepped down as the Prime Minister and the Finance Minister on the 31st October 2003.

It was an eleventh-hour effort to enrich his kin – a true nepotistic egoist dictator who was afraid that money made during his 22-year dictatorship would not be enough to cover his grave.

Even in 2006, during the peak of the old fart’s attacks on his successor Abdullah Ahmad Badawi, observers such as Sup Torpedo could see that it was little about putting the interest of the rakyat ahead as compared to securing money for the Thousand-year Reich of his:

Don’t miss the wood for the trees. This fight that Mahathir got going on with Pak Lah is not about doing the right thing. It is at best about putting his old crony’s rice bowl firmly where the padi fields grow. At the very worst of motives might be the will to further advance Mukhriz’s political career and provide continuity to the old ways.

Again, what is new now? Virtually nothing, except for one little glaring fact: WHY IS UNCLE KIT SIANG SELLING HIS SOUL AND PUTTING HIS PERSONAL POLITICAL INTERESTS AHEAD OF THE RAKYAT’S BY MAKING A U-TURN ON HIS ATTACKS ON MAHATHIR?

A simple answer would be that he is nothing but the stinking, arrogant cow-dung for brain hypocrite he has always been.  Power is what he seeks for power ensures riches, just like his charged-for-corruption son.

And what of the rakyat then?

As the saying goes: “The meek shall inherit shit.”

An Amnesiac Ass

The above is a cover of Lim Kit Siang’s 1983 book on the BMF scandal that involved the Mahathir administration.

The scandal must have been so damning that it warranted a book written of the accounts.

And in the age of the Internet you can find at least ten works of Lim Kit Siang that are related to the BMF scandal.

Three years after the publication of the above book, Lim Kit Siang published another one! So important was the BMF scandal that he had to publish another to keep the public informed of the scandal.


Three Bank Negara governors resigned within a span of 13 years beginning with Tan Sri Abdul Aziz Taha in 1985 who cited disagreement with Mahathir’s administration on lending policies.

His successor the late Tan Sri Jaafar Hussein resigned in the wake of a massive RM15 billion foreign exchange loss suffered by the bank in defending the ringgit.

Finally Tan Sri Ahmad Mohd Don resigned in 1998 over differences with Mahathir on monetary policies.

I am sure Lim Kit Siang hasn’t forgotten the above events. He even called for a Royal Commission of Inquiry to be set up despite the Ahmad Nordin Commission completing its inquiry.

The BMF scandal was so important to Lim Kit Siang because unlike the 1MDB, billions of public funds meant for the betterment of the people, the Bumiputera in particular, disappeared and we have all been told to just “let it slide.”

Some may say that I am inaccurate but since when have my detractors had any attention for accuracies? They prefer to believe rubbish like the Sarawak Report than actual published audited documents.

That is just a sign of desperation. Now a 30-year old CIA document has exposed the undoing of the Malaysian economy by a certain dictator-like leader.

This is not an exposé by the likes of myself. We are only highlighting, as Kit Siang said, nothing new. We are just jogging the memory of Lim Kit Siang and informing those who were too young to remember this scandal as well as those idealists who were born after the event.

I know Lim Kit Siang remembers everything but chose to pretend being an amnesiac ass just to fulfill his political ambitions.

And it matters not if the rakyat’s interest should take precedence because to him we are all pawns in his political game.

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.

Let Sleeping Dogs Lie

My father is 76 this year. He is still as sharp as ever. He only learnt to use a smartphone about a year ago after the passing of my late brother. He relied much on his trusted Nokia mobile phone until that got spoilt. He now sends and forwards Whatsapp messages to his children and grandchildren. Previously they were all sent as SMS. Of course, some of the messages he forwarded to us make me cringe as they were either older than the age of his smartphone, or unauthenticated; something you would not see if this was 21 years ago when he was still the IGP that he was for 20 years.

Having been the IGP for 20 years means that his opinions, in law and order as well as public moral and safety, count. This he continues to speak out at public forums. When he does so, he would relate it to the history of this nation most would have forgotten, or never experienced. He does so without interfering with or meddling into how the current leadership of the Royal Malaysian Police manages the force, and law and order. He knows his place – he was the IGP. He no longer is one.

I, too, find that as I age, I grow more sensitive. There are times when I wish I am still wearing my uniform. There are times when I wish that the Air Force still runs on the same tradition and system as those times when I was a serving officer. I meet up with veterans from other services as well, and just yesterday I was with a former army commando talking about old times. He keeps talking about “how it was then, as compared to how it is now” something I am also inclined to do.  However, I smiled at him and said, “times have changed. This is the present generation’s time.” I do engage former colleagues and squad mates who are still serving. I give ideas when asked, but always remind myself that I am no longer part of that life I sorely miss.

Tun Dr Mahathir was a towering statesman. For 22 years he managed this country with an iron fist along the line of his favourite Sinatra song, “My Way.” My way or the highway was his style. It was his style that propelled this beloved nation to where it is now. For all the good that he had done, many remember that his ways were often brash and snubbed many people in and out of this country that former Prime Minister of Australia, Paul John Keating, branded Mahathir an incalcitrant.

When Dr Mahathir was at the helm, there were dozens of accusations made against him. From bailouts to cronyism to interference in the independence of the judiciary to name just a few.  Of course when the Bumiputra Malaysia Finance Ltd bailout happened and its auditor got murdered, many of those who cry out against bailouts today were still in diapers. When Perwaja steel was bailed out, the Internet in Malaysia was still in its infancy, hence never received the same level of amplification that the recent “bailouts” have seen.  It was a time when UMNO cohorts thumped their chest and said, “UMNO and the government are one.” I don’t have to dwell on this as Tunku Abdul Aziz and numerous blogs have covered these “abuse of power.”

I don’t care for those in the opposition because it is their job to criticize come what may, but it is those in UMNO who are now taking the same line as the opposition. When the judiciary came under attack for not coming up with a verdict that favoured Anwar Ibrahim, UMNO members were quick to defend the judiciary, or any other government agency for that matter, the Audito-General’s office included.  Now, they too say that the audit report by the Auditor-General may not be transparent or not impartial.

Why the about turn now? Why the change in behaviour from UMNO to becoming the opposition? Why the incessant attack regardless of whatever explanation is offered? Isn’t this the very same opposition method that these same UMNO people criticized and ridiculed? How can public attacks on UMNO’s President be beneficial to UMNO if it means adding friendly fuel to the opposition’s fire?

Of course, now is about now and how best we move forward from here. Calls for Najib Razak to step down have not been accompanied by who should succeed and who should succeed next after the successor. The business continuity plan just isn’t there.  Even Dr Mahathir has stated that he doesn’t know who should lead the nation should Najib step down. So should we continue with this onslaught on Najib?

Dr Mahathir is whom I would describe as a once-in-a-lifetime leader. There is no doubt that I will never live to see another great leader such as he. Sharp, witty, acid-tongued, sarcastic to the point that the west has this love-hate relationship when it comes to Mahathir. I love the legacy he has built for us all, but now I am beginning to have my doubts about the relevance of his spoken facts. It was still okay when in the beginning he asked about 1MDB. However, when he raised the issue of Altantuya not only was he underscoring the opposition’s stand that the judiciary is not impartial, but his act was in contempt of a court decision. Is that the case that he is putting forth? The straw that broke the camel of my respect’s back was the announcement he made on the resignation of the Speaker of the Dewan Rakyat. In my eyes the pre-emptive announcement was a low blow. It would have been alright had such an announcement been made AFTER the fact that a resignation had indeed taken place.

How different is that than Anwar’s 16th September 2008 announcement of having the numbers to form a government?  The funny part is, the announcement was spun by pro-Mahathir people as “the trump card of all announcements.”!

Sometimes I wonder if it is the people around Dr Mahathir, especially those in want of something out of all this or just in want of a raison d’etre, who keep prodding the 90-year old to continue attacking Najib? Why are they taking advantage of an old man? Why use him as a shield? Is there no shame in that? That goes to the pro-Najib people too! Why make matters worse by attacking Dr Mahathir and family? Why are you bringing yourselves down to the pro-Mahathir level if you find their methods despicable?

I just wish they would stop the quarrel and leave Najib and the old man and his legacy alone.