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.

Scare-a-monger

He dressed up not as James Bond as he looks like Scaramanga
He dressed up not as James Bond as he looks like Scaramanga

When he wore his tuxedo to his James Bond themed birthday ball, YABhg U-Turn Mahathir did not turn up as Bond himself, but rather as one of the antagonists in the James Bond movie, Francisco Scaramanga. While Scaramanga used a golden gun to kill others, Mr Scare-a-monger here uses a golden pen.

In his reply to HRH Sultan of Johor Scare-a-monger pointed out that the bulk of purchasers of the Forest City properties are the mainland Chinese and that would cause that part of Johor to have “an inordinate percentage of foreign people.”

When Scare-a-monger launched the ‘Malaysia My Second Home (MM2H)’ programme in 2002, an inordinate percentage of foreign people did come to Malaysia to purchase properties.  Some even opened up companies to help facilitate their countrymen to own properties in Malaysia like Mr Ishihara Shotaro who is now a Malaysian permanent resident after being in Malaysia since 1992 and owns quite a number of properties around Malaysia.  Ishihara says that the dropped in the Ringgit is like a twenty percent discount for the Japanese on all properties in Malaysia.

As a matter of fact in October 2015 Nomura reported that Malaysian properties remain in Japanese firms’ sight.  And this was before the drop in the Ringgit.

So, when mainland Chinese property buyers come over to take advantage of Scare-a-monger’s MM2H programme, why is he crying foul?

It would also be a matter of time for Mr Ishihara Shotaro to be able to become a Malaysian citizen if he wishes to do so – thank you to Scare-a-monger’s MM2H programme.

Scare-a-monger also forgot to mention that when he wanted the Petronas Twin Towers (KLCC) built, foreign companies built it – namely Hazama Corporation from Japan for Tower One and Samsung Engineering and Construction for Tower Two.  In fact although Ekovest led the construction for the KLIA, foreign companies became the consultants.

Scare-a-monger also went on to say that when foreigners take a loan to buy properties here, they take loans from local banks.  Therefore, there is no capital inflow from abroad.  Is he saying that foreigners can take up loans without having to have an account opened at local banks but locals do?

And if a bank account is required, do these foreigners go to Bank Negara to wait for newly-minted notes to be given to them for free so they could open up bank accounts here to get a loan? So where do they get money from to open bank accounts if not by bringing in from abroad?

And when he says a foreigner can buy property in China and get one flat or house free in Malaysia, no profit will be made in Malaysia, therefore no taxes will be paid to the Malaysian Government, can he tell me how is it possible for the Chinese developer in China to give free house in Malaysia for the buyer in China without first purchasing the house in Malaysia?  If these houses can be given for free to foreigners, why not give away some of these houses to Malaysians?

Scare-a-monger is getting old. Time is nearly up for him and he fears that when he dies, there would not be enough bank notes to cover his grave when others are contented to have earth fill up theirs.

So all he does is shoot off his golden gun and see what gets hit.

The only thing is he has so far been firing blanks just to scare people.

 

Faulty Diversion

The heat is certainly on Lim Guan Eng on the #NoSwimmingPool issue. The silly #BadFengShui excuse given by Teresa Kok makes the whole circus even sillier. Who in the right mind would want to buy a property that has bad Feng Shui? To make matters worse, a Melaka DAP officeholder has quit the party to become an independent. Johor-born Lim Guan Eng was a Melaka DAP person until he found it difficult to get support there that he had to contest in Penang, making the Penang DAP folks look like they are incompetent to run the affairs of their own state.

Anyway, you can lookup the hastags above on Twitter and see what has been discussed.

  
To take the heat of Lim Guan Eng, the DAP has been giving all sorts of silly excuses to defend his purchase of the property at No.25 Jalan Pinhorn:

  
Enter Liew Chin Tong. Liew tries to divert the whole attention to this recently-revealed document, saying that Tengku Razaleigh Hamzah was part of the plot to topple Najib Razak, a claim underscored by an enraged Mahathir who had to even confess that he was a dictator!

   
   
Nice try, Ah Tong. I can come up with such an unsigned draft and claim that it was godsent. But all I have seen so far is this:

  
That Ku Li signed the declaration to support Najib Razak. And unlike the unsigned document above, he actually signed the declaration of support.

We won’t forget Section 165 of the Penal Code and how similar Guan Eng’s case is to that of Khir Toyo’s. The question now is when, since the MACC is trying best to protect Guan Eng by delaying taking his statement.

Making Money Out Of Which RMAF Base?

I don’t know who is The Edge’s source, but this article RMAF Bases Eyed For Multi-Billion Ringgit Property Projects smells funny.

True enough that the Air Force have maade plans to do away with the base in Sungai Besi as it no longer serves a strategic purpose. Most of the units that are there will probably be moved to RMAF Subang and to the new base proposed in the Sendayan area. For that matter, RMAF Kinrara which was strategic as behind it was a rubber plantation (Kinrara estate) and also the Air Hitam forest reserve, very suitable for basic military training, is now surrounded by housing estates. It now houses only a logistics training school and does not have any strategic purpose. I suspect the unit will also be moved to either Subang or the new base in Sendayan.

What about the fighter base in Butterworth? Surely that will go because of profit-making opportunities as it has strategic importance.

Yes, the base has strategic importance. But of late, it too is surrounded by development, so much so that all you need is to be in one of the houses next to it to spy on the activities or shoot down a fighter on finals. Furthermore, Uncle Lim’s tunnel project will have its entrance/exit very near the base. That in itself is a security concern to add to the list above. However, I do not see any of the units there moving anywhere until an alternative fighter base is made ready to receive the units. I don’t see this happening even in ten years time.

I don’t know why The Edge had to list almost all the RMAF Bases as potential property projects as they are on prime development land. I do not see who on earth would consider the base in Jugra or the radar station perched in the middle of that jungle nowhere called Bukit Ibam as prime properties.

Perhaps, the list was made out to create discontent towards the government as the mention of SyedMokhtar al-Bukhary’s name is supposed to create sensationalism. Anything Malay, I guess.

The Edge has gone from a reputable newspaper to another oppo-leaning reading fit for idiots.