Now we know why he chose to retire earlier than he should.
Date: Sat, 28 Nov 2009 09:27:35 +1100
Local: Sat, Nov 28 2009 6:27 am
Subject: Re: Mahathir squandered RM100 bil, says new book
Charges should be filed against all these crooked ex Leaders who have been
thieves all along. The Anti Corruption Agency can only go after the small
fries for stealing bread and ikan bilies.
Mahathir squandered RM100 bil, says new book
Malaysia has squandered an estimated RM100 billion on financial
scandals under the 22-year rule of Dr Mahathir Mohamad, according to a
new book about the former prime minister.
According to Barry Wain, author of the soon-to-be launched ‘Malaysian
Maverick: Mahathir Mohamad in Turbulent Times’, direct financial
losses amounted to about RM50 billion.
This doubled once the invisible costs, such as unrecorded write-offs,
were taken into account. The RM100 billion total loss was equivalent
to US$40 billion at then prevailing exchange rates.
Barry, who is a former editor of the Asian Wall Street Journal, says
most of the scams, which included a government attempt to manipulate
the international tin price and gambling by Bank Negara on global
currency markets, occurred in the 1980s.
‘Malaysian Maverick’ is the first independent, full-length study of
Mahathir, who retired in 2003 after more than two decades as premier.
The book will be published globally next week by Palgrave Macmillan.
Wain writes that the Mahathir administration, which took office in
1981 with the slogan, “clean, efficient, trustworthy”, was almost
immediately embroiled in financial scandals that “exploded with
By the early 1990s, he says, cynics remarked that it had been “a good
decade for bad behaviour, or a bad decade for good behaviour”.
Secret military deal with US
The book also reveals that:
Mahathir, despite his nationalistic rants, signed a secret security
agreement with the United States in 1984 that gave the Americans
access to a jungle warfare training school in Johor and allowed them
to set up a small-ship repair facility at Lumut and a plant in Kuala
Lumpur to repair C-130 Hercules transport aircraft.
Mahathir used a secret fund of his ruling Umno to turn the party into
a vast conglomerate with investments that spanned almost the entire
Mahathir’s Umno financed its new Putra World Trade Centre headquarters
in Kuala Lumpur partly with taxpayers money, by forcing state-owned
banks to write off at least RM140 million in interest on Umno loans.
Wain, who is now a writer-in-residence at the Institute of Southeast
Asian Studies in Singapore, however credits Mahathir with engineering
the country’s economic transformation, deepening industrialisation and
expanding Malaysia’s middle class.
But Mahathir had undermined state institutions, permitted the spread
of corruption and failed to provide for Malaysia’s future leadership,
Do you know that:
Last year, Petronas gained a total pre-tax profit of RM86.8 billion
and so far, it has earned about RM600 billion. As the surge of
international oil prices, it’s profits will as well substantially
grow. But the government has reduced fuel subsidies by a wide margin,
turning Malaysia into one of the world’s most expensive oil price oil-
producing countries. It makes the people wonder where the huge profit
of Petronas has gone?
Former Work Minister Datuk Seri S. Samy Vellu said in the Parliament
last year that the government has compensated a total of RM38.5
billion to 20 highway companies. Also, as the government has stopped
building the Scenic Bridge in Johor, it has to compensate RM300
million construction cost to the bridge contractor. Isn’t the spending
of such huge amount a waste?
Former Deputy Prime Minister Datuk Seri Anwar Ibrahim revealed that
the Central Bank has lost RM30 billion in foreign exchange trading in
the 1990s. Who was the manipulator behind it? (Second Finance Minister
was in charge of Bank Negara’s Forex trading at that time)
Malaysia Airlines was said to have suffered losses every year. But why
to spend RM1.55 million to buy three paintings to decorate its
chairman’s office? And why to spend RM7,525 per day to recruit a
foreign senior general manager?
Proton Holdings bought a 57.75% stake in MV Agusta for €70 million but
sold it at €1 (RM4.50) a year later, causing Proton to lose €75.99
million (RM 348 million)?
Other excesses and wastages:
1. The Bank Bumiputra twin scandals in the early 1980s saw US$1
billion (RM3.2 billion in 2008 ringgit)
2. The Maminco attempt to corner the world tin market in the 1980s is
believed to have cost some US$500 million. (RM1.6 billion)
3. Betting in foreign exchange futures cost Bank Negara Malaysia RM30
billion in the 1990s.
4. Perwaja Steel resulted in losses of US$800 million (RM2.56
billion). Eric Chia, was charged with corruption for allegedly
steering US$20 million (RM64 million) to a Hong Kong-based company
5. Use of RM10 billion public funds in the Valuecap Sdn. Bhd.
operation to shore up the stock market
6. Banking scandal of RM700 million losses in Bank Islam
7. The sale of M.V. Agusta by Proton for one Euro making a loss of
€75.99 million (RM 348 million)
8. Wang Ehsan from oil royalty on Terengganu RM7.4 billion from 2004 –
9. For the past 10 years since Philharmonic Orchestra was established,
this orchestra has swallowed a total of RM500 million
10. In Advisors Fees, Mahathir was paid RM180,000, Shahrizat Abdul
Jalil (women and social development affairs) RM404,726 and Abdul Hamid
Othman (religious) RM549,675 per annum
11. The government has spent a total of RM3.2 billion in teaching
Maths and Science in English over the past five years. Out of the
amount, the government paid a whopping RM2.21 billion for the purchase
of information and computer technology (ICT) equipments which it is
unable to give a breakdown.
12. The commission paid for purchase of jets and submarines to two
private companies Perimeker Sdn Bhd and IMT Defence Sdn Bhd amounted
to RM910 million.
13. RM300 million to compensate Gerbang Perdana for the RM1.1 billion
“Crooked Scenic Half-Bridge”
14. RM1.3 billion have been wasted building the white elephant
Customs, Immigration and Quarantine (CIQ) facilities on cancellation
of the Malaysia-Singapore scenic bridge
15. RM 100 million on renovation of Parliament building and leaks
16. National Astronaut Programme – RM 40 million
17. National Service Training Programme – yearly an estimate of RM 500
18. Eye on Malaysia – RM 30 million and another RM5.7 million of free
19. RM 4.63 billion, ’soft-loan’ to PKFZ
20. RM 2.4 million on indelible ink
21. Samy announced in September 2006 that the government paid
compensation amounting to RM 38.5 billion to the highway companies. RM
380 million windfalls for 9 toll concessionaires earned solely from
the toll hike in 2008 alone.
22. RM32 million timber export kickbacks involving companies connected
to Sarawak Chief Minister and his family.
23. Two bailouts of Malaysia Airline System RM7.9 billion
24. Putra transport system, which cost RM4.486 billion
25. STAR-LRT bailout costing RM3.256 billion
26. National Sewerage System costing RM192.54 million
27. Seremban-Port Dickson Highway costing RM142 million
28. Kuching Prison costing RM135 million
29. Kajian Makanan dan Gunaan Orang Islam costing RM8.3 million.
30. Le Tour de Langkawi costing RM 3.5 Million
31. Wholesale distribution of tens of millions of shares in Bursa
Malaysia under guise of NEP to cronies, children and relatives of BN
leaders and Ministers worth billions of ringgits.
32. APs scandal had been going on year-after-year going back for more
than three decades, involving a total mind-boggling sum of tens of
billions of ringgits
33. Alienation of tens of thousands of hectares of commercial lands
and forestry concessions to children and relatives of BN leaders and
Ministers worth tens of billions of ringgits
34. Travel around Malaysia and see for yourself how many white
elephants like majestic arches, roads paved with fanciful bricks,
designer lamp posts, clock towers, Municipal Council buildings that
looks more like Istanas, extravagant places of worship, refurbishment
of residences of VIPs, abandoned or under-utilised government sports
complexes and buildings, etc! Combined they could easily amount to the
hundreds of billions of ringgits!
35. Wastages and forward trading of Petronas oil in the 1990s based on
the low price of oil then. Since the accounts of Petronas are for the
eyes of Prime Minister only, we have absolutely no idea of the amount.
Whatever amount, you bet it is COLLOSSAL!
In Time Asia magazine issue on March 15 2004, South East Asian
economist at Morgan Stanley in Singapore Daniel Lian, figures “that
the country may have lost as much as U$$100 billion (RM320 billion)
since the early 1980s to corruption.” Mind you, this is only
corruption and it does not include wastages!
All the rakyat’s hard earned money down the drain and they have the
audacity to raise fuel prices and asking the people to change their
Subject: Re: Mahathir squandered RM100 bil, says new book
I don't think the Chinese Bank is that stupid to take over a business entity
that is rive with problems and has all incompetents running the show. The
Oil reserve in Malaysia is fast running out and will soon be not worth the
paper the business is written on. All the debtors will be doing the
disappearing act after a take over occurs
"Allah , your only god Allah , you are only allowed to have me as your only
God , you are only authorised to have Allah as your only God ."
if Petronas 's profits vanish , disappear ,
this will give ICBC Chinese bank the Chance to take over
Petronas , this will be good for Chinese to take Malaysia.
n Dec 1, 5:27 am, "tkw"
> A little bird tells me Petronas does make a lot of money most of which are
> on loan to lots of people who if call upon to pay back will go bust. As
> books of Petronas is not meant for public eyes, nobody in the public
> knows. Petronas is still looking good as long as these people or bodies
> not pressure to pay back. The books look okay and pretty. Belakang nampak
> nya serupa sa ketul bunga. Depang tiu nya mah.
> "Abdul Rahman Dohlon"
> Petronas this year has 86 billion RM as profit ,