Thursday 17 October 2024

Gambling, the recipe for a nation’s failed SWF

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 The disgraced and shameless former prime minister Najib “1MDB” Razak who helmed the SWF. - Facebook image.

Gambling, the recipe for a nation’s failed SWF

KUALA LUMPUR, Oct 17, 2024: Why is 1Malaysia Development Berhad (1MDB) a failed Sovereign Wealth Fund?

Allowing a SWF to use its funds for gamling is definiotely a recipe for financial disaster or failure!

No News Is Bad News reproduces below a news report on a 1MDB court proceeding:

Malaysia

1MDB funds spent on gambling, real estate and making movies, court told

In their opening statement of 1MDB’s civil suit against Riza, the sovereign wealth fund and three of its subsidiaries said the defendants had knowingly received funds misappropriated from 1MDB. 

Updated 1 hour ago · Published on 17 Oct 2024 4:47PM

The statement, which was filed in the High Court yesterday, was made available to the press today.- October 17, 2024

A TOTAL US$248 million in siphoned 1MDB funds were spent on gambling, real estate, movie memorabilia, and to fund Riza Aziz's company Red Granite Pictures and its motion picture productions, claimed counsels acting for 1Malaysia Development Berhad (1MDB). 

They claimed the money was siphoned out through two companies linked to fugitive businessman Low Taek Jho or Jho Low, and sent to Datuk Seri Najib Abdul Razak’s stepson.

In their opening statement of 1MDB’s civil suit against Riza, the sovereign wealth fund and three of its subsidiaries said the defendants had knowingly received funds misappropriated from 1MDB. 

The statement, which was filed in the High Court yesterday, was made available to the press today.

Malaysian and US investigators estimate a total of US$4.5 billion was siphoned from 1MDB following its inception in 2009, implicating many people, including Najib, Low, Goldman Sachs personnel and high-level officials elsewhere.

Besides 1MDB, the other plaintiffs are 1MDB Energy Holdings Limited, 1MDB Energy Limited, and 1MDB Energy (Langat) Limited.

In the statement, 1MDB claims that the misappropriation of its funds had been made without the knowledge or approval of the board of 1MDB, and did not benefit the company in any way. 1MDB said Riza Aziz took a conscious decision not to make inquiries, despite having sufficient basis to be suspicious about the transfers of misappropriated funds he received from Jho Low through his companies.

“Alternatively, Riza Aziz recklessly and consciously and willfully failed and refrained from making such inquiries as an honest and reasonable person would have made,” it said.

1MDB is seeking for Riza and the two Red Granite companies to pay the US$248 million back to the strategic development company. 

1MDB, along with 1MDB Energy Ltd, 1MDB Energy Holdings Ltd, and 1MDB Energy (Langat) Ltd, filed the suit in May 2021.

They said that the first tranche of payment of more than US$10.173 million made to Riza was from Good Star Ltd, a company controlled by Jho Low, while the US$238 million that Red Granite Capital received was actually from bonds raised by 1MDB for the purchase of several power plants.

In his defence, Riza claimed that the money was received from a loan from Saudi royalty or the International Petroleum Investment Company (IPIC) and not from 1MDB.

The defendant claimed that it was hard for an unknown film producer to obtain loans from commercial banks and that had compelled him to seek funding from individuals or companies.

The plaintiffs are therefore seeking a declaration that Riza as well as the Red Granite companies are liable to account for the funds misappropriated from 1MDB.

Alternatively, the plaintiffs are seeking a repayment of the funds misappropriated from it based on unjust enrichment. - October 17, 2024

Free wife, anyone?

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Free wife, anyone?

KUALA LUMPUR, Oct 17, 2024: In Malaysia Boleh! (Malaysia Can!), anything is possible!

Do you want a free wife? Then go to the rest area near the ostrich farm in Semenyih.

At the sme time, you can also get “Cofee Brick”, whatever that is (Coffee Break?).

There’s also “Message” services. Does the authority that put up the road signboard mean “Massage” services?

Motorists who go to the rest area and do not get any of the service, there, then feel free to complain to the Domestic Trade and Consumer Affairs officials for false advertising or whatever!

Malaysia's sign of high class or 5-star education?

Malunya Malaysia (Shameful Malaysia)!

Ahh! Yes! Let's not forget this (self explanatory):

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PH-lapdog DAP slowly, but surely losing support of multiracial Malaysians

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PH-lapdog DAP slowly, but surely losing support of multiracial Malaysians

KUALA LUMPUR, Oct 17, 2024: Multiracial Malaysians today will not hesitate to vote for the birth or rise of a viable alternative to DAP.

That is a reality for the DAP today as it is almost muted on many socio-economic issues that it used to fight for when it was in the Parliamentary Opposition.

That it is fast becoming a political lapdog to Pakatan Harapan (PH) akin to Umno’s No.1 lapdog MCA is an understatement.

Will DAP's leadership continue to dig its political grave deeper?

No News Is Bad News reproduces below what former DAP Bangi MP Ong Kian Meng is saying about the DAP today:

This is not the DAP I joined 12 years ago, says ex-Bangi MP

FMT Reporters

-17 Oct 2024, 01:13 PM

Ong Kian Ming says the party would have fought for equal allocations for all, after Lim Guan Eng complained that his funds had been ‘hijacked’.

Former Bangi MP Ong Kian Ming said the DAP he joined in 2012 would not have allowed two of its assemblymen to attack an exco colleague on the issue of funds for their constituencies.

PETALING JAYA: DAP’s Ong Kian Ming has lamented the state the party is in after its chairman, Lim Guan Eng, had taken issue with a portion of government funds being used for a constituency under the opposition.

The former Bangi MP said the DAP he joined in 2012 would not have its chairman publicly question an exco member from his own party about public works department (JKR) expenditure being used for a trunk road that spans two constituencies.

The DAP I joined would be fighting for equal allocations for all MPs regardless of whether they were in opposition or government, he said in a post on X.

Lim had recently claimed some RM1.4 million of the RM5.6 million in funds set aside for his constituency, Bagan, had been hijacked by Tasek Gelugor.

The former Penang chief minister also claimed it was the second time that funds for Bagan had been hijacked.

Tasek Gelugor MP Wan Saiful Wan Jan, of Perikatan Nasional, expressed shock at Lim’s claim, asking if opposition-held areas were to be left out of development.

On Tuesday, state executive councillor Zairil Khir Johari explained that the RM5.6 million was meant to upgrade a trunk road linking the two areas, with RM4.2 million spent in Bagan, and the balance in Tasek Gelugor.

Zairil also said the RM1.4 million has since been returned as the Bagan MP felt cheated.

Ong said the DAP he joined 12 years ago would not have had two assemblymen publicly attacking Zairil on the same issue, referring to K Kumaran and Chee Yeoh Keen, the elected representatives for Bagan Dalam and Bagan Jermal, respectively.

Sadly, this is not the DAP I see today, the former deputy minister wrote.

Wednesday 16 October 2024

Can multiracial Malaysians continue to trust Anwar and his UG, give them more time and benefit of doubt?

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For image info, go to https://www.bernama.com/en/news.php?id=2252895 

Can multiracial Malaysians continue to trust Anwar and his UG, give them more time and benefit of doubt?

KUALA LUMPUR, Oct 17, 2024: Fact: The Umno-led Alliance and Barisan Nasional (BN) governed Malaysians and Malaysia for some six decades before Malaysians had had enough of its “garbage” administration.

The majority decided to dump it (read as Umno), especially the Malays.

Fact: The Anwar Ibrahim Pakatan Harapan (PH)-led and so-called Madani Unity Government (UG) has been in power for just over two years.

Can the UG realistically undo all the wrongs by the BN-Umno federal governments?

Is it fair to expect Anwar and PH to undo all in just two years or just a term in office?

Is it fair to ask Malaysians to give Anwar and UG more time and the benefit of doubt?

No News Is Bad News reproduces an Opinion piece published by FocusM:

Forget about Tun M, Ku Li’s criticism: Anwar has done much more than we assume!

By Nehru Sathiamoorthy

 


UMNO veteran Tan Sri Tengku Razaleigh Hamzah is of the opinion that Prime Minister P(M) Datuk Seri Anwar Ibrahim has done nothing since taking office two years ago.

In his view, everything that Anwar has done, he did so out of anger against his former mentor Tun Dr Mahathir Mohamad.

“Is there reform? It’s just all talk. What he used to shout about was only because he was angry with the former PM Tun Mahathir for ‘attacking’ and arresting him,” Tengku Razaleigh who is also fondly known as Ku Li reportedly said.

“Thus, the Reformasi movement was born and people agreed with this call. Just so justice would be given to him.

“He says it takes time but it’s been over two years since he became PM. From the time when Dr Mahathir was PM twice and Barisan Nasional (BN) fell, there has been no record of how to bring about reform.”

The nine-term former Gua Musang MP’s observation mirrors a similar observation that Dr Mahathir made in August.

According to the nonagenarian who will turn a centenarian in a year’s time, it is “difficult” to think of anything positive that Anwar’s Madani government has done since he took office two years ago.

Reformist version

I am certainly not a fan of Anwar but I do believe that both Ku Li’s and Mahathir’s rating of Anwar is too jaundiced.

Although Anwar might have not done everything that he said that he would have done or he might have turned his back on many of the things that he said he would do, there are certain reforms that he has done which are not insubstantial.

As Anwar has not articulated what exactly he meant by reform, this has led many people, including Ku Li, to believe that all of Anwar’s talk about reforms is nothing more than hot air.

Anwar might have his own vision of “reforms” which is to release the country from the clutches of our past excesses and mistakes so that we will be able to soar into the future.

I would say that Anwar’s subsidy rationalisation and brave moves to raise the wages of workers are two immensely significant items of reform that he has instituted since taking office.

Tun Dr Mahathir Mohamad (left) and Tan Sri Tengku Razaleigh Hamzah (Image credit: Malay Mail)

 

Anwar’s move to implement such actions as the subsidy rationalisation and wage increment are definitely steps to dismantle the Dr Mahathir economic legacy, thus releasing Malaysia from our past mistakes.

Without being able to develop their full potential, Malaysians have grown so bitter and dejected that their frustration and disappointment have created a toxic landscape filled with endless power struggle, race and religious tension as well as ill will and bewilderment.

Anwar’s subsidy rationalisation, wage increment and perhaps even inheritance tax are all moves that are engineered to unburden Malaysians from the weight of our past mistakes, hence wash away the toxicity from the Malaysians Experience while charting a path of growth for our future.

Challenges  

The problem with Anwar is that he is playing his cards close to his chest – and revealing too little of what he has in his heart and mind.

Moreover, he is also likely to be engaged in a cat and mouse game with the remnants of Dr Mahathir’s ancient regime that are bitterly opposed to his reforms.

The fact that toxicity in the Malaysian Experience is regularly in danger of getting out of hand, might also be making the waters so murky to such an extent that it is hard to see what Anwar has planned.

Datuk Seri Anwar Ibrahim chairing the National Economic Action Council (MTEN) meeting

 

Moreover, with old timers like Ku Li and Dr Mahathir still tie the concept of “doing something” with the construction of highways, skyscrapers or new cities might also be a part of why many people see Anwar’s administration as a “do nothing”.

But at the end of the day, the proof of the pudding is in the eating. Rather than invest his time, energy and effort to satisfy the expectations of the likes of Dr Mahathir or Ku Li, Anwar is better off succeeding in liberating the country from its legacy of mistakes and to find a meaningful future.

If he does that, I am confident that despite his shortcomings, he will be able to contribute to his country, win the favour of the next generation and be remembered as the “Father of Reformation” by saving his country at a time when it needed saving. – Oct 16, 2024 FocusM

Nehru Sathiamoorthy is a roving tutor who loves politics, philosophy and psychology.

The views expressed are solely of the author and do not necessarily reflect those of Focus Malaysia.

Main image credit: Anwar Ibrahim/Facebook

Hishammuddin the next to come under MACC’s pre-GE16 probes on the suspected corrupt?

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Whose blood is he going for with his keris (dagger)?

Hishammuddin the next to come under MACC’s pre-GE16 probes on the suspected corrupt?

KUALA LUMPUR, Oct 17, 2024: Prior to the next general election (GE16) that must be held in 2027, the Malaysian Anti-Corruption Commission (MACC) has clearly gone overdrive in its dragnet against the suspected corrupt “big fish”.

In the past week, the MACC have been raiding the homes and offices of millionaires and billionaires in search of evidence in their wide ranging probes.

And a Finance Twitter December 2023 report that the next “big fish” that the MACC would be going after is former Umno Youth “keris (dagger)-wielding” chief, vice-president and Defence Minister Hishammuddin Hussein, was reposted by The Coverage.

And what is noteworthy is that many of the suspects are linked to the corrupt-loving Umno whose No.1 revered leader is the disgraced and shameless jailbird former prime minister Najib “1MDB” Razak, a former party president.

No News Is Bad News reproduces below a Finance Twitter report that was reposted by The Coverage:

News

Hishammuddin The Next Big Fish To Be Hauled – RM4.886 Billion Worth Of The Scandalous Land Swap Deals

31 December, 2023

 

Hishammuddin Hussein, the cousin of Najib Razak, the former prime minister who faces a total of 42 charges of criminal breach of trust (CBT), money laundering and abuse of power linked to 1MDB, was once a rising star groomed to become Malaysia’s next leader. After all, he belongs to the “bangsawan class” of politicians or the political elite.

As the son of the country’s third Prime Minister, Hussein Onn, he didn’t have to work very hard to get where he was before the stunning downfall of the previous Barisan Nasional government. He had been already a minister since 1999 at the age of 38, until last May, when the government his cousin was in charge lost power for the first time in 61 years since 1957 independence.

Even at the height of 1MDB scandal, there were rumours that Najib Razak might step down to rescue the plunging popularity of UMNO party, and hand over the baton to his cousin. The rumours went hyper-drive when Mr. Hishammuddin was appointed Special Functions Minister in the Prime Minister’s Department in April 2017, something that had happened only to Daim Zainuddin ages ago.

As everyone fought for the UMNO presidency left vacuum by the disgraced Najib Razak, Mr. Hishammuddin had chosen a different path of abandoning the sinking ship – at least temporarily. As the people demanded justice, it was the clever thing to do to prevent him from being one of the hottest targets of investigations over wrongdoings during the 61 years of previous corrupt administration.

To rebrand his image as the good guy, Hishammuddin had even offered to find his cousin’s partner-in-crime, Jho Low, to appease and suck up to Prime Minister Mahathir Mohamad. He has also been linked to be the man behind Sabah UMNO defections. At the peak, to save his skin, Hishammuddin was suspected to have turned UMNO traitor who would leave the party with 30 MPs.

Once an arrogant and racist UMNO warlord, Hishammuddin’s past corruption and abuse of power have slowly but surely emerged to haunt him. When Defense Minister Mohamad Sabu and deputy Liew Chin Tong revealed on Feb 19 that more than RM500 million from some land swap deals worth RM4.75 billion was lost, Hishammuddin was immediately caught with his pants down.

Like his cousin Najib, Mr. Hishammuddin rubbished allegations of abusing MINDEF (Ministry of Defense) assets, despite the fact he was the Defense Minister from 2013 to 2018, during which 13 of the 16 dubious land swaps involving 2,932 acres of land were carried out during Barisan Nasional government. The despicable Hishammuddin told the new defence minister to stop politicking.

But the MINDEF land-swap scandal involving project development cost of RM4.886 billion was simply too massive to be swept under the carpet. On May 13, when the fiasco refused to go away, Hishammuddin Hussein challenged Defense Minister Mohamad Sabu and deputy Liew Chin Tong to prove he benefited from land swap deals.

Apparently, discrepancies were found in the Defense Ministry’s 59-page audit report, including the sale of land below market value or granting of projects to unqualified developers. The suspicious land swaps were also done to illegally shift military voters to constituencies of four Barisan Nasional warlords – Hishammudin Hussein, Ahmad Zahid, Ismail Sabri Yaakob and S. Subramaniam.

The cousin of Najib declared – “I challenge Mohamad and Liew to prove that I have personally benefited financially and politically. My advices to them both, if they live in glass houses, don’t throw stones.” Without Hishammuddin realizing it, his declaration of challenge is an indirect admission of wrongdoing, and he was betting Mahathir government would not dare touch him.

Yes, the cousin of the crooked Najib thought he was untouchable because the controversial land deals had started even from 1997 when Mahathir Mohamad was the prime minister. So, Hishammuddin’s belief was that if the Malaysian Anti-Corruption Commission (MACC) investigates him, they would have to also investigate the 93-year-old PM who ruled the country for 22 years from 1981 to 2003.

To Hishammuddin’s horror, PM Mahathir said nobody is above the law and the police will investigate anyone, including former prime ministers, over the Defense Ministry’s controversial land swap deals. Perhaps Hishammuddin should do his homework before throwing half-baked challenges to the new government

Sure, Mahathir was the man who walked the corridors of power when dubious land swaps had started from 1997. But the defence minister from 1995 to 1999 was Syed Hamid Albar, not Mahathir. In contrast, Najib Razak was defence minister from 1999 to 2008, follows by Abdullah Ahmad Badawi (2008-2009), Ahmad Zahid Hamidi (2009-2013) and of course, Hishammuddin himself (2013-2018).

Defence Minister Mohamad Sabu revealed that 13 of the 16 land swaps carried out during the Barisan Nasional’s administration involved Hishammuddin and his cousin Najib Razak. Hence, over 80% of the misappropriation and abuse of power were committed by both cousin-brothers during their tenure as defence ministers. The rest 3 cases could have been committed by either Albar or Badawi or Zahid.

Regardless, Mahathir was not involved. If the old man was somehow involved, either directly or indirectly, both Najib and Hishammuddin would have told all and sundry that it was Mahathir who gave the instruction for the land swap deals, no? Najib would have taken to social media Facebook and shouted his lungs out that Mahathir told him to swap the lands.

Defence Minister Mohamad Sabu and deputy Liew Chin Tong have not actually made any allegation that Hishammuddin had personally benefited “financially”. However, Mr. Hishammuddin, infamous for his “Keris (Malay dagger)” waving stunt in an attempt to intimidate non-Malay into kowtowing to the supremacy of UMNO-Malay, has clearly “benefited politically.”

Both Hishammuddin and Najib could have abused their powers, working hand-in-glove with the previous corrupt Election Commission and illegally shifted military voters to vulnerable constituencies to ensure unfair victory for Barisan Nasional. This is not the first case of abuse of power allegedly committed by the so-called “bangsawan” politicians though.

Last December, the same cousin brothers of Najib and Hishammuddin were exposed to have had secretly deployed the military boys to Saudi Arabia, exposing them to unnecessary risks in their involvement in the “Yemeni Civil War”. Since June 11, 2015, about 27 officers and 62 rank-and-file troops were deployed to Saudi for “Ops Yemen 2” – without approval from the Cabinet.

Hishammuddin had previously shamelessly continued using the military bodyguards, despite losing power and was no longer a defence minister. He claimed that the bodyguards were part of his security detail for a “temporary period”. He was also responsible for the deaths of 6 civilians and 10 Malaysian military forces, when the braggart mishandled the 2013 Lahat Datu invasion by militants from the Philippines.

For a very long time, Hishammuddin had freely abused his power because of his elite family background. It’s time Mahathir government catches the next big fish. The MACC should start investigating the RM4.886 billion worth of the scandalous land swap deals. Even if former defence minister Syed Albar, a member of Mahathir’s Bersatu political party, is implicated, so be it.

Source : Finance Twitter

MACC raids companies belonging to Dr M’s sons, Finance Twitter posts report of Dr M’s RM473b estimated net worth

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MACC raids companies belonging to Dr M’s sons, Finance Twitter posts report of Dr M’s RM473b estimated net worth

KUALA LUMPUR, Oct 17, 2024: As the Malaysian Anti-Corruption Commission (MACC) raids companies belonging to the racist Dr Mahathir Mohamad’s sons - Mukhriz, Mirzan and and Mokhzani - Finance Twitter posted a damning feature article alleging that Dr M’s estimated net worth is at least US$40 billion or a quarter of Malaysia’s GDP, which was US$110 billion (RM473 billion) in 2003.

It sure looks like the MACC has gone overdrive its its dragnet operations to expose the alleged corrupt and kleptocrats who are seen as the “big fishes” p[rior to the next general election that must be held in 2027.

Also, there is a report that former Umno Youth “keris (dagger)-wielding” chief, vice-president and Defence Minister  Hishammuddin Hussein is the xext big fish to be hauled – RM4.886 billion worth of the alleged scandalous land swap deals.

And what about the disgraced and shameless former prime minister, yet another Umno figure of the corrupt-loving party, Najib “1MDB” Razak?

These two images found on Facebook says it all:

No News Is Bad News reproduces below news reports that were reposted by The Coverage:

News

LHDN Raids Companies Belonging To Mukhriz, Mirzan & Mokhzani

17 October, 2024

 

Datuk Seri Mukhriz Mahathir confirmed that the Inland Revenue Board (IRB) had raided his company, Opcom Holdings Bhd.

Mukhriz said he will give full cooperation to IRB.

“We will cooperate fully with IRB. I think those guys are doing a professional job.

“I expect we have to submit some documents to fullfil some of the request such as tax declaration form and such,”

Mukhriz said that the authorities were looking for backdated logs and transactions dated from 2011 to 2013.

Malaysiakini reported that 10 IRB officers raided the offices owned by all three of former premier Tun Dr Mahathir Mohamad’s sons and took some documents away.

The two other companies which were raided Crescent Capital Sdn Bhd, a venture capital firm established and headed by Tan Sri Mirzan Mahathir and Kencana Capital Sdn Bhd, another venture capital firm owned by Datuk Mokhzani Mahathir.

Meanwhile, in a Pakatan Harapan media conference today, Dr Mahathir said he welcomed the raids on his sons.

In his usual sarcastic tone, Dr Mahathir also suggested for more raids to be done on other government officials.

“They (IRB) are welcome to raid me or my sons and I think we should do this more often. They should also raid other government officials. We need to study their lifestyle,” he said.

Source : NST

News

Tun M Estimated Net Worth – The $40 Billion Reason Why He Spews Racist Remarks Against Chinese & Indian

17 October, 2024

 

Mahathir Mohamad has run out of bullet to save his mega-rich children, whose dubious fortune were made during the former prime minister’s 22 years of dictatorship (1981-2003). In fact, the 98-year-old corrupt man could no longer pull a rabbit out of his hat. He is done, finished, game over. He’s living on borrowed time because the God wanted him to see how his dynasty is being destroyed.

Forget what he had said in multiple interviews that he “didn’t care” how his legacy would be remembered. The dictator was a master in reverse psychology, infamous for saying the opposite in his sarcastic trademark. He cares very much how people will remember his legacy, otherwise he would have retired peacefully in 2003, the same way his successor Abdullah Badawi did in 2009.

Heck, not only his entire 22 years of hard work in enriching his children will go to the dogs, he would turn in his grave when people keep insulting him as the son of Iskandar “Kutty”. If there’s one thing he can’t erase, it’s the fact that he isn’t pure Malay, but a corrupt “Mamak”. Out of embarrassment, the only thing he can say is that there were only spoonfuls of Indian blood in him.

Worse, Mahathir is terrified – even panicked – that he would end up like Marcos, Mubarak, Gaffadi, Saddam Hussein and a long list of 20 notorious corrupt dictators who had gone “kaput and dead” but demonized instead of respected. As a living fossil, Mahathir is now powerless, alone, desperate, frustrated and whatnot, even though he can take some comfort that his family is rich beyond his dream.

When Pharaoh Hosni Mubarak was overthrown in 2011 after 30 years of iron-fist rule, the forner Egyptian president’s fortune was estimated at between US$40 billion and US$70 billion. However, the Washington Post said that based on documents published by top Egyptian lawyers, Mubarak’s clan may have squirreled away US$700 billion in “cash, gold and other state-owned valuables”.

Libyan dictator Muammar Gaddafi, who was killed the same year his buddy Mubarak was toppled, had a net worth of at least US$70 billion. But it was a very conservative figure. Known as the “King of Kings”, Gaddafi was worth over US$200 billion with assets in bank accounts, real estate and corporate investments around the world, thanks to his control over the largest oil reserves in Africa for 41 years.

After the Gaddafi regime lost power, the Obama administration quickly froze about US$37 billion of Libyan assets in the U.S., while the governments in France, Italy, England and Germany had seized another US$30 billion. Investigators estimated that Gaddafi had stashed another US$30 billion elsewhere around the globe. And the dictator was known to keep most of his ill-gotten fortune in Libya.

Saddam Hussein’s fortune was only known to the U.S. authorities after the dictator was interrogated, revealing how US$40 billion was invested abroad in Switzerland, Japan, and Germany, among others, under fictitious company names. Even then, his family managed to take about US$1 billion in cash from the Iraqi central bank shortly before the start of a US-led coalition invasion to topple the dictator.

Till today, Saddam’s assets are still missing. There were rumours that some of his stolen money – approximately €20 billion (US$21.7 billion) in cash – had been secretly flown to Russia from Germany. Experts say the dictator’s wealth has been so effectively hidden – in countries from Latin America to Asia – that the real amount may never be known, as it was hidden within a network of 200 individuals and firms linked to Saddam.

Even when Ben Ali fled Tunisia in January 2011 following popular protests which ended his 23-year rule at the start of what became known as the Arab Spring, his private wealth was estimated at US$13 billion by the World Bank – more than a quarter of the country’s gross domestic product. More than 20% of the Tunisian private sector’s profits went to the family and associates of former dictator Ben Ali.

However, the Tunisian Association for Financial Transparency (ATTF) has estimated Ben Ali had plundered at as much as US$17 billion. Today, 12 years after the dictator falls, the authorities are still struggling to recover his formidable assets – believed to have been stashed away in bank accounts from Argentina and the British-controlled Cayman Islands and Virgin Islands, to Qatar and the United Arab Emirates.

It’s worth noting that in the same year the Arab Spring triggered the end of those dictators, Forbes 2011 official richest man, Mexican Carlos Slim was worth only US$74 billion, while Microsoft’s Bill Gates was worth US$59 billion and Warren Buffett was worth US$39 billion. Therefore, Mubarak, Gaddafi, Ben Ali and Saddam Hussein would have made it to the chart as the richest men in the world.

The burning question is – how much was former dictator Mahathir’s fortune? We may not know the exact figure till the government of Anwar Ibrahim starts investigating, grilling and interrogating him and his children. That would take years for obvious reason. But we certainly can estimate the “ill-gotten gains” profited by the Malaysian’s longest-serving prime minister.

If Mahathir was as ruthless as Ben Ali, he would have pocketed a staggering US$55 billion (a quarter of Malaysia’s GDP, which was US$110 billion in 2003). And if based on Mubarak’s total wealth of US$70 billion over 30 years, Mahathir would have made some US$50 billion, or US$44 billion on the downside. Going into extreme like Gaddafi, Pharoah Mahathir could have accumulated US$100 billion.

Even if Mahathir was as conservative as Saddam in corruption, he would have easily made US$40 billion. Coincidentally, Saddam (24 years), Ben Ali (23 years) and Mahathir (22 years) had ruled about 20 years. One of the reasons why we can use Egypt, Libya, Tunisia and Iraq’s former dictators to estimate Mahathir’s net worth is because all the countries are oil producers.

Yes, all the dictators had both hands in the cookie jar called national oil. The incredible rise of national oil company Petronas over the past half-century has solidified the firm’s position as a key pillar of the Malaysian economy, expanding its reach beyond Malaysia and allowing it to emerge as the nation’s sole Fortune Global 500 company. Its total assets in 2022 were a staggering US$158 billion.

Founded in 1974, Petronas’ oil and gas revenue initially contributed 7.8% to the government total revenue in 1975. However, it jumped to 19.8% in 1980, before skyrocketed to 29.9% in 1985 during the Mahathir administration when the premier began aggressively dipping his hands into the cash cow. Soon, there were dozens of “White Elephant” mega projects specially designed to promote corruption.

Within just 33 years (1974-2007), Petronas contributed RM500 billion (half a trillion) to the Malaysian government in dividends, taxes, petroleum proceeds and export duties. In addition, Petronas, which had to report to the Prime Minister’s Office, had to build what was then the tallest building – 36-storey Dayabumi – in the 1980s, followed by the 88-storey Petronas Twin Towers in the 1990s.

Kuala Lumpur International Airport (KLIA) and Putrajaya were built at an estimated cost of US$3.5 billion (RM10 billion) and US$8.1 billion (RM33.3 billion) respectively, not to mention Formula-1 race track and Multimedia Super Corridor (MSC). While a handful projects can be considered useful and successful, most of Mahathir’s “pet projects” were disasters.

For example, Perwaja Steel, a US$465 million joint venture established in 1982 between HICOM and Nippon Steel Corporation was supposed to be the centerpiece of industrialization. However, it was plagued with mismanagement, production woes and a mountain of debt instead, so much so the Mahathir administration said it would swallow Perwaja’s RM9.9 billion in losses.

Proton (Perusahaan Otomobil Nasional), another industrial project, dominated the domestic market because it was protected by an average 200% tariff on imports of foreign-built cars. Yet, despite “Look East” policy, Proton’s technology partner Mitsubishi was merely using Proton to manufacture and market its own models in Malaysia, without any technology transfer at all to Malaysia.

Eventually, Mahathir’s national car project was acquired by Chinese Geely in 2017 (thanks to Najib). It was reported in 2016 that Proton had received RM13.9 billion in government subsidies since it was set up in 1983 in order to stay alive. Mahathir argued it must be continuously protected because it buys parts mostly from Malay vendors and employs almost only Malays.

During the 1997-1998 Asia Financial Crisis, PM Mahathir had to form a RM60 billion fund, sourced mainly from EPF, to bail out his cronies. As his privatization crumbled under the weight of incompetence, corruption and mismanagement during the crisis, companies like Indah Water Konsortium (IWK) was given soft “irrecoverable” loan amounted to RM1.4 billion, while MAS (Malaysia Airlines System) was also bailed out as it sat on a RM9.5 billion debt.

Other companies that enjoyed mega bailouts, just to name a few, included UEM, Malayan Banking, Bank Bumiputra, Sime Bank, KUB, Bank of Commerce, RHB Bank, Ekran’s Bakun Dam Project, Park May-Intrakota bus, Monorail, and even Konsortium Perkapalan Bhd – owned by Mahathir’s son Mirzan whose brilliant business acumen saw the company submerged in debts as much as RM1.7 billion.

Using “the biggest and the longest” marketing gimmick, Mahathir was an expert in splurging the revenue from the state oil company to build grand projects which were overpriced. Almost all the projects were awarded without open tenders to companies owned by either his cronies or proxies in exchange for favours or kickbacks. Exactly how much money had gone up in smoke?

As Barry Wain’s book,“Malaysian Maverick: Mahathir Mohamad in Turbulent Times”shows – at least US$100 billion (RM470 billion) went missing during Mahathir’s time as Prime Minister from 1981 to 2003. Of course, the missing money had been siphoned and diverted into the pockets as well as offshore bank accounts of the old fox and his biggest crony and financier – Daim Zainuddin.

That’s why Mahathir went ballistic when the MACC (Malaysian Anti-Corruption Commission) seized the 60-storey Menara Ilham owned by the family of Daim. The tower, built at an estimated cost of US$580 million (RM2.7 billion), is the crown jewel of Daim’s fortune. With all of Daim’s known assets frozen, it effectively cut off Mahathir’s access to money required to overthrow PM Anwar Ibrahim.

Daim has claimed that had he remained in business instead of joining politics, the value of his asset would be more than RM50 billion. It was like saying if I had invested US$1,000 in Apple in 1980, it would be worth more than US$1.2 million today. Unless Daim is retarded, which obviously he is not, he decided to take up public office because it would allow him to make even more money through political connections and abuse of power.

The fact that he willingly gave up RM50 billion suggests that he had accumulated more than that as a finance minister. His wealth was so massive that he actually once owned a Swiss bank – ICB Banking Group – which operated approximately 222 branches and 130 ATMs worldwide. Under the banking group, it owned another 14 banks throughout Asia. In addition, he was reported to own at least RM65 billion worth of shares in Malaysia stock market.

Conservatively, Mahathir’s net worth estimation was between US$40 billion and US$50 billion, all the way to US$100 billion. And this is why he spewed racist venom – questioning ethnic Indians and Chinese’s loyalty to the country based on a twisted logic that they still want to identify themselves with their respective countries of origin. He was trying to divert attention from investigations over Daim’s wealth.

The Malays had dumped him in the Nov 2022 General Election, when he lost not only his Langkawi seat, but also his deposit. Imagine the Malays’ reaction if they discover how the former dictator had stolen so much treasure. Mahathir is throwing everything, including the kitchen sink, to ensure his extraordinary ill-gotten wealth remains a guarded secret by pretending to be the most loyal Malay citizen.

Source : Finance Twitter