Dr M and his alleged billionaire sons

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Dr M and his alleged billionaire sons

KUALA LUMPUR, May 25, 2024: News portal The Coverage has compiled several articles damning the racist Dr Mahathir Mohamad (Dr M) and his three sons.

The following is excerpts of a posting in the internet which Dr M and his sons never denied:

The four own a total of 591 companies and total assets worth US$60 billion (RM283 billion).

And, all four are the racist Dr Mahathir Mohamad’s children - three sons and a daughter.

No other billionaire or even trillionaire in the world have such business-genius children who can make so much money in businesses.

The breakdown:

> MOKHZANI owns 255 companies, with estimated total assets worth US$21 billion;

> MIRZAN owns 156 companies, with estimated total assets worth US$17 billion;

> MUKHRIZ owns 128 companies, with estimated total assets worth US$13 billion; and

> MARINA owns 52 companies, with estimated total assets worth US$9 billion.

For those who have not read the articles before, No News Is Bad News reproduces the articles as reposted by The Coverage:

 

Graft Busters Have Opened A Probe Into Mirzan Mahathir – RM 2.3 Billion Have Been Embezzled In The Opaque Transaction

24 May, 2024 

Malaysia’s crackdown on corruption in high places has turned its sights on billionaire businessman Mirzan Mahathir, marking an expansion of investigations beyond initial targets. Authorities last week seized a landmark skyscraper owned by former finance minister Daim Zainuddin, Malaysia’s wealthiest tycoon with close ruling party ties. Now graft busters have opened a probe into Mirzan, eldest son of influential ex-premier Mahathir Mohamad.

The widening dragnet signals Prime Minister Anwar Ibrahim’s campaign to root out entrenched business corruption will continue gaining steam in coming months. Critics claim the moves are politically motivated against Mr. Anwar’s rivals. But the prime minister insists he is merely restoring accountability, regardless of a suspect’s connections. “This is an open secret, where a person has amassed extraordinary wealth,” Mr. Anwar said after authorities confiscated Daim’s flagship Ilham Tower.

The Anti-Corruption Commission is examining a 1990s corporate deal between United Engineers Malaysia and Renong Berhad, a construction conglomerate linked to Mr. Daim and the former ruling party UMNO. Mr. Mirzan, Mr. Daim’s associate Halim Saad, and lawyer Abdul Rashid Manaf are persons of interest.

Authorities believe over US$500 million may have been embezzled in the opaque transaction. Mr. Mirzan amassed a fortune in the 1980s and 1990s through ties to UMNO patronage networks led by his father, Dr. Mahathir. The nonagenarian ex-premier exerts influence through crony capitalists and political scions like Mirzan. Seizures of Daim’s assets and probes of Mr. Mirzan thus deliver an unsubtle message.

Businessmen like tycoon Vincent Tan may grow uneasy as investigations widen. For years, politics and commerce have comprised a tight-knit ecosystem of patronage and favoritism in Malaysia. Its legacy is a class of billionaires owing success to government links rather than ingenuity. Mr. Anwar seems intent on dismantling this arrangement.

Associates of Mr. Daim and Dr. Mahathir unsurprisingly paint the crackdown as political score-settling. Both have bitter history with the prime minister. Mr. Anwar earlier pledged Daim would face “sleepless nights” under his leadership.

Regardless of motives, Malaysia’s opaque business climate needs transparency. How prosecutors proceed from headline-grabbing seizures will prove pivotal.

Source : Dim Sum Daily

How Tun M Made Mirzan Mahathir A Billionaire By Bailing Out RM1.7 Billion Debt-Laden Konsortium Perkapalan Bhd

24 May, 2024

Finally, PM Anwar Ibrahim has agreed to settle the 25-year feud with Mahathir – in court. His former boss, Mahathir, was the longest serving prime minister of Malaysia – ruling with iron-fist for 22 years (1981-2003) during which his deputy Anwar was sacked in 1998 over corruption and sodomy charges, accusations condemned internationally as politically motivated.

Astonishingly, after 25 years of fighting the Barisan Nasional, the same corrupt regime that had imprisoned him “twice” for the same sodomy charges – first under Mahathir Mohamad and later Najib Razak administration – Mr Anwar got his wish granted when he was sworn in as the 10th Prime Minister on Nov 24, 2022, forming the Unity Government with the same coalition.

Mr Mahathir, who was already 92 years old in 2016 when he announced his stunning political comeback from retirement to unseat yet another protégé-turned-nemesis Mr Najib, struck an unlikely deal with the still imprisoned Mr Anwar. Mahathir became prime minister again when he led the Opposition Pakatan Harapan alliance to victory in 2018’s landmark elections.

While he fulfilled his promise to free Anwar from prison through a full royal pardon, the ex-premier broke his promise to hand power to his former protégé within 2 years. He would rather let his lieutenant Muhyiddin Yassin, president of Bersatu, snatched power than to see Anwar take over. On Feb 2020, the old man unexpectedly resigned without consulting allies in Pakatan Harapan.

Anwar, president of PKR (People’s Justice Party), was left empty-handed once again. But the backdoor Perikatan Nasional government hastily glued by Muhyiddin with defeated Barisan Nasional and extremist PAS Islamist party was soon plagued with political turmoil. Muhyiddin eventually tasted his own medicine when UMNO-led Barisan withdrew support, forcing him to resign.

Muhyiddin proved to be nothing but an empty vessel, having mismanaged the economy and mishandled the Covid-19 pandemic. His successor, “turtle-egg” Ismail Sabri was equally clueless and incompetent. Malaysia wasted 33 months under both prime ministers that saw sagging economy, bearish stock market, rising costs of living, un-affordable housing and depreciating local currency.

It’s hard to blame Anwar for wanting to take revenge after what Mahathir had done to him, from throwing him into jail over fabricated charges to breaking a promise to hand power after defeating Najib. His youngest daughter, Nurul Hana, was only 6 years old when Mahathir, whom she described as the “wicked man” who had taken her “papa” to prison on the night of Sept 20, 1998.

Even if Anwar can forget and forgive Mahathir for wrongly imprisoned him, and given the infamous “black eye” after assaulted by none other than former police chief Abdul Rahim Noor, the new PM finds it hard to ignore the damages done to the country as a result – either directly or indirectly – of Mahathir. When he took over 5 months ago, he was shocked to discover RM1.5 trillion debt.

Last month, PM Anwar said Mahathir, without specifically mentioning his name, had enriched his family during his administration. The old man went ballistic, demanding a public apology as well as a withdrawal of the remarks or be sued for defamation. It could be a deliberate provocation to lure Mahathir into a long court battle that would reveal all his skeleton in the closet.

Mahathir might think he was still the same strategist grandmaster in his latest brinkmanship game with Anwar. He probably had forgotten the dozens of scandals during his 22 years in power, not to mention he no longer controls the judiciary and anti-corruption agency. Anwar is calling Mahathir’s bluff as going to court will open the Pandora box which the ex-premier tries to protect all his life.

It’s not hard to prove how the ex-premier had enriched his family. Of all the financial scandals, the most personal was the bailout of his son’s Konsortium Perkapalan Berhad in 1998. In fact, the primary reason Mahathir had sacked Anwar was not merely because both men disagreed on the method to tackle the 1997-1998 Asia Financial Crisis plaguing the country.

Then-Deputy Prime Minister Anwar (1993-1998) was seen as Mahathir’s successor – till the Asian crisis exploded, triggered by the collapse of the Thai baht in July 1997, leading to a currency crisis followed by a financial crisis and ultimately economic recession in most countries of the region. Panicked, Mahathir blamed currency speculators, especially George Soros and even the Jews.

On September 1997, Mahathir declared that “currency trading is unnecessary, unproductive and immoral”. More damagingly, the prime minister threatened a unilateral ban on foreign exchange purchases unrelated to imports. It only upsets the markets further. Heck, he had even threatened to use repressive measures against anyone who published unfavourable reports about the Malaysian economy.

Investors saw Mahathir’s denial as proof that he had a lot to hide from public scrutiny. The Malaysian Ringgit plunged from RM2.50 to a record RM4.885 per dollar in 1998, before it was pegged at 3.80 per dollar. The Kuala Lumpur Stock Exchange (KLSE) Composite Index (KLCI) dropped from over 1,300 in the first quarter of 1997 to less than 500 in January 1998, to around 300 in August 1998, and to 262 on September 2, 1998.

Anwar, who was also the Finance Minister at that time, was considering a modified IMF-type measures. As the economic situation deteriorated in the second half of 1997, Anwar became more receptive to IMF policy advice. After securing the full cabinet support (in Mahathir’s absence in early December 1997), Anwar implemented a series of tight-money prescription – without taking IMF money.

There was one huge problem – Mahathir rejected Anwar’s approach, whose free-market-oriented corrective measures would mean Mahathir and his sidekick Daim Zainuddin’s cronies would go bankrupt for over borrowing. More importantly, Mahathir’s eldest son, Mirzan Mahathir’s company – Konsortium Perkapalan Bhd (KPB) – would go bust without a bailout.

Mahathir was also shocked by the surprise resignation of Indonesia’s President Suharto in May 1998. The Malaysian dictator began to worry about the foreign media’s calls for Anwar to replace him as well as the increasingly independent and critical stance of Anwar supporters in the government. He began to criticize Anwar as a “stooge” of the IMF, before finally sacked him on Sept 2, 1998.

In March 1998, Malaysia International Shipping Corp. (MISC) announced that it would acquire Mirzan company. The news triggered accusations of a bailout at a time when the country was facing its economic troubles. The sale included US$55 million for Hong Kong-based Pacific Basin Bulk Shipping, which Mirzan’s Konsortium bought for US$230 million in 1996 as part of an aggressive regional expansion campaign.

In addition, MISC will buy the assets of KPB’s Malaysia-based PNSL Bhd for US$165 million, which Mr Mirzan purchased for RM247.4 million from a state agency in 1992. Not only MISC handed over a total US$220 million to Mirzan, who owned 51% of Konsortium, but would also take over a net debt of US$311 million from the acquired companies.

Interestingly, even before the 1997 Asia Financial Crisis, Konsortium Perkapalan Bhd had already accumulated RM1.7 billion debt (end of 1996) under Mirzan leadership. It was so bad that there were naughty rumours the Mahathir’s son was considering “suicide” over the massive debts. Without the bailout, Mirzan would go bankrupt as KPB’s market value was almost wiped out during the financial crisis.

The best part was the main shareholder of MISC was Petronas, the national oil company which comes directly under the Prime Minister Office. Yes, while 6-year-old Nurul Hana cried after her “papa” was taken away to prison, 37-year-old Mirzan Mahathir cried to his “papa” to rescue his company. Thanks to his father, Mirzan’s debt in KPB was settled.

The rescue of his son’s company came just six months after Mahathir Cabinet announced on September 3, 1997 of the creation of a special RM60 billion fund for “selected Malaysians” – understood as a bail-out facility designed to save “cronies”. Besides Petronas, Employees Provident Fund (EPF) money had been deployed to bail out some of the most politically well-connected and influential.

Other companies that enjoyed mega bailouts, just to name a few, included UEM-Renong, Malayan Banking, Bank Bumiputra, Sime Bank, KUB, Bank of Commerce, RHB Bank, Ekran’s Bakun Dam Project, Park May-Intrakota bus and Monorail. A whopping RM2.34 billion of taxpayers’ money was used – quietly – to bail out UEM-Renong alone, which was linked to Mahathir’s political party UMNO.

Under Mahathir’s instruction, the EPF and other Malaysian government controlled institutions were believed to have bought about RM2 billion of Malaysian stock through Singapore and Hong Kong based brokers to give the impression of renewed foreign investor interest in the Malaysian market. In the end, EPF lost over RM10 billion in 1998 thanks to Mahathir and Finance Minister Daim.

Clearly, not only Mahathir had abused his power to rescue Mirzan, but had enriched his son by bailing out Konsortium Perkapalan Bhd. The burning question is from where did his son get all the money to fund his purchase in KPB, not to mention other companies like Petron, Malaysian Helicopter Services, Lion Corp, Artwright Holdings, Dataprep Holdings, Leader Universal, Diperdana Corp and whatnot?

As early as 1994, Mirzan bought at a 24% discount to the market price 1.5 million shares in steel cable firm Leader Universal, under a preferential state allocation scheme to transfer corporate ownership to bumiputras or indigenous people. At the age of 37 in 1998, analysts valued Mirzan Mahathir’s holdings in public companies alone to be in excess of US$880 million. He was said to sit on the board of 95 companies in 1999.

But Mirzan was not the only lucky son having strong cable to enrich him. Mokhzani Mahathir, the second eldest son of the former prime minister, joined the ranks of the country’s top 10 richest people in 2014 on the 9th spot – worth an estimated RM4.22 billion. In early November 2012, Petronas awarded a RM700 million contract to the SapuraKencana Petroleum mogul.

Billionaire Mokhzani also became the largest shareholder of Pantai Group of hospital after acquired it from Berjaya Group founder Vincent Tan, who happens to be one of Mahathir’s cronies. Pantai hospital was part of Parkway Holdings Ltd, which in turn was started by Malaysians (Tan family of IGB Corp and the Ang family of Petaling Garden) in the 1970s.

Together with another brother, Mukhriz and Mokhzani were awarded contracts in optical fibre manufacturer Opcom Holdings Berhad, which has profited from the RM21.6 billion project of the National Fiberisation and Connectivity Plan (NFCP). According to the opposition, close to 500 companies were registered under the names of Mahathir and four of his children.

While 16 companies were under Mahathir Mohamad’s name and 29 were under his daughter Marina’s name, a jaw-dropping 156 were under Mirzan’s name and 158 were under Mokhzani’s whereas 126 were under Mukhriz’s name. When the trial starts, Anwar’s attorney will be having fun grilling every single offspring of Mahathir, exposing how they get mega rich so young and so easily.

Source : Finance Twitter

EXXONMOBIL Scandal Starring Mirzan Mahathir – Where Do You Think The Difference Of USD 400 & 280 Million Went?

24 May, 2024

Mahathir Mohamad on the one hand is using Ibrahim Ali to stoke up the Malay sentiments’ anti-drinking, anti-everything for his return to power, while on the other using his son Mirzan to buy Esso Malaysia using San Miguel’s beer drinking money.

By JO & M.Nathan

I am so utterly disgusted with the BN government for its inability to engage Esso Malaysia for the rakyat. I am further disgusted with the hypocrisy of Mahathir Mohamad on the one hand using Ibrahim Ali to stoke up the Malay sentiments’ anti-drinking, anti-everything for his return to power, while on the other using his son Mirzan to buy Esso Malaysia using San Miguel’s beer drinking money. Worse still, he is exploiting the tax incentives reserved for us the rakyat, the unimportant Malaysians.

If you remember, Mirzan surfaced as a director of Petron, San Miguel’s beer company as the parent. Now he is using his brotherly influence on Muhkriz as the Minister of MITI to get the FIC approval and whatever else needed, for a deal which no decent government would ever allow.

Ministers need to protect the welfare of the rakyat especially when 80% of Esso customers are Muslim and do not want to have to change their lifestyle or travel another 25 km to pump petrol at another station that is halal, just to line Mirzan’s pocket. For Mirzan everything can, for us unimportant Malaysians everything cannot.

Back to Mahathir, how can we the rakyat even think of allowing this Mahathir-Mirzan-Muhkriz beer for subsidy petrol scandal to occur? In the internet, so many people are complaining that even the minority shareholders are up in arms and considering a class action suit against Exxon-Mobil for the utmost disregard for minority shareholders.

We expect Exxon-Mobil to uphold the highest and most stringent standard of professionalism and integrity, whether it is in the USA or in another third world country such as Malaysia. But obviously our BN government doesnt seem to think that is important. It seems to think that what is good for Mirzan must be good for Muhkriz, and therefore it is good to rip off all of us normal Malaysians, and we must just swallow.

I wonder why the goverment has not hauled up Esso staff Mr Stafford T. Kelly who made several announcements on the manner in which he felt Exxon-Mobil divested San Miguel. The funny thing is, his valuation exercise was done in a highly irregular manner leaving us minority shareholders to question what is actually behind this deal, and who in Exxon-Mobil is benefitting personally from this deal?

First, everyone knows that the assets in Esso Malaysia are part of a listed company and thus require close scrutiny. It is precisely because of this we are shocked that Mr Stafford told the reporters that the decision to sell the Esso assets (at USD280 million valuation for the whole 100%) cheaper than the Mobil equivalent (at USD 400 million) have been sanctioned and approved by the Government of Malaysia tacitly.

One only has to examine whether the sales of the assets are mutually exclusive. Judging from the newspaper report, it is a packaged deal and not mutually exclusive. It is then very curious that the sales of the assets are cross-subsidized using the unlisted ones in Mobil to be subsidized by the listed Esso shares in Malaysia.

This is against the law but Mr Stafford knows the Mahathir children will follow the footsteps of the father to cheat all Malaysians. Since he has taken care of Mirzan (where do you think the difference of USD 400 and 280 million went?) he does not have to worry who he steps on. That is why the Bursa is so quiet even though this is clearly criminal. 

Second, it is obvious Mr Stafford has botched up the entire bidding and valuation exercise when he can announce to the world (and all of Malaysia) that the deal to his preferred partner San Miguel is final even before the Malaysian authorities have a chance to consider the Foreign Investment Committee ruling. Obviously he knows something we don’t.

He must know that it will just be Mukhriz telling his puppet Minister Mustapha to sign on the dotted line. Strangely, he is trying to rush something which needs due process, and behaving so arrogantly as if EXXON is more important than the interests of the rakyat under the BN government. If this is the case, I urge all Malaysians to vote them out this PRU-13.

Third, Mr Stafford goes on to say that the tax incentives benefitted from Malaysia for the Esso refinery will be passed to San Miguel (read as pass on to San Mirzan or maybe one or two more of Mahathir’s children since he is after all THE ADVISOR to Petronas) simply because he says so – on the reasoning that San Miguel is going to invest some money into rehabilitating the refinery.

Come on, give us a break. We dont need Mirzan to use his ill gotten money as equity and then borrow to the hilt from the local banks and enjoy the subsidy by trying to say as though San Miguel is doing us, the rakyat, a favor. And then use the profits to fund Ibrahim Ali and make the non-Muslims look bad. Shame on you.

Let me remind you that we only have to ask the question in open court – where did the tax benefits given by the Malaysian government to Esso Malaysia finally accrue to? It will become obvious that this will lead to a bigger scandal than BP’s Gulf of Mexico burst oil-wells.

No American or French journalists take lightly individuals or corporations who evade tax. Also, Mr Stafford has no feel on whats on the ground as it is not about how much who is going to invest in the refinery as it is an afterthought (not to mention that it has been picked up as an attempt by Exxon to try to openly bribe the authorities as if Malaysia is so starved of Foreign Direct Investment). By jove, this will go to court, and Mahathir and the children after PRU-13 can hide behind a cage as they give their statements.

Fourth, the Foreign Corrupt Practice Act (FCPA) specifically prohibits any employee from concealing information from the tender committee be it in the form of shredding or disposing of evidence which would clearly show that the entire tender exercise was skewed to favor San Miguel. This is evident in the inability of EXXON-MOBIL to explain how a single executive like Mr Stafford was allowed to make such decisions which contravenes not only the laws of good ethical corporate governance, but also the follow up cover up and announcements of trying to justify his pick of the winner by saying that San Miguel will then invest heavily in the refinery. Who cares? A simple check on the phone numbers most called by the San Miguel local team will reveal and clearly show the trail to the EXXON-Mobil nest and of course to Mirzan and his 012345678 special number.

The same fate that bestowed Mubarrak and Gaddafi is awaiting Mahathir. And it would be silly of Mr Stafford to count on that rather than on good clean corporate governance which is what Exxon-Mobil has been built upon. For us simple Malaysians, I think we should stand up and say that if after all these years of benefitting from our subsidy as a foreign company in Malaysia, the least you can do if you want to exit is to do so graciously, and not so bloody arrogantly, not caring for the minority shareholders, and in the process, make a mockery of our government.

I used to be a long-time BN supporter. No more because I can see that this is not a government that will protect the interests of us the rakyat. Even as I read how the Muslim dealers have protested against this, everything is falling on deaf ears.

Esso Malaysia is supposed to be a blue-chip company, not material for a future B-grade movie with San Miguel booze starring Mr Stafford and Mirzan, tax evasion, shredding of evidence amid growing protests and boycotts in a country which is predominantly Muslim. Not to mention all of us minority shareholders will lose from the General Offer since we are getting a far lower valuation and subsidizing Mobil, and amortizing the big bucks which Mirzan wants to extract from us the unimportant Malaysians.

Source : Malaysia Today

Mirzan Mahathir Is Estimated To Have A Net Worth Of USD 1.2 Billion ( RM 5.6 Billion )

24 May, 2024 

 

Mirzan Mahathir is estimated to have a net work of $1.2 Billion as of 2023, according to Forbes. He is ranked as the 15th richest person in Malaysia and the 1425th richest person in the world. His wealth is mainly derived from his stake in Petron Corporation , Konsortium Logistik Berhad , San Miguel Corporation , and Crescent Capital Sdn Bhd. He owns several properties in Malaysia , Singapore , and the United States.

Mirzan Mahathir holds shares both in Petron Malaysia (PEM) and its parent concern, Petron Corporation.

He is also a stakeholder in San Miguel Corporation, a Philippines based food and beverage giant that owns 68.3 percent of Petron Corporation.

In 2011, Tan Sri Shahril Shamsuddin undertook in a massive RM12 billion deal with Tan Sri Mokhzani Mahathir to merge SapuraCrest Petroleum Bhd with Kencana.

The deal came to be known as “the largest deal ever in the history of corporate Malaysia” and gave Mokhzani access to exploration, extraction, shipping, and wholesale activities involving both ExxonMobile and Chevron.

The operations covered an expanse of over 1.3 million acres in Malaysia and Indonesia alone.

Early in January 2013, a large number of Malaysians became confused when Petron Corporation (PCOR) commenced the rebranding of almost 600 Esso and Mobil gas stations nationwide. These stations were inherited by PCOR through its acquisition of ExxonMobil’s downstream business in 2012 with EXCEL Petroleum, an industrial lubricant concern. The acquisition turned Mirzan Mahathir into a major petrol pump operator and the largest competitor there was to Petronas, an oil and gas giant fully owned by the Government of Malaysia (GoM).

The son of Malaysia’s longest serving premier, Dr Mahathir Mohamad, Mirzan held shares both in Petron Malaysia (PEM) and its parent concern, PCOR. On the 15th of December 2010, a Philippine conglomerate specialising in food and beverage, San Miguel Corporation (SMC), exercised a share option that gave it 68.3 percent of PCOR’s stakes. A press release by Petron Malaysia dated the 5th of June 2013 confirmed that Mirzan did indeed hold substantial shares in the holding company and was a member of its board.

If that isn’t enough to convince you that Mirzan is behind PEM, several sections of PCOR’s and SMC’s by-laws stipulate that one needs to be a shareholder in order to sit on the directorial board of any of its companies. Mirzan was elected director of PCOR on the 13th of August 2010. That should put to rest any doubt that the son of Mahathir is indeed a stakeholder in the largest oil refining and marketing company there is in the Philippines.

Now that we have that covered, let’s move on to the most pressing of all questions, one that probably is on everyone’s mind – just what exactly does Mirzan control? What is it that the Mahathirists – i.e., people who’d die for Mahathir just to keep his material worth a secret – are keeping from us? Is it true that the family of Mahathir Mohamad controls substantial interests in the oil and gas industry and may be the richest oil baron family there is in Southeast Asia?

By virtue of PCOR’s holding of ExxonMobile’s downstream business –  or, business that concerns marketing, refining and retail operations, Mirzan has somewhat of an exclusive say in the way retail is handled across the Peninsula of Malaysia, Sabah and Sarawak. He does not, however, have access to ExxonMobile’s oil exploration, extraction, shipping and wholesale operations, activity that brings in ten times more profit than retail. That access was provided to him in 2013 though through a massive network of associations that involved his brother, Tan Sri Mokhzani Mahathir.

Mokhzani’s flirt with the oil and gas industry began with Kencana Petroleum Berhad, an integrated engineering and fabrication oil and gas production outfit that specialised in building and supplying drilling rigs. Despite being the record holder for providing the world’s tallest movable wellhead platforms, the company lacked deepsea drilling technology on par with what the Chinese had developed for exploration in the South China Sea. Mokhzani began looking for partners who could provide the service and knowhow but refused to consider Petronas as an option.

Mokhzani’s father, Mahathir, was sore that Najib had not revived plans to build a crooked bridge to replace the Malaysian side of the Johor-Singapore causeway. The whole purpose of the bridge was to force Singapore into renegotiating Maritime Security arrangements with Malaysia in ways that would grant our country access to oil rich areas at the edge of the South China Sea. Najib’s refusal to revive the project made dealing with Petronas less appealing. While Mahathir sat contriving plans to oust Najib as a measure of vendetta, Mokhzani turned to his childhood friend and longtime associate, Tan Sri Shahril Shamsuddin.

Shahril was then the co-owner of his family telecommunications concern, Sapura. In 2011, he undertook in a massive RM12 billion deal with Mokhzani to merge SapuraCrest Petroleum Bhd with Kencana. The deal came to be known as “the largest ever in the history of corporate Malaysia” and resulted in the establishment of SapuraKencana (SK) Petroleum, an integrated oil and gas service and solutions provider. Late in 2012, both Shahril and Mokhzani turned Seadrill Ltd into SK’s second largest shareholder by getting the Bermuda based deepwater drilling company to part with 49 percent of its stake in the tender-rig business.

The deal cost SK USD2.9 billion and earned the company substantial control of the tender-rig market, then estimated to be worth some USD2 trillion. Seadrill’s owner, a Norwegian tycoon named Fredriksen, hopped on to SK’s board and helped Shahril secure some terms of associations with ExxonMobil and Chevron. That immediately turned SK into one of the world’s largest integrated oil and gas services and solutions provider and offered Mokhzani an opportunity to tap into ExxonMobil’s upstream business.

With the help of some nominee concerns that had direct and beneficial ownerships in oil related companies, Mokhzani was able to penetrate the exploration, extraction, shipping, and wholesale part of ExxonMobile’s operations, which, in Malaysia and Indonesia alone, covered an expanse of over 1.3 million acres. That gave Mahathir’s sons significant control of ExxonMobil’s upstream and downstream business within the region and turned them into the richest and most manipulative oil barons there were in Southeast Asia.

Source : Third Force

In the short 22 months that was Pakatan Harapan, there were multiple signs of the rich getting richer.

Just four days after his father was sworn in as Prime Minister, Opcom Cables was awarded a RM11.16 mil contract by Telekom Malaysia. Mokhzani is the chairman and CEO of this Opcom Cables at that time and his brother, Mukhriz (who is Opcom’s co-founder), was the largest shareholder until he turned his shares over to his wife before entering politics.

Mokhzani is also Malaysia’s 45th richest man according to Forbes 2020 50 Richest Net Worth list.

A few months later, a letter of appointment that addressed as Petron Fuel International Bhd as one of the fuel suppliers for government vehicles went gone viral on social media. Another of Mahathir’s son, Mirzan Mahathir, is a director of Philippine-based Petron Corporation, which owns Petron Malaysia.

On Aug 29, the shares of Opcom, a company engaged in the manufacture and sale of fiber optic cables and cable related products in Malaysia rose 41.11% in a day.

The timing was pretty suspect given that the government only recently approved a RM21.6 bil National Fiberisation and Connectivity Plan.

Again with hindsight, could we blame anyone but ourselves at these recent turn of events?

Some truths still remain – the closer an individual is to Mahathir, economic prosperity is almost sure to follow. It is no secret that Mahathir generously spreads the wealth around his close circle and friends. After all, companies linked to his family often secures GLC tenders, better financing, government bailouts and more.

Source : Focus

Anwar said there are reasonable grounds to believe Dr Mahathir had directed for national wealth, assets and taxpayers’ monies to be used for the purpose of benefitting the latter’s family members and cronies.

He said Dr Mahathir had used the the Bumiputera agenda to enrich his own family members and cronies, which led to a negative impact and downturn on the nation’s economy and finances.

Anwar referred to the bailing out of Konsortium Perkapalan Bhd (KPB) owned by Dr Mahathir’s son Mirzan by Petronas and Malaysia International Shipping Corporation (MISC) in 1997, despite a government decision then that it would not rescue or bailout troubled or struggling Malaysian companies.

KPB (now known as Pos Logistics Bhd) was one of the local companies affected by the 1997 Asian Financial Crisis.

Anwar (who was then Minister of Finance) said KPB’s principal activity at that time was the provision of shipping and container haulage services, and the company had net liabilities of almost RM424 million then.

Anwar said KPB had then approached him for financial assistance but the requested was rejected.

However, he said Dr Mahathir then directed him to devise a special scheme for the purpose of disbursing approximately RM2 billion from the Treasury for the purpose of assisting KPB.

Anwar said he had urged Dr Mahathir to reconsider the scheme as it would be difficult to rationalise and justify the utilisation of Treasury funds for KPB.

He said Dr Mahathir became upset when he was told that a supplementary budget would have to be presented in Parliament for approval if he wished to proceed with the bailout plan.

Dr Mahathir, he said, highlighted that Mirzan and himself would be embarrassed if the matter was presented to parliament for debate.

Subsequent to that, Anwar said he was later informed by former President and Chief Executive Officer of Petronas that Dr Mahathir had directed the company to bail out KPB.

Anwar said he voiced his objection to Dr Mahathir. However, the latter ignored him by saying that Petronas was not under the control of the Treasury.

The prime minister also cited the awarding of a Telekom Malaysia Bhd contract worth RM214 million to Opcom Cables Sdn Bhd, a company with Dr Mahathir’s sons and daughter-in-law as directors.

He said the Rakan Unifi contract was awarded to Opcom Cables four days after Dr Mahathir was sworn in as the seventh prime pinister after the 14th General Election on May 10, 2018.

He said the contract was awarded even before the formation of a new cabinet and without its approval.

He also highlighted Mokhzani’s establishment of Kencana Capital Sdn Bhd and its subsequent major fabrication license from Petronas, despite being newly incorporated.

Source : NST

Najib Exposed How Mirzan & Mokhzani Benefited Billions From Tun M

24 May, 2024

 

INCARCERATED ex-premier Datuk Seri Najib Razak seems to be most consistent in his animosity with Tun Dr Mahathir Mohamad who ironically had lobbied for him to replace Tun Abdullah Ahmad Badawi as Malaysia’s sixth prime minister (PM) in April 2009.

However, it was also the two-time former premier who in March 2016 – after quitting UMNO – joined forces with some 58 public leaders in pressing for Najib to step down over the purportedly 1Malaysia Development Bhd (1MDB) scandal prior to eventually suing his ‘once blue-eye boy’ to the admiration of many Malaysians (back then).

When the table was turned against Najib – and his political future ruined in the aftermath of the 14th General Election in May 2018 – Dr Mahathir in his second premiership stint (though only lasted 22 months) would emerge as the architect of the former Pekan MP’s conviction for a myriad of wrongdoings associated with the 1MDB scandal.

Against such backdrop, it is worthwhile recalling that Najib had at the height of the COVID-19 pandemic when the country was under lockdown, revealed “one contract after another” which were obtained by Dr Mahathir’s children when he was the PM for a period of 22 years between 1981 and 2003.

Below are excerpts of Najib’s revelation as compiled by Universiti Kebangsaan Malaysia’s (UKM) political science lecturer Abdul Muein Abadi for HarakahDaily on June 24, 2020:

Eldest son Mirzan Mahathir

Citing a Wall Street Journal (WSJ) report entitled “MISC to Pay US$220 Million Price for Assets from Mahathir’s Son” (May 1, 1998), Najib highlighted how Mirzan who controlled debt-laden Konsortium Perkapalan Bhd in the 1990s was bailed out by national petroleum corporation PETRONAS through MISC Bhd during the economic crisis in 1998.

Najib further exposed that Mirzan had in 1996 also bought Diperdana Corp Bhd from tycoon Tan Sri Vincent Tan Chee Yioun’s younger brother Tan Sri Danny Tan just two years after Danny acquired the container haulage outfit (reference to WSJ article entitled “Diperdana Stake is Sold in Deal Said to Be Tied to Mahathir’s Son”, April 19, 1996).

Second son Tan Sri Mokhzani Mahathir

Here, Najib questioned a transaction in 1997 when Mohzani, became the largest shareholder of Hospital Pantai Bhd after acquiring a 35.53% stake for RM306.3 mil from Berjaya Group Bhd which is controlled by Vincent Tan.

Following the purchase, Najib claimed that the FOMEMA concession (operator of comprehensive foreign worker’s health screening system in for the Health Ministry) and also the government hospital supply contract was awarded to the group when Dr Mahathir was PM.

Next, Najib revealed how the Kencana Group established by Mokhzani just a year before it was awarded the main ‘fabrication’ (offshore structures) license from PETRONAS in 2002. For the record, Kencana Petroleum Bhd (which later became SapursKencana Petroleum Bhd) was one of only seven such license holders in Malaysia in that time (refer to page 6 of the Kencana Petroleum Bhd 2011 annual report).

Interestingly, Najib recalled that when Dr Mahathir resigned as PM in 2003, he was immediately made the PETRONAS chairman while 10 years later in 2013, Mokhzani emerged the ninth richest Malaysian and the wealthiest Malay that year after amassing RM4.22 bil from profits generated by Kencana Petroleum.

More exposes

Elsewhere, Najib also wondered if Dr Mahathir’s children had benefited from billions in business with PETRONAS when the 97-year-old statesman was PM and then PETRONAS advisor for 12 years since 2003.

In fact, Najib also questioned the direct negotiation contract tender awarded to Mahathir’s youngest son and Pejuang president Datuk Seri Mukhriz Mahathir in 2003, namely that of Opcom Holdings Bhd.

The company was awarded a contract worth RM214 mil from Telekom Malaysia Bhd through direct instructions from the Finance Ministry (Najib also revealed the letter on his FB page). This contract was important enough for Opcom’s listing later that year where another ‘bundle’ was achieved, according to Najib.

Not to be outdone, Najib also criticised that during Dr Mahathir’s second term as PM whereby the Nationwide Fibre and Network Plan (NFCP) worth RM21.6 bil was the only mega project that was rushed and announced by the PH Government and approved by the Cabinet in a short time on Aug 28, 2019.

At this juncture, Najib also questioned this connection to a spike in Opcom’s share price which jumped 50% when the project was announced and the sudden resignation of Mokhzani as its executive chairman on May 31 that year while Mukhriz who was then the Kedah menteri besar trimmed his stake to 21.685% after disposing of 2.57 million shares on that day.

“A certain son suddenly resigned from all positions in the Opcom without any reason given (but the shares are not sold, hence they still belong to the son),” penned Najib on his Facebook listing dated May 19, 2020.

“Are all these revelations coincidence? There are more coincidental stories. Want (to hear) some more?” 

Source : Focus My

Dubai Move : How Tun M-Daim’s Plan To Splash RM750 Million Fails After Money Went Missing

2 January, 2024

Opposition Perikatan Nasional’s evil and treacherous plan was to see a change of Anwar government before the Christmas 2023. However, on Dec 22, Sarawak Chief Minister and GPS leader Abang Johari Openg met Anwar Ibrahim, assuring the prime minister that the GPS was not interested in overthrowing the current federal government. The meeting in Putrajaya was a big deal.

Putrajaya is where the Prime Minister Office is located. If indeed PM Anwar was on the brink of losing power, he would have flown across the South China Sea to Borneo to meet Abang Johari rather than the other way round. Remember how Anwar took a chartered flight to meet him back in June 2020 in an effort to rally support to become the 9th Prime Minister, only to be told to fly kite?

The next day after meeting Abang Johari, the prime minister told journalists that any plan to change the government would be impossible without support from Sarawak and Sabah. That’s because both Borneo states hold the golden key to forming the government. So, it’s not true that only the United Malays National Organization (UMNO) possessed the golden key.

The Nov 2022 General Election that produced a hung Parliament saw Anwar-led Pakatan Harapan coalition working stunningly with nemesis-turned-ally Barisan Nasional to form a Unity Government. The master stroke had left Perikatan Nasional speechless as it never thought Pakatan and Barisan could work together. However, there were other permutations to form a government:

1. Pakatan Harapan (82) + GPS (22) + GRS (6) + Warisan (3) = 113 seats

2. Pakatan Harapan (82) + Barisan Nasional (30) = 112 seats

3. Pakatan Harapan (82) + Barisan Nasional (30) + Warisan (3) = 115 seats

4. Pakatan Harapan (82) + Barisan Nasional (30) + GPS (22) + GRS (6) = 140 seats

5. Perikatan Nasional (73) + Barisan Nasional (30) + GPS (22) + GRS (6) = 131 seats

Sure, Barisan has become the kingmaker after the 15th General Election, without which neither Pakatan nor Perikatan can form a new government. But unlike Perikatan, Pakatan has another trump card which Perikatan doesn’t – the permutation with GPS (Gabungan Parti Sarawak) and GRS (Gabungan Rakyat Sabah) along with former ally Warisan to form the government.

In short, Pakatan Harapan can work with either Barisan Nasional or the Borneo states to form a government with a simple majority in the 222-seat Parliament. However, the same cannot be said about Perikatan Nasional, the previous backdoor regime which must work with both Barisan Nasional and Sarawak. Perikatan and Barisan alone has only 104 MPs, short of 8 MPs.

Abang Johari’s meeting with Anwar Ibrahim on Dec 22 essentially shuts the door to the desperate attempt of three former prime ministers plotting to topple the government – the “Dubai Move”. The new plot, which actually was an old unsuccessful move, was revealed by J-Kom (Community Communications Department ), supposedly the communications arm of the government.

Apparently, the political coup to seize power again through backdoor, orchestrated by Bersatu president Muhyiddin Yassin and PAS president Hadi Awang, was held in the capital of the United Arab Emirates (UAE). Joining the bandwagon were two “Tuns” – former PM Tun Mahathir Mohamad and former finance minister Tun Daim Zainuddin, along with another ex-premier Ismail Sabri.

The three ex-prime ministers – Mahathir, Muhyiddin, Ismail – agreed that UMNO traitor Hishammuddin Hussein would lead a mission to convince Sabah and Sarawak leaders to switch sides. Hishammuddin was responsible for instigating 10 Barisan Nasional MPs to support rival Perikatan Nasional chairman Muhyiddin as 10th Prime Minister, but failed after UMNO president Zahid Hamidi pulled the plug.

PAS Islamist party deputy president Tuan Ibrahim Tuan Man has confirmed that some big guns of the Opposition had indeed gathered and met in Dubai. Even before J-Kom’s revelation, supporters of Perikatan Nasional had started celebrating on social media about the coming backdoor government 2.0 with the belief that the brilliant “Dubai Move” was a done deal.

Exactly why were the opposition loyalists, who were fabulously dejected after the failure of various moves (from Jakarta Move to London Move), suddenly so cocksure that Anwar-led Unity Government would finally collapse? That’s because the most corrupted, yet cash-rich and influential former leaders Mahathir and Daim, were splashing at least RM750 million to topple Anwar administration.

After Muhyiddin’s failure to become 10th Prime Minister post-15th General Election due to arrogance and ignorance, the crook’s RM600 billion Covid scandal during his 17-month illegitimate backdoor government (March 2020 – August 2021) was exposed. The stolen money was used by Bersatu and PAS to win 74 parliamentary seats in the Nov 2022 national polls.

Upon investigation, Bersatu accounts were frozen and seized by the MACC (Malaysian Anti-Corruption Commission). Muhyiddin was charged with six counts of money laundering and corruption. His disgraced son-in-law,Adlan Berhan (whose cousin Adam Radlan was also arrested over his role as “middleman” in brokering government projects related to Covid-19 stimulus packages worth RM92.5 billion in exchange for bribes) had fled the country.

Without funding from Bersatu, PAS Islamist party had to turn to Mahathir for help in the six state elections (June to August, 2023). However, the results of the elections produce a stalemate. Both Pakatan Harapan and Perikatan Nasional managed to retain their respective three states. Worse, the so-called “green wave” did not reach Johor, reducing PAS influence to just northern conservative Malay states.

The multiple failures to overthrow Anwar Ibrahim, from trying to topple UMNO president Zahid to trying to seize Pakatan’s state governments, have forced the prime minister to move his chess piece against Mahathir’s biggest financier – Daim. Make no mistake, the old fox will never use his own fortune for obvious reason. He always uses money from his proxies or bag carriers.

When Anwar Ibrahim took over the country, his pledge to crack down on corruption has not only sent shivers down the spine of Muhyiddin, but also the longest serving premier – Mahathir, who along with his biggest financier and most trusted lieutenant, former finance minister Daim Zainuddin, had stolen and plundered national coffers to the tune of hundreds of billions of dollars.

As the MACC started investigations on the 85-year-old Daim in relation to his secret offshore accounts exposed in the Pandora Papers, 98-year-old Mahathir was set to clash with protégé-turned-nemesis Anwar in court over allegations that the former had enriched his family during his 22 years iron-fist rule (1981-2003) that saw corruption, nepotism and cronyism flourished.

Like Mahathir, who served twice as prime minister (the second time lasted 22 months), Daim had also served twice as finance minister (1984-1991 and 1999-2001). Daim was Mahathir’s most trusted sidekick, so much so the former prime minister recommended Daim for the “Tun” title – the highest honour in Malaysia – when he resigned as Finance Minister in March 1991.

More importantly, Tun Daim accumulated a massive wealth 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.

But it was not until Dec 18 when the MACC seized the 60-storey Menara Ilham owned by the family of Daim that all hell broke loose. The tower, built at an estimated cost of US$580 million (RM2.7 billion), is the crown jewel of Daim’s fortune. And it was seized because he repetitively refused to entertain MACC’s petition to declare his and his family’s financial holdings.

Under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) and Section 41 of the MACC Act, not only the 274m-tall skyscraper can be seized for up to 18 months pending investigations, it also allows other assets – both domestic and foreign – belonging to Daim and his family to be seized. This effectively cuts Mahathir’s access to funding to overthrow Anwar.

Daim has slammed the investigation against him and his family as a “witch-hunt”, claiming that he was clueless about the offence he was accused of. The juiciest part was the reaction from Tun Dr Mahathir, who sarcastically said everyone with the Tun title should be investigated and has their property seized if they failed to explain the source of their wealth. Why was Mahathir so concerned about Daim’s property?

Yes, Mahathir was incredibly mad and furious because not only Anwar is still the 10th Prime Minister post-Christmas, but he has lost access to funding after Daim’s assets are frozen. The hallucination of swearing in a new backdoor prime minister on Dec 31 vanished into thin air. If Anwar dares to seize Daim and his family’s assets, what is there to stop the PM from doing the same to Mahathir’s family?

Worse, “Plan B”, which was swiftly activated after the authorities pre-emptively froze Daim’s assets, had also gone haywire. Thanks to Anti-Terrorism Financing Act, the initial plan to electronically transfer RM750 million to bribe MPs into declaring their “loss of confidence” in Anwar did not work. Raja Petra Kamarudin, the disgraced blogger-turn-fugitive currently in the U.K., was then entrusted to bring RM750 million cash into the country.

The money was meant to bribe 15 UMNO MPs, including 2 lawmakers from Anwar’ own party – PKR (People’s Justice Party) – to defect, without triggering anti-hopping law similar to how 5 Bersatu MPs pledged their support for Anwar. The biggest bribe was, of course, the prime ministership for GPS, the price that Mahathir, Daim and Muhyiddin, despite their reluctance, had to pay in order to save their skin.

Besides the post of the prime minster, GPS was also offered 20% oil royalty. Alternatively, the RM750 million could also be used to buy 38 “Tier-2” MPs at the cost of RM20 million each, sufficient for Perikatan Nasional to form yet another backdoor government with a simple majority. In fact, Mahathir and Daim were so desperate they were willing to increase the amount just to get rid of Anwar.

RM750 million cash might look a lot, but it’s only less than €150 million or £130 million, which can easily be smuggled using a private jet.

Hilariously, the jet was intercepted in transit by a foreign intelligence service, believed to be the Central Intelligence Agency (CIA). While Anwar in his capacity as premier has access to military intelligence, nothing beats the CIA, the specialist in terrorism financing.

True, Washington has censured Anwar for taking a hard line against Israel’s actions. But the U.S. understood it was merely a political rhetoric (Anwar has since refrained from praising Hamas terrorist group after realizing his mistake). The U.S. is more concerned about a pro-Iran regime like PAS taking over the country, potentially breeding Malaysia-Hezbollah or Hamas terrorists in the region.

That explains why pro-opposition Raja Petra, the owner of Malaysia-Today portal, has started demonizing the U.S. for funding Anwar’s political party. Crucially, the fact that “master strategist” Mahathir has gone bonkers, barking endlessly at the government, is the clearest proof that the Dubai Move had failed spectacularly. Still, the burning question remains – where is the RM750 million cash?

Source : Finance Twitter