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Is Petronas hiding Dr M’s mismanagement of the national oil company?
Dr M allegedly used RM529b Petronas’ money to bail out sons
KUALA LUMPUR, July 31, 2024: The racist Dr Mahathir Mohamad (Dr M) reportedly squandered from Petronas RM529 billion since the 1970s to bail out his sons Mirzan and Mokhzani.
This was posted in a compilation of news (report CoconutKL, malaysiakini and The Star) by The Coverage today.
So, where is Petronas’ accountability and responsibility after some five decades (50 years)?
Also, no action by any authority - the Government, police and MACC?
And, this list:
They own a total of 591 companies and total assets worth US$60 billion (RM283 billion).
And, all four are the racist Dr M'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.
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No News Is Bad News reproduce below the article posted by The Coverage:
Mahathir Squandered From Petronas RM 529 Billion Since 1970s – Bailed Out Mirzan & Mokhzani
31 July, 2024
Federal government in Putrajaya under Mahathir has been treating the oil and gas corporation as a cash cow, especially in bailing out government-linked companies in financial trouble.
Petronas provided the money to build some of former Prime Minister Mahathir Mohamed’s most grandiose projects, including the KL Twin Towers, the Putra Jaya administrative capital and to bring Formula One racing in Malaysia.
Petronas was used to get Malaysia out of an RM31.5 billion forex scandal perpetrated by Mahathir in the early 1990s in which the financier George Soros outfoxed Bank Negara, making billions and earning Mahathir’s eternal antagonism. It paid off US$800 million in losses from Mahathir’s ill-fated Perwaja Steel project. In 1998, it bailed out Mahathir’s eldest son Mirzan, purchasing his Konsortium Perkapalan for RM226 million and assuming debts of more than RM324 million. It also awarded in 2012 a RM700 contract to a firm in which Mahathir’s other son Mokhzani was a vice president.
Petronas has paid out RM529 billion to the government in the form of dividends, taxes, petroleum revenue and export duties.
In 1985, Petronas bailed out Bank Bumiputra with a Rm2.5 billion infusion. In 1991, Petronas shored up the banks’ finances again when it pumped in an additional RM1 billion.
In 1997, Petronas had to rescue the troubled Konsortium Perkapalan Berhad for RM2 billion.
Petronas was made to underwrite the construction of the KLCC Twin Towers for RM6 billion and the construction of Putrajaya for a further RM22 billion.
The bailout and construction of mega projects was done during the premiership of Tun Dr Mahathir Mohamad, who initiated a series of major infrastructure ventures in the 1990s.
“What is sinful and cannot be forgiven is the ease with which the powers that be had been dishing out subsidies to such entities like the national power supplier, the independent power producers and some other non-power outfits,” he said.
During the last few months of Mahathir’s second stint as prime minister, he tried to look at possible ways Petronas could raise funds. One of his ideas was to break up Petronas into smaller business units, the Petronas Chemicals Group, Petronas Carigali, and Petronas Gas, selling equity off to Sabah and Sarawak state governments.
With tourism, air transport, and logistics depressed, national governments, including Malaysia will have to go deeper into deficit financing to pump their respective economies.
This is a dilemma for Petronas which will be under extreme pressure to pay some form of dividend to help the government manage the forthcoming budget. Without help from Petronas, the finance minister will have to canvas a reintroduction of the GST, maybe even at a higher rate than previously, increases of income and corporate tax, and even the introduction of new taxes. The company has been a major contributor to Malaysia’s wealth. However, times are changing where it may not be a dependable lifeline for much longer.
Source : Coconut KL
Source : Malaysiakini
Source : The Star
Saturday 27 January 2024
Dr M - an ungrateful scumbag and mamak traitor to Malaysians
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No News Is Bad News
Dr M - an ungrateful scumbag and mamak traitor to Malaysians
KUALA LUMPUR, Jan 28, 2024: There is a Tik Tok video titled “This is the new regime” featuring the racist Dr Mahathir Mohamad (Dr M) telling investors to stay away from Malaysia (view the above video).
Malaysians gave Dr M the opportunity to govern Malaysia for a total of 26 years and this is how he is repaying the rakyat dan negara (people and country). Such an ungrateful man and traitor to the people and country.
No wonder he is listed as the most evil Malaysian ever. This was what was found shared on Facebook:
*A Ranking of the 12 Most Evil Persons in Malaysia*
Who are the most evil and corrupt men and women in Malaysia? Here is a listing of the Dirty Dozen, ranked in order of how evil the person is and his effect on society.
The more evil the person and the more damaging his effect on society, the higher up the scale they go. Besides the top dog, the list includes his dark knights installed in every powerful institution that is meant to protect and uphold democracy in the land.
From the Attorney-General to the Chief Justice, judges, the ACA, the Election Commission and the police force, there is no institution which has not been corrupted by Mahathir. As Tunku Abdul Rahman said after the sacking of the Lord President Tun Salleh Abas, we are all in grave danger.
1. Mahathir Mohamed
The Father of Corruption
As the most dictatorial prime minister ever, this man certainly tops the list of most evil persons in Malaysia. He has practically destroyed all the institutions of democracy in Malaysia including the independence of the judiciary and there are no more checks and balances to his power. Concepts like justice, democracy and human rights mean little to him and he is comfortable hobnobbing with brutal regimes like Myanmar and Cuba. Corruption and cronyism flourish under his rule to an extent never before seen. Like a leader who corrupts all those under him, most of the people holding high office in the country are corrupt and beholden to him. The hallmark of Mahathir's rule is that corrupt men and women do not have to pay the price of their corruption as long as they remain loyal to him. An egomaniac who expounds large construction projects to cover his lack of spiritual values, he channeled the resources of the country into economically senseless mega projects to feed his ego and his cronies' pockets. Slowly but surely Mahathir's rule of corruption, cronyism and public-milking privatization is lowering the standard of living in Malaysia and making life harder for the ordinary citizen who must pay the ever increasing corruption tax. He will forever be remembered for his cruel and inhuman treatment of his deputy Anwar Ibrahim whom he jailed after Stalin and Hitler style show trials … (the other 11 most evil Malaysians have been omitted here).
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Thursday 18 January 2024
Wow! Dr M’s 4 children are born business geniuses
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For image info, go to https://focusmalaysia.my/lokman-adam-has-tun-m-inherited-his-fathers-wealth-which-is-then-passed-down-to-his-sons/
Wow! Dr M’s 4 children are born business geniuses
KUALA LUMPUR, Jan 19, 2024: 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 are similarly successful financially.
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.
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What more need we say about the facts?
No News Is Bad News reproduces below a posting on the wealth of Dr M’s family:
The Coverage/News/MACC Orders Mirzan Mahathir To Declare Assets Worth USD 17 Billion Within 30 Days
MACC Orders Mirzan Mahathir To Declare Assets Worth USD 17 Billion Within 30 Days
18 January, 2024
The Malaysian Anti-Corruption Commission (MACC) has confirmed that it summoned businessman Mirzan Mahathir to its headquarters in Putrajaya yesterday to be served a notice of asset declaration.
In a statement, MACC said it served Mirzan the notice under Section 36(1)(b) of the MACC Act 2009, which requires him to declare all the movable and immovable assets in his possession within 30 days.
Mirzan is the eldest son of former prime minister Dr Mahathir Mohamad.
“This asset declaration notice is a continuation of MACC’s investigation into information from the Panama Papers report and his (Mirzan’s) business activities involving the sale and purchase of government-linked companies (GLCs),” MACC said.
“MACC initiated the investigation in August 2022 as part of its probe into all entities mentioned in the Pandora Papers and Panama Papers reports.
“MACC is examining financial documents and the ownership of assets by the entities listed in the reports.”
It said 10 witnesses have had their statements recorded, with the investigation still “actively ongoing”.
MACC did not state whether the 10 witnesses or the investigation was specific to Mirzan or all the Malaysians mentioned in the Pandora Papers and Panama Papers.
The Pandora Papers and the Panama Papers refer to thousands of documents leaked to the International Consortium of Investigative Journalists (ICIJ) which revealed details of bank accounts and offshore assets of political figures and other notable personalities.
Last week, MACC quizzed former finance minister Daim Zainuddin’s wife, Naimah Khalid, and their two sons on assets belonging to the family as part of its probe.
MACC said its investigation into Daim began in February 2023 and was based on information from the Pandora Papers leak.
Daim and his family have filed an application in court for a judicial review to challenge the investigation, which they claim is unconstitutional.
Source : FMT
The Rakyat needs no reminder that Dr. Mahathir and his children, are all multi-millionaires and billionaires themselves. When asked on this matter, Dr. Mahathir had often hit back at critics by saying that his children’s success “is due to their own hard work and nothing to do with him helming the government for two decades”. The two-time Prime Minister had also explained that his children were not rich when he was in power.
If that’s the case, Dr. Mahathir’s family must have been “extra hardworking” as the net worth of Marina, Mirzan, Mukhriz and Mokhzani easily surpasses the GDP of at least 120 countries. By all means, it does seem like Mokhzani was referring to his own family as “champions”, by the virtue of their immense and unnatural wealth.
To be more specific:
1. Mokhzani owns 255 companies, with estimated total assets worth USD21 billion;
2. Mirzan owns 156 companies, with estimated total assets worth USD17 billion;
3. Mukhriz owns 128 companies, with estimated total assets worth USD13 billion; and
4. Marina owns 52 companies, with estimated total assets worth USD9 billion.
It is no wonder that Mahathir is always defensive about his children’s work ethics. After all, Mahathir’s children have not only “worked hard” to deserve their billions, but they have also cemented themselves as among the richest Malays on Earth. With Mahathir’s political influence on the side, it is not an exaggeration to say that Mahathir is building a dynasty that would cement their “untouchable” status for generations to come.
Source : The Real Tamring Ghaafar Baba
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