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Dr M is 6th richest leader in the world with RM188b in wealth
KUALA LUMPUR, Sept 12, 2025: Microsoft MSN has ranked the racist Dr Mahathir Mohamad (Dr M) as the 6th richest leader in the world with a whopping fortune of US$45 billion (RM188 billion)!
How much did he earn in his early days as a private medical practitioner and from his salary and perks as Malaysia’s prime minister for some 25 years?
Can the Malaysian Anti-Corruption Commission (MACC), Inland Revenue Board (IRB) and the so-called Madani Unity Government (UG) do the maths and work out whether it is possible for Dr M to earn and save up to an insane RM188 billion?
And his children:
Dr M's four children own a total of 591 companies and total assets worth US$60 billion (RM283 billion).
No other billionaire or even trillionaire in the world has 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.
How much have Dr M and his late right-hand man Daim Zainuddin (twice appointed finance minister) accumulated in savings from the rakyat dan negara (people and country)?
Don’t anyone, especially the government authorities, think the multi-billions, or even trillions, of Ringgit in wealth are insane for Malaysian individuals in a family?
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Here are a few selected visuals found on Facebook that show why Malaysia’s future is doomed:
No News Is Bad News reproduces below a news report on the RM188 billion Dr M posted by The Coverage and our previous postings:
Microsoft’s MSN Ranked Mahathir 6th Richest Leader In The World With A Fortune Of US$45 Billion (RM188 Billion)
11 September, 2025
Microsoft’s MSN website last week released a list of global leaders wealth. Former Prime Minister Tun Dr Mahathir ranked the 6th richest leader in the world with a fortune of US$45 billion (approximately RM188 billion).
Formerly the world’s oldest sitting prime minister, Malaysia’s Mahathir Mohamad had a long stint in power from 1981 to 2003, and then again between 2018 and February 2020. Via his proxy Tun Daim Zainuddin, the elderly leader, who is now 95, is said to have around $45 billion (£32bn) stashed away and is thought to have interests in 50 banks around the world.
Later, Datuk Seri Najib Razak, who was also the former prime minister, issued a statement today ridiculing Mahathir whether he must deny the news on the MSN website or sue the MSN website.
He said that the MSN website has a high level of influence and “reminded” Mahathir that he must beware of “malicious” actions by foreign media. “Or you can ask to set up a special investigation team to investigate his wealth, especially wealth abroad, in order to restore his reputation.”
Najib pointed out in a Facebook post that MSN is the 40th most viewed website in the world and second in the news category.
“However, Tun Dr Mahathir did not deny this article. It may be the end of the month. Tun (Mahathir) has run out of mobile data this month?”
Najib said that during Mahathir’s tenure as the seventh prime minister, the Pakatan Harapan government withdrew the Royal Commission of Inquiry (RCI) police report on the loss of 33 billion ringgit (currently valued at over 100 billion ringgit) of the Bank of China’s foreign exchange funds, and reported the case. Cases classified as no further action (NFA).
“Even if such a huge national fund disappeared, a penny has not been returned, and the Royal Commission of Inquiry has completed (the investigation report), and no one has been held accountable or prosecuted.”
Najib also quoted a report from the Malaysiakini website that Mahathir’s good friend, former Treasurer Tun Diam, also admitted in response to the Pandora document that he does own a company that does business in 14 countries around the world. Bank.
“According to Diam, some of the trustees mentioned in the Malaysiakini report are his children and are related to the Swiss bank ICB Banking Group.”
Najib went on to say that most of Mahathir’s children are billionaires or millionaires. “So I am afraid that many people will believe this’malicious’ MSN report.”
“Tun needs to deny MSN’s report or file a lawsuit against MSN, or request the establishment of a special investigation team to investigate his wealth, especially wealth abroad, in order to restore Tun’s reputation.”
Wednesday, 10 September 2025
Dr M’s three sons became billionaires in just 10 years - but majority of Malays are still poor after 20+ years under his rule
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Dr M’s three sons became billionaires in just 10 years - but majority of Malays are still poor after 20+ years under his rule
KUALA LUMPUR, Sept 10, 2025: The racist Dr Mahathir Mohamad (Dr M) and his “born business genius” three sons are amazing.
They became billionaires in just 10 years.
Malaysians should ask, why are they so rich but the majority of Malays are still poor after Dr M governed the country for more than 20 years!
This is what Dr M’s four children own:
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.
No News Is Bad News reproduces below a news feature posted by The Coverage and our previous posting:
Mahathir & His 3 Sons Became Billionaires In Just 10 Years : Grandchildren Live The Life Of A Saudi Arabian Royal Family
10 September, 2025
The only way Mahathir and sons can convince Malaysians they are not crooks and that they did not steal their wealth and that their money did not come from Bank Negara is for them to open their books for all and sundry to see where their money came from. Mahathir and sons must show the source of their money and prove that the source is not illegal. Until then Malaysians have to assume that Mahathir and sons stole their wealth and that much of their money came from Bank Negara.
The Royal Commission of Inquiry (RCI) into the Bank Negara forex losses of 1988-1992 finally concluded yesterday. Lim Kit Siang, however, is not too happy about the matter and feels that the RCI hearing was not thorough enough.
In 1994, Kit Siang wrote a 38-page book titled “The Bank Negara RM30 Billion Forex Losses Scandal”. To be able to write so much (and Kit Siang claims he has written and spoken 10 million words is his political career) that means he knows a lot regarding what happened. However, he testified at the RCI for only 30 minutes. Why only 30 minutes? How come suddenly Kit Siang has very little to say after talking so much for more than 20 years?
Mahathir and his three sons became billionaires in just ten years
Mahathir and his three sons became billionaires in just ten years so they need to explain where their money came from
In 1993, it was Kit Siang who brought this matter to the attention of the world. And, because of his persistency, Anwar Ibrahim, the then Finance Minister, had to finally reluctantly admit in 1994 that Bank Negara had, indeed, lost money gambling on the forex market. But the loss was small and only paper losses, said Anwar.
But Anwar told the Cabinet something else. Anwar told the Cabinet that the loss was actually RM5.7 billion but it was only ‘deferred expenditure’ and ‘unrealised losses’. So Anwar lied to both Parliament and to the Cabinet. And Kit Siang knew this. That was why he came out with his 38-page book titled “The Bank Negara RM30 Billion Forex Losses Scandal”.
The truth is Bank Negara lost RM30 billion and not RM5.7 billion plus it was realised losses, not ‘deferred expenditure’, ‘paper losses’ or ‘unrealised losses’, as Anwar claimed. And Kit Siang knew this. That was why he was like a dog with a bone: which would bite down hard on the bone and never let go while growling away non-stop.
Then, in 2012, Anwar finally relented and told the truth. Bank Negara lost US$10 billion, said Anwar, and Tun Dr Mahathir Mohamad and Tun Daim Zainuddin were behind it.
Kit Siang already knew that, of course. He just wanted Anwar to admit it. But even then Kit Siang knew Anwar was not telling the whole truth. It was not just Mahathir and Daim who were guilty. Anwar was also guilty. So it was the MAD Trio (Mahathir-Anwar-Daim) who should be taken to task.
Kit Siang knew that the disaster actually started in 1988. By 1991 the problem was out of control so Mahathir and Daim appointed Anwar the new Finance Minister. Anwar’s job was to cover Mahathir’s and Daim’s backs if this matter explodes. And in 1993 it did explode. And the person who detonated this explosion was Kit Siang.
Anwar nevertheless insisted that Bank Negara’s losses gambling on the forex market was RM5.7 billion and not RM30 billion or US$10 billion. Kit Siang, on the other hand, insisted it was RM30 billion. While Anwar agreed that Bank Negara lost RM30 billion (and now the RCI says it was RM31.5 billion), until today he still insists that the losses gambling on the forex market was only RM5.7 billion.What game is Anwar playing? In 1994 he said it was RM5.7 billion. In 2012 he said it was US$10 billion. And today he says it was RM5.7 billion.
Actually, what many do not realise is, Anwar is sending Malaysians a cryptic message. Bank Negara may have lost RM31.5 billon but only RM5.7 billion was lost gambling on the forex market. In other words, what Anwar is saying is, Bank Negara lost RM31.5 billion, RM5.7 billion lost on the forex market, and another RM25.8 billion lost in ‘other ways’.
So, if Bank Negara lost RM31.5 billion but only RM5.7 billion was lost gambling on the forex market, what happened to the balance RM25.8 billion? That is what Anwar is telling us to ask. What happened to the balance RM25.8 billion of Bank Negara’s money that disappeared into thin air if, according to Anwar, only RM5.7 billion was lost gambling on the forex market?
Mahathir himself said that only RM5.7 billion was lost gambling on the forex market. He also said none of the money was stolen. But then Bank Negara lost RM31.5 billion. So how could Bank Negara lose a total of RM31.5 billion but lose only RM5.7 billion playing the forex market and yet none of the money, said Mahathir, was stolen? Mahathir will have to prove that none of the money was stolen if he insists none of the money was stolen and yet RM31.5 billion was lost.
This is what the RCI will need to look into. Mahathir plus his three sons (Mukhriz, Mirzan and Mokhzani) will need to show where their wealth came from. Mahathir and his three sons are billionaires. How did they become billionaires? Where did their money come from? How much of Bank Negara’s RM25.8 billion ended up in the pockets of Mahathir, Mukhriz, Mirzan and Mokhzani?
The fact that Bank Negara lost roughly RM31.5 billion has been proven. The fact that Bank Negara lost RM5.7 billion gambling on the forex market also seems to be what Anwar says happened. What Anwar has not said yet is what, therefore, happened to the balance RM25.8 billion? And Mahathir, Mukhriz, Mirzan and Mokhzani need to prove that the RM25.8 billion did not end up in their pockets. So Mahathir and sons need to show where their wealth came from if their wealth was not stolen from Bank Negara.
It is impossible for the Mahathir family to become billionaires in such a short time of just ten years if the money was earned legally. Even the Genting family, the Hong Leong family, the YTL family, the Berjaya Group family, the Boon Siew family, the Tan Chong family, the Soon Seng family, the Low Yat family, and many more, needed 60 years or more to be where they are today. Mahathir and sons needed only ten years to beat all the Chinamen in Malaysia.
This does not make sense at all. Any Chinese will tell you that Malays are not as smart as Chinese and Malays cannot make it unless they are crooked or are given ‘crutches’. Speak to any Chinese and they will confirm this.
The only way Mahathir and sons can convince Malaysians they are not crooks and that they did not steal their wealth and that their money did not come from Bank Negara is for them to open their books for all and sundry to see where their money came from. Mahathir and sons must show the source of their money and prove that the source is not illegal. Until then Malaysians have to assume that Mahathir and sons stole their wealth and that much of their money came from Bank Negara.
Thursday, 5 June 2025
Just ignore Dr M, his days are numbered and he's a spent force
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Just ignore Dr M, his days are numbered and he's a spent force
KUALA LUMPUR, June 5, 2025: The racist and evil Dr Mahathir Mohamad (Dr M) needs to be admitted to a mental asylum for an evaluation of his mind.
He claims the Malays were being sidelined. Since when have the governments (including the present Madani Unity Government) removed the affirmative policies that discriminate non-Malays to give the Malays the edge in education, employment and business.
Nearing a century old, Dr M continues to be threat to national unity and harmony.
Prof Dr James Chin asked two questions on Dr M’s “unsound” claims:
> How did your children magically become multimillionaires? Were they born with some golden gene?
> Can Malays actually lose power? Since 1971, every core institution—King, PM, security services, armed forces, parliament, civil service, judiciary, religion, demography—has been dominated by Malays.
This was what Chin posted on Facebook:
James Chin
This man is obsessed with tearing Malaysia apart, relentlessly pitting Malays against non-Malays.
His claim that Malays are sidelined is utter nonsense, and I say that with absolute certainty. The truth is, TDM and his cronies are the ones sidelined by Anwar, and they’re desperate to oust him to shield their shady business dealings from scrutiny.
Let me ask two blunt questions:
1) How did your children magically become multimillionaires? Were they born with some golden gene?
2) Can Malays actually lose power? Since 1971, every core institution—King, PM, security services, armed forces, parliament, civil service, judiciary, religion, demography—has been dominated by Malays. The ruling ideology, ketuanan Melayu, is literally enshrined in the constitution as ‘special position’ of the Malays.
Yet you have the audacity to claim Malays are sidelined? The reality is, Malays are only “sidelined” when you’re not the one calling the shots. You alone decide when Malays are “under threat,” stoking racial animus and division that will stain your legacy. Worse, when Malaysia spirals into deeper ethnic conflict long after you’re gone, your grandchildren will bear the consequences of your venomous hatred for Anwar.
Your obsession with him is borderline psychotic. As a doctor, you should know that such intense hatred poisons your judgment. Hate Anwar all you want, but you have no right to turn your personal vendetta into a campaign of racial hatred against non-Malays. What you are doing is wrong, and you know it.
No News Is Bad News reproduces below our past posting on Dr M and his multi-billionaire children:
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Reflecting on Dr M’s destruction of rakyat dan negara (people and country)
KUALA LUMPUR, March 31, 2025: No News Is Bad News reproduces below a posting found on Facebook.
We have nothing to add on this racist specie who even denies his family roots:
Talking abt the Devil..
Teachr Nagen
SINS OF MAHATHIR
1. Marginalising & Persecuting the minor races of Malaysia. This man forgot his ancestral blood and many thousands of times had denied clever Indians children the right of tertiary education.
2. Allowed corruption to flourish in the country. Corruption has grown in a pace unseen in this country during his time. Under his administration, he encouraged rampant corruption, cronyism, racism and unfair monopolies, and all these caused Malaysia's economy to crash during the 1997 financial crisis.
3. Locked up the opposition in the OPS LALANG. Operation Lalang (Ops Lalang) was Dr Mahathir Mohamad’s worst abuse of power during his 23-year rule when he arrested and detained more than a hundred innocent Malaysians without trial under the infamous Internal Security Act (ISA) in 1987.
4. Good education was consistently denied to the deserving children. He was the prime architect of the divisive racial and religious policies that have kept ethnic groups apart in the country.
5. No free speech was allowed. Also on World Press Freedom Day, CPJ announced it was putting Prime Minister Mahathir on its list of the 10 Worst Enemies of the Press in 1999.
6. He controlled all the local media for his own, his party's advantage.
7. The Malaysian judicial crisis. The 1988 crisis, was Mahathir-led assault on the Judiciary.
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Dr M allegedly stashed RM83b in Taiwan - and its only 10% of his wealth!
KUALA LUMPUR, Nov 7, 2024: The Coverage has posted a slew of news reports damning racist former prime minister Dr Mahathir Mohamad (Dr M) and his crony, former two-time Finance Minister Daim Zainuddin.
It claimed that a former aide of Dr M revealed in a press conference yesterday (Nov 6) that Dr M allegedly stashed RM83 billion in Taiwan - a figure that is only 10% of Dr M’s wealth!
And Taiwan is where he is said to have been receiving his annual supply of Linzhi (fungi) for decades, with the approval of the Taiwan government - not the cultivated Lingzhi but the ones that grow naturally in the mountains of the island.
That appears to be the 98-year-old Dr M’s secret to good health and longevity.
And it is also believed that former national badminton ace Lee Chong Wei was also advised by Dr M’s wife, Siti Hasmah, to seek treatment for cancer in Taiwan.
Lee has since fully recovered after about a year’s treatment in a hospital in Taiwan.
The Lingzhi manufacturer’s showroom office for tourists also have renowned pictures of personalities, including Dr M’s visit to the factory decades ago and Lee, adorning its reception.
For image info on Lingzhi, go https://www.healthline.com/nutrition/reishi-mushroom-benefits
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No News Is Bad News reproduces below the slew of news reports posted by The Coverage:
Tun Mahathir Stashed RM 83 Billion In Taiwan – This Figure Is Only 10% Of Mahathir Wealth
6 November, 2024
An individual who described himself as a former aide of former prime minister Tun Dr Mahathir Mohamad has alleged that he helped Mahahtir move money totalling RM83 billion overseas from 1982 until 1995.
Abdul Hameed Gula Maiden had held a press conference yesterday where he described himself as working ‘behind the scenes’ for Tun while he was still the prime minister. “I have evidence to show that the ringgit notes in denominations of RM500 and RM1,000 are still stored in Taiwan. We have the list of serial numbers of the banknotes totalling RM83 billion,” he told reporters, China Press reports.
Abdul Hameed added further that during Mahathir’s time in charge of the Finance Ministry, there were three other individual who were in possession of this information.
“The money was printed in London and sent to Taiwan to be held in trust by the CKS Foundation in stages between 1982 and 1995. The money is still there,” he added.
He then presented his documents, to show evidence of 35,980,800 banknotes in RM500 denomination and another 65,417,100 notes in RM1,000 denomination.
“In the past, if we had dared to speak about Mahathir’s ‘sins’, we would have been arrested under the Internal Security Act (ISA). He then hinted that what he revealed at the press conference was merely the tip of the iceberg.
“This is only 10%, another 90% of Mahathir’s wrongdoings I will reveal in due time especially concering the Memali incident,” he hinted before concluding the press conference.
Tun M & Daim Must Be Reduced To Common Criminals – Looting, Scamming & Stealing Billions From The National Coffers
25 January, 2024
The tales of what our Malay political leaders have done in the name of government, race, religion and the getting of obnoxious personal wealth for themselves, would make those who seek to find the truth of what really has happened during the times that we are now living in, wonder what is truth and what is fiction.
Are they expected to believe that a prime minister will engage in looting, scamming and stealing billions from the national coffers to enrich his children and himself?
Are they expected to believe that that same prime minister, will appoint a finance minister who will aid and abet that prime minister to engage in looting, scamming and stealing billions from the national coffers to enrich his children and himself, while doing the same for himself?
Are they expected to believe that the prime minister, the finance minister, his ministers and the powers that be in government are all engage in looting, scamming and stealing billions from the national coffers on an industrial scale that has never been seen before ……ever?
All this looting, scamming and stealing of billions were done not for one or two years, not for one of two decades, but for a time long enough to cause our people, our nation and our future great harm, sufferings and misery that cannot be simply explained by that immortal line “GREED IS GOOD” because that quote from Wall Street seemed inadequate when seen in the light of what has been done by Mahathir, Daim, Najib to name a few, during their time in and out of public office.
The following lists will serve as a reminder to us all of what these bastards have done in the name of government and why those immortal lines uttered in the film Wall Street, “GREED IS GOOD” is totally inadequate to describe what these bastards have done to satisfy their own greed – because their greed has left our people, our nation and our future in tatters.
LIST OF CORRUPTION IN MALAYSIA :
1. PKFZ RM12 billion
2. Submarine Commission RM500 million
3. Sime Darby RM964 million
4. Paya Indah Wetlands RM88 million
5. Pos Malaysia (Transmile) RM230 million lost
6. Eurocopter deal RM1 billion wasted
7. Terengganu Stadium collapse RM292 million
8. MRR2 repair cost RM70 million
9. Maybank overpaid BII RM4 billion
10. Tourism – NYY kickback RM10 million
11. 3 paintings bought by MAS RM1.5 million
12. Overpayment by Sports Ministry RM8.4 million
13. London’s white elephant sports complex RM70 million
14. MATRADE repairs RM120 million
15. Cost of new plane used by PM RM200 million
16. InventQ irrecoverable debt RM228 million
17. Compensation for killing crooked bridge RM257 million
18. Loss in selling Augusta RM 510 million
19. Worth of APs given out in a year RM1.8 billion
20. Submarines (future Muzium Negara artifacts) RM4.1 billion
21. PSC Naval dockyard RM6.75 billion
22. The Bank Bumiputra twin scandals in the early 1980s saw US$1 billion losses (RM3.2 billion in 2008)
23. The Maminco attempt to corner the World Tin Market in the 1980s is believed to have cost some US$500 million (RM1.6 billion)
24. Betting in foreign exchange futures cost Bank Negara Malaysia RM30 billion in the 1990s
25. Perwaja Steel’s US$800 million (RM2.56 billion) losses
26. Use of RM10 billion public funds in the Valuecap Sdn Bhd operation to shore up the stock market
27. Banking scandal of RM700 million losses in Bank Islam
28. The sale of M.V. Agusta by Proton for one Euro making a loss of €75.99 million (RM348 million) Same as No.18.
29. Wang Ehsan from oil royalty on Terengganu RM7.4 billion from 2004 – 2007
30. For the past 10 years since Petronas Philharmonic Orchestra was established, this orchestra has swallowed a total of RM500 million. Hiring a Kwai-Lo CEO with a salary of more than RM1 million per annum!
31. In Advisors Fees, Mahathir was paid RM180,000, Shahrizat Abdul RM404,726 and Abdul Hamid Othman (religious) RM549,675 per annum
(My comments : Dr Mahathir the cleverest of the entire lot was paid the least. Hamid Othman the stupidest dumb ass ever was paid the highest – by Slumberjack.)
32. The government has spent a total of RM3.2 billion in teaching Maths and Science in English over the past five years. (Wow ??)
Of the amount, the government paid a whopping RM2.21 billion for the purchase of information and computer technology (ICT) equipment which it is unable to give a breakdown.
Government paid more than RM6,000 per notebook vs per market price of less than RM3,000 through some new consortiums that was setup just to transact the notebook deal. There was no Maths and Science Content for the teachers and the notebooks are all with the teachers’ children now.
33. The commission paid for purchase of jets and submarines to two private companies – Perimeker Sdn Bhd and I_T Defence Sdn Bhd amounted to RM910 million. Expanding on No. 2.
37. RM300 million to compensate Gerbang Perdana for the RM1.1 billion “Crooked Scenic Half-Bridge”
38. RM1.3 billion has been wasted building the white elephant Customs, Immigration and Quarantine (CIQ) facilities on cancellation of the Malaysia-Singapore Scenic Bridge
39. RM100 million on renovation of Parliament building which leaks
40. National Astronaut (actually tourist) Programme – RM70 million
41. National Service Training Programme – yearly an estimate of RM 500 million
42. Eye of Malaysia – RM30 million and another RM5.7 million of free tickets
43. RM2.4 million on indelible ink.
44. Samy Vellu announced in September 2006 that the government paid compensation amounting to RM38.5 billion to 20 highway companies. RM380 million windfalls for 9 toll concessionaires earned solely from the toll hike in 2008 alone
45. RM32 million timber export kickbacks involving companies connected to Sarawak Chief M___ster and his family.
46. Two bailouts of Malaysia Airline System RM7.9 billion. At a time when MAS is incurring losses every year, RM1.55 million used to buy three paintings to decorate its Chairman’s office. Expanding on No.11
47. Putra transport system bailout which cost RM4.486 billion.
48. STAR-LRT bailout costing RM3.256 billion.
49. National Sewerage System bailout costing RM192.54 million.
50. Seremban-Port Dickson Highway bailout costing RM142 million
51. Kuching Prison bailout costing RM135 million
52. Kajian Makanan dan Gunaan Orang Islam bailout costing RM8.3 million
53. Le Tour de Langkawi bailout costing RM3.5 Million
54. Wholesale distribution of tens of millions of shares in Bursa Malaysia under the guise of NEP to cronies, children and relatives of BN leaders and ministers worth billions of ringgit.
55. Alienation of tens of thousands of hectares of commercial lands and forestry concessions to children and relatives of BN leaders and Ministers worth tens of billions of ringgits.
56. Since 1997, Petronas has handed out a staggering RM30 billion in natural gas subsidies to IPPs who were reaping huge profits. In addition, there were much wastages and forward trading of Petronas oil in the 1990s based on the low price of oil then. Since the accounts of Petronas are for the eyes of the Prime Minister only, we have absolutely no idea of the amount.
57. RM5,700 for a car jack worth only RM50
58. Government-owned vehicle consumed a tank of petrol worth RM113 within a few minutes
59 A pole platform that cost RM990 was bought for RM30,000
60. A thumb drive that cost RM90 was bought for RM480
61. A cabinet that cost RM1,500 was bought for RM13,500
62. A flashlight that cost RM35 was bought for RM143
63. Expenses for 1Malaysia campaign paid to APCO?
64. RM17 billion subsidy to IPP
65. US$24 million Diamond Ring for Ro$_ah – Cancellation of Order – how much compensation ?
66. CowGate . . . RM250 Million
67. Monsoon Cup . . . RM800 million per year
68. Illicit Fund Transfers out of Malaysia ( 2000 – 2009) : RM 1,077,000,000,000!
69. Taj__in-Danaharta settlement
70. Billions of ringgit toll concessions that disadvantage the government and taxpayers”
71. With 1MDB RM42 billion missing.
72. MAIKA 120,000,000 SHARES IN TELEKOM
73. ABU SAYYAP TERRORIST 12 MILLION DOLLARS.
BUT for these bastards, and for as long as there is life within them, retribution will come. Or should I say, for some of them, retribution has come!
If truth is to be told, what our PMX is now doing, in going after the perpetrators and traitors that has caused our nation and our people great harm and misery, is not enough. I do not want to just be witness to the trials and tribulations of these bastards. I do not just want to see the wheels of justice slowly turn and mete out punishment and just desserts to these bastards. Nor do I want to see them just found guilty and, after years of appeals after appeals, finally jailed. No sir, none of this is enough punishment for these bastards.
I want to see them being led to court dressed in orange, handcuffed and paraded for the public to see on every day of their trial. I want their time in court, in the docks, to be screened live for the public to see. I want every question put to them by the prosecution, every answer that they, or their lawyers make to those questions, be seen by every Malaysians. All their trials and tribulations we want to witness because only by so doing, can the healing start. Only by seeing these bastards on trial and seeing them reduced to being common criminals can our people begin to believe that good will prevail over evil. That in the final analysis, justice will prevail…..and then maybe, our people will start to believe that there is, after all, ALLAH ….GOD….or whatever you may call that divine being, that is watching over all of us, to ensure that good, will eventually triumph, over evil.
Enough said.
Source : Hussein Hamid
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
Najib Reminded Mokhzani Mahathir That He Was A Product Of Nepotism – Become Wealthy From Billions Of Contracts From Petronas
21 March, 2023
Najib Razak hit out at businessman Mokhzani Mahathir for belittling the government aid for the poor, and reminded Mokhzani that he was a product of nepotism.
Najib also questioned Mokhzani’s taste for luxury cars and said Mahathir’s son would not be seen in a Myvi or Proton “which his father loves so much”.
Najib said Mokhzani was lucky to have become wealthy thanks to “billions” of contracts from Petronas, when his father Dr Mahathir Mohamad was premier.
Mokhzani, in a ceramah recently, had said people should not be too pleased with receiving BR1M (1Malaysia Peoples’ Aid) as it was money not earned.
However Najib said Mokhzani had become rich from Petronas contracts given to his company SapuraKencana Petroleum Berhad, so rich that he had 23 luxury cars, including Porsches and a Bugatti.
“When his father was PM, he got billions of Petronas contracts, I know this because I am PM. The Petronas boss and board of directors are appointed by the PM.
“He’s got a Porsche, he has a Bugatti…it is the most expensive sports car in the world, more expensive than a Ferrari… from where? All from SapuraKencana when his father was PM for 22 years,” he said at a meet-the-people session at Padang Pasir Gebu, in Penaga near here.
Najib said even Mokhzani’s peers had wondered how he had become so wealthy.
He urged Mokhzani not to cast aspersions on the poor when help was extended to them and said: “Whatever it is, I will help the poor.”
Source : FMT
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Dr M’s Curse on Malaysians and Malaysia
KUALA LUMPUR, March 16, 2024: Much have been written about the racist Dr Mahathir Mohamad (Dr M)’s misdeeds to Malaysians and Malaysia.
No News Is Bad News reproduces below one such article that is going viral in social media:
Dr Patrick Liew
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Global Goodwill Ambassador (2018–present)Updated Wed
Can we trust Dr. Mahathir? After all, he twists his words around.
As a general rule of thumb, please don't trust politicians unless you know them well.
Politicians are prone to saying anything and doing anything to influence hearts and minds, win votes, and grab a seat in the parliament.
They will then endeavor to maintain and strengthen their power.
Hopefully, there is an adequate number of influential politicians who aim to not only win votes but also serve the country and economy well.
Unfortunately, that's a rare phenomenon.
Dr. Mahathir is the quintessence of a politician who is all out to win every political election and entrench himself in the highest seat of power.
To be able to do that, he appeals to the largest segment of the electorate - the Malays.
Malays are highly cultured, talented, and compassionate individuals.
Dr. Mahathir made them believe that he was a champion of Malay culture, defender of Malay values and interests, and protector of their aspirations and destiny.
Similar to the Pied Piper, he captivated many Malays (though not all) and instilled in them a sense of threatened self-esteem, self-fulfilling prophecy, stereotype threat, psychological labeling, social comparison, and learned helplessness.
These entrapments have been extensively studied in academic research and can be used to enslave people and subject them to abuse.
Dr. Mahathir made them believe that they were disadvantaged and therefore in need of special privileges and offerings.
However, there is no literature, based on evidence and published in credible peer-reviewed journals, supporting the notion of the Mahathir Curse, which implies that a particular group of people is imprisoned by their culture and held back by their past.
In fact, the Malays could not have been disadvantaged, considering that most of the ministers, members of parliament, and major ministries in the government were Malays.
Additionally, the majority of civil servants, including policemen and soldiers, were Malays as well.
Dr. Mahathir made many Malays dependent on special rights, freebies, subsidies, and other handouts, convincing them that without these offerings, they would not be able to survive and succeed.
Research indicates that individuals can improve their livelihoods and lifestyles by enhancing their mindset, discipline, perseverance, and aspirations.
What every person truly needs is not handouts but helping hands that foster self-responsibility and self-reliance in order to achieve progress.
In fact, when individuals are given handouts, it diminishes their desire and efforts to develop the necessary knowledge and skills required to succeed in life.
They require not just a safety net but also a trampoline to elevate themselves from their current situation and lead better lives.
By perpetuating the Mahathir Curse, Dr. Mahathir was able to influence the hearts and minds of Malays, secure their votes and support, and cultivate an army of emotionally-charged activists and advocates to fight for him.
Tragically, Dr. Mahathir reinforced the Mahathir Curse by employing a divide-and-conquer strategy, pitting Malays against non-Malays.
He made the Malays believe that the non-Malays were determined to undermine their culture, traditions, values, interests, and aspirations.
In doing so, he solidified his political and social power and influence at the expense of polarizing the country and dividing its people.
Meanwhile, after three generations, many Malays, as well as non-Malays, including Chinese and Indians, continue to live below the poverty line with limited socioeconomic mobility.
They live in remote villages without adequate amenities and facilities.
The Orang Asli in Peninsular Malaysia and Sabah and Sarawak are particularly affected, and there are no focused efforts to uplift their socioeconomic status.
Conversely, many of Dr. Mahathir's cronies have become powerful, wealthy, and affluent.
They are having a ball of a good time and living a high life, and only a few of them would reach out to help the poor, needy, and disadvantaged.
This is contrary to what Dr. Mahathir has suggested in his book, "The Malay Dilemma."
It appears that he focused more on enriching them than on raising the socioeconomic levels of ordinary Malays.
Consequently, corruption, cronyism, nepotism, and kleptocracy became deeply ingrained in the political sector, as well as in the public, private, and people sectors, spanning from the highest to the lowest levels.
Many other politicians are modeling themselves after him.
In the evening of his life, Dr. Mahathir is fighting current and future administrations.
While struggling with the demons of the harm and damage he has caused to Malaysia and Malaysians, the only nightmare he has right now is that all these wrongdoings may be fully exposed.
Dr. Mahathir knows that his days are numbered, and he is fearful not only of the past catching up with him personally but also of the natural course of justice going after his family.
Dr. Mahathir must be deeply concerned that his family will soon come under investigation, and the potential consequences of the investigation are giving him fears and nightmares.
With the remaining energy he has, he is fighting against current and future administrations that are not on his side and are unwilling to turn a blind eye to his wrongdoings.
Dr. Mahathir's actions have caused lasting harm to Malaysia and its people, perpetuating a cycle of destruction that continues to afflict the nation.
Do you really want to trust him?
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More on Dr M and his RM5.6b Mirzan
KUALA LUMPUR, Jan 25, 2024: More details have emerged and exposed on the racist Dr Mahathir Mohamad and his son Mirzan.
According to Forbes, Mirzan is estimated to have a net worth of US$1.2 billion (RM5.6 billion) as of last year.
No News Is Bad News reproduces below an article that was posted today:
The Coverage/News/Mirzan Mahathir Is Estimated To Have A Net Worth Of USD 1.2 Billion ( RM 5.6 Billion )
Mirzan Mahathir Is Estimated To Have A Net Worth Of USD 1.2 Billion ( RM 5.6 Billion )
25 January, 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.
Source : Newsunzip
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
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SGX probes Dr M’s Mirzan
KUALA LUMPUR, Jan 22, 2024: Remember the former high-riding MCA president Tan Koon Swan?
He was jailed by the High Court in Singapore for criminal breach of trust (CBT) in the infamous Pan-Electric scandal of 1985.
Tan, who was then the majority shareholder of dying Singaporean company Pan-Electric Industries, had been convicted of illegally transferring more than S$29 million from various accounts in order to save the company, and its effects were so devastating that they caused an unprecedented shutdown of both the Malaysian and Singaporean stock markets.
And online news portal Free Malaysia Today reported that the regulatory authority of the Singapore Exchange (SGX), is investigating a company linked to Mirzan Mahathir over possible violations of listing rules.
The SGX is the same authority that prosecuted successfully against Tan.
The no-nonsense SGX is certainly one authority that the racist Dr Mahathir Mohamad (Dr M) would not be able to do anything to help his son.
No News Is Bad News reproduces below two news reports on the issue:
The Coverage/News/Singapore Exchange Authority Probes Company Linked To Mirzan Mahathir
Singapore Exchange Authority Probes Company Linked To Mirzan Mahathir
22 January, 2024
The regulatory authority of the Singapore Exchange (SGX), SGX RegCo, is investigating a company linked to Mirzan Mahathir over possible violations of listing rules.
Mirzan, son of former prime minister Dr Manhathir Mohamad, has been a significant shareholder of the company, SBI Offshore, since September 2014 after purchasing 10.8% of the company through a private placement, The Edge Singapore reported.
The probe comes after the release of a special audit pushed by SGX Regco in December 2018 into the company’s sale of a factory in China at a significantly discounted price.
While the audit decided that the company had gone through an “adequate and reasonable” process in trying to sell the factory, it found other issues related to the factory, the report said.
Although the RMB18 million paid was the best offer at the time compared to its book value of between RMB38 and RMB40 million, the acquisition agreement did not have enough details on the assets that were to be acquired when SBI Offshore bought the factory.
The audit also found that valuations were not conducted to assess and support the purchase consideration of RMB32 million.
The company also spent RMB8.19 million for construction and renovation works before entering into the acquisition agreement for the factory, although it was supposed to acquire a completed factory.
“The factory was eventually underutilised and accumulated losses of more than RMB47 million for the period up to Dec 31, 2017,” said SGX RegCo.
In addition to the purchase price of RMB32 million, the company incurred around RMB15 million in capital expenditure until 2013 for the factory.
In an announcement signed by Mirzan, the company said it was aware of the possible violations of laws and listing rules, adding that “will assess the findings and determine the appropriate course of action in the best interests of the group and the shareholders”.
Source : FMT
IN THE 80S, AN MCA PRESIDENT WAS JAILED IN TWO COUNTRIES – BUT MAY NOT HAVE BEEN GUILTY.
Posted on 16/07/2020
Tan Koon Swan, former MCA president, must have been one of the unluckiest Malaysian-Chinese politicians in history.
Not only was he sacked from MCA in 1983 under suspicious circumstances, he later ended up in Singapore’s Changi Prison after their High Court found him guilty of criminal breach of trust (CBT) in the infamous Pan-Electric scandal of 1985. Tan, who was then the majority shareholder of dying Singaporean company Pan-Electric Industries, had been convicted of illegally transferring more than S$29 million from various accounts in order to save the company, and its effects were so devastating that they caused an unprecedented shutdown of both the Malaysian and Singaporean stock markets.
And it didn’t end there; following his release from Changi, he was soon jailed in Malaysia too, following which he was declared bankrupt with a debt of over RM400 million.
But how did Tan and Pan-Electric – then one of the biggest companies in Singapore whose downfall brought along with it several other companies – end up in such an expensive predicament in the first place, and more importantly, how did it lead to market shutdown in both Malaysia and Singapore?
Pan-Electric Industries ended up with debts of almost half a billion SGD
We’ll try not to confuse y’all with too much technical economic jargon, but simply put, forward contracts are private agreements between two entities promising payment for an asset at a future time. It’s typically used by brokers to lock in the price of a trade deal early on to safeguard against the risk of that asset’s price rising (for the buyer) or falling (for the seller) at a later time.
For example, let’s say you agreed to sell us 500 bars of gold at the price of RM125,000 (wah, Cilisos so rich ah), but you don’t have the gold now; it has to be shipped in from overseas. In the meantime, we predict that the price of gold may rise, so to make sure that we don’t lose out if that happens, we make an agreement with you to lock in the price with a forward agreement, due on the same day the gold is to arrive. Once the gold is finally shipped in, we pay you the agreed-upon amount from before, regardless of the current price of gold in the market.
How our sindiket transaction would work. Image from: WallStreetMojo
So how did this system cause the closures of both the Malaysian (KLSE) and Singaporean (SES, now SGX) stock markets?
Well, in order to fund their operations, Pan-El, a marine salvage, hotel, and property group had entered into a massive number of forward contracts, which it had failed to settle. To make matters worse, the banks and brokers involved in these forward contracts had also entered into forward contracts of their own for extra security. This meant that once Pan-El defaulted on their forward contracts, those who had entered into those contracts also had to default on their respective forward contracts, and this led to a domino effect that continued until eventually becoming an industry-wide crisis. Pan-El collapsed, taking down six brokerages with it, and the KLSE and SES markets had to be closed for three days to contain the damage.
All in all, Pan-El’s collapse had left 5,500 shareholders hanging, with debts totaling S$480mil. It left a significant impact on the trading industry, leading to tighter market regulations in both Malaysia and Singapore. Now, we’ve simplified the events somewhat, but y’all can probably see now why both governments went nuts over the whole issue.
But who is former MCA president Tan Koon Swan, and how does he fit into all of this?
Tan Koon Swan was arguably the most influential Malaysian-Chinese politician and businessman at the time
Formerly a protégé of Genting’s Lim Goh Tong, Tan – who was then also a high-ranking member of MCA – became embroiled in some political drama in 1984-85. We’ve already detailed the MCA presidency crisis in a separate story, but in summary, Tan Koon Swan (an MCA presidential hopeful at the time) was sacked from MCA in 1984 after calling out his rival Neo Yee Pan for allegedly creating ‘phantom voters’ to rig party elections. Then-PM Mahathir Mohamad would step in and tell the two boys to play nice, and, following a party election, Tan Koon Swan would emerge victorious, becoming president of MCA.
The three main players in the MCA presidency crisis: Neo Yee Pan (candidate #1), Ghafar Baba (then-acting MCA president), and Tan Koon Swan (candidate #2). Images from: MCA/Tripod
However, Tan’s victory would be short-lived; only a month later, in December 1985, Singapore’s High Court slapped him with 15 charges ranging from criminal breach of trust (CBT) to share manipulation in relation to the Pan-El crisis. The main accusation was that Tan, as the majority indirect shareholder in Pan-Electric (22.6%) via his company Sigma International, had abetted more than S$29 million worth of illegal fund transfers into Pan-El in an attempt to save the sinking ship. These included funds from Multi Purpose Holdings Bhd (MPHB), which was… *drum roll* … a commercial venture of MCA founded by Tan (these MPHB funds would come back to haunt him later, as we’ll show in a bit).
And, to add the cherry on the cake, his bail was set at a soul-crushing S$40 million.
Interestingly, Tan’s legal counsel did not challenge the astronomical bail amount, nor did they even bother to fight the charges; despite this being a high-profile case, it was wrapped up relatively quickly (barely a year) because he pleaded guilty. In the words of the presiding judge, Tan’s actions had:
“… struck at the very heart, integrity, reputation and confidence of Singapore as a commercial city and financial centre.” – Singapore High Court Justice Lai Kew Chai
And so, Tan paid a fine of S$500,000 and was sentenced to two years’ jail in 1986 (he ended up serving 18 months). Needless to say, he had to resign his post as MCA president, and that was pretty much the end of his political career.
But Tan’s suffering was not over. Remember MPHB? Well, upon completing his sentence and returning to Malaysia in 1988, he was charged again; this time by the Malaysian courts, who charged him with CBT for illegally transferring RM23.2 million from MPHB to Pan-El. And so, he was sentenced to a further 18 months in jail.
As we mentioned at the start of the article, by the time he was released from Malaysian prison, Tan was declared bankrupt with unsettled bank loans amounting to over RM400 million, which was estimated by some would have taken him 35,316 years to pay off! To put that into context, the Neanderthals were still just about roaming around 35,000 years ago… so um yeah. How they came up with this insane number, we’re not really sure, but in any case, Tan somehow managed to reach a settlement with those banks, and he was discharged from bankruptcy in 1995.
But in spite of all this, Tan may have been wrongfully charged in Singapore
Wow. Imagine being the guy who was jailed for a total of 3 years in two different countries, but whose prosecutor later came out to say ‘I mightttt have made a mistake’.
In fact, this was exactly what next transpired in the story of Tan Koon Swan’s very eventful life. In his 2012 book ‘Prosecutor’, Glenn Knight, the Singaporean ex-prosecutor who handled Tan’s case made a groundbreaking revelation: in a 1996 judgment of a similar CBT case, then-Singaporean Chief Justice Yong Pung How said that Knight had used the wrong section of the law to charge Tan.
“The judgment meant that Koon Swan was wrongfully convicted and he was technically an innocent man. As he [Chief Justice Yong] was considered a good judge, everyone had to accept that Koon Swan had been wrongly convicted and I was forced to accept that I was wrong too.
I too had to accept that if I had erred, the judges involved in the Koon Swan case were also wrong. The judgment shattered my belief in our legal system.” – Glenn Knight, ‘Prosecutor’
He even went on to suggest that Tan seek amends from the Singapore government:
“… technically Koon Swan could still be pardoned.” – Glenn Knight,‘Prosecutor’
However, Singapore’s Attorney General’s Chambers would refute Knight’s claims, saying that because the rulings in Tan’s case were made by the High Court, CJ Yong’s decision could not overrule theirs. There’s also the issue of Tan having pleaded guilty even with legal counsel, which implied an acceptance of the law and facts laid out by the court at the time. The AGC would also point out other factual errors in Knight’s book, before concluding that, ‘Tan’s conviction stands, and he remains guilty of the crime that he had admitted to’.
In response to the AGC’s statements, Knight claimed that since there were two differing High Court judgments on the same issue, Tan’s case should have at least gone on to the appeals stage to be clarified there.
But enough about the court drama in Singapore. What about Tan Koon Swan himself?
Tan seems to have put the past behind him, and is now living a quiet life
Ever since he left Malaysian prison, Tan Koon Swan has embraced a low-profile lifestyle. Now a born-again Christian and retired, he now spends most of his time in Hainan, China, while his children watch over his business dealings back home. Quite a shift for someone who was once such a significant figure in Malaysian politics.
A born-again Christian, Tan Koon Swan appears to have found comfort in his faith. Image from: Christianity Malaysia
When the revelation of the supposed false charge emerged in 2012, Tan declined to comment on whether or not he would take action against the Singaporean government:
‘I don’t know whether I will do anything about it. It’s very unlikely I will say anything so soon.” – Tan Koon Swan, as quoted by The Edge in 2012
On Knight’s admission of his mistake, Tan said:
“I thank Glenn Knight for the courage to make this open admission of wrongful charge. I appreciate this action and would like to let bygones be bygones, seize the moment and look forward to the journey ahead… I pray that the peace of God be upon Glenn Knight. When we do meet again, we will meet as friends.” – Tan Koon Swan, as quoted by The Borneo Post in 2012
Incidentally, the pair actually met at the 2009 Eagles Leadership Conference in Singapore, where they both spoke and shook hands, showing that bygones were indeed bygones between the two of them.
In any case, whether or not he eventually does decide to take action against the Singaporean government remains to be seen, but on the surface of things at least, Tan Koon Swan, former MCA and business powerhouse, appears to have finally found peace.
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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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Dr M, family members in the soup?
KUALA LUMPUR, Jan 11, 2024: Is the racist Dr Mahathir Mohamad (Dr M) and his billionaire family members in the soup with the Malaysian Anti-Corruption Commission (MACC)?
Dr M, 98, who governed Malaysia for a total of 26 years, is still politically active - far from retirement.
No News Is Bad News reproduces below an article by Finance Twitter which was posted by The Coverage:
Tun M Children Will Be In Trouble After “Dubai Move” Failed & 120 MPs’ Bluff Exposed
11 January, 2024
King Sultan Abdullah has spoken, and he specifically told Prime Minister Anwar Ibrahim during a pre-cabinet meeting on Tuesday (Jan 9) that the Palace would not get involved in any political manoeuvre. Basically, the monarch was saying that he is busy packing his stuff before moving back to Pahang as his term as the 16th Yang di-Pertuan Agong (King) ends on January 30, 2024.
Actually, as early as February last year (2023), the King already expressed his desire for the current unity government to remain until the end of its term. Since his appointment as the Agong on Jan 31, 2019, his impressive resume included working with four prime ministers, first hung Parliament in the country’s history, multiple coups and political instability due to power-crazy politicians.
From Mahathir’s abrupt resignation on Feb 24, 2020 in a despicable “Sheraton Move” to help Muhyiddin seize power to stop Anwar from taking over, before traitor Muhyiddin was forced to resign on August 16, 2021 after just 17 months in power, to the appointment of yet another backdoor prime minister – Ismail Sabri – on August 21, 2021, the King was sick and tired of political coups.
After the 15th General Election (Nov 2022), the country faced its first hung Parliament when none of the three major coalitions – Barisan Nasional, Perikatan Nasional and Pakatan Harapan – managed to secure enough seats to form the government. Anwar-led Pakatan finally formed the federal government with Barisan after Muhyiddin-led Perikatan arrogantly rejected a Unity Government proposed by the King.
It was a huge tactical mistake for Perikatan Nasional, after which there were uncountable plotting and scheming to overthrow Anwar administration. Nationalist Bersatu and PAS Islamist party, two major components of the opposition, simply could not live without power after 33 months of indulging in corruption, abuse of power, money laundering and whatnot.
By hook or by crook, the opposition must stage another backdoor deal to return to power. When Anwar Ibrahim took over the country, his pledge to crack down on corruption was initially seen as nothing but political rhetoric. After all, Malaysian institutions, including the Royal Malaysia Police and the Malaysian Anti-Corruption Commission (MACC), were seen as corrupt.
However, it started to raise more eyebrows when PM Anwar repetitively dropped hints – even pressured – the MACC to act without fear or favour. The premier said enforcement agencies should take immediate action against irregularities at the various levels regardless of position and ideology. In fact, he gave the “green light” for MACC to probe allegations of corruption against any minister or government official.
Things became spicy when MACC chief commissioner Azam Baki revealed how Anwar told him not to wait for his instructions to investigate anyone involved in corruption – suggesting that the anti-graft buster was not fully independent and had all along been a tool of previous prime ministers. When Anwar said the very rich and powerful people, even those with “Tun” title, can be investigated, the MACC finally sprang into action.
The recent “Dubai Move” – in reference to the Opposition and government leaders hatching a despicable scheme to seize power via backdoor while holidaying in the UAE (United Arab Emirates) – was just a follow-up to endless secret meetings held since Nov 2022 general polls, intensified after multiple corruption charges slapped on opposition leaders, including Bersatu president and ex-PM Muhyiddin Yassin.
Just because Mahathir has denied travelling to Dubai does not mean he did not participate. There’s something called Zoom or video conferencing. In fact, ex-PM Mahathir was the prime mover of Dubai Move, who together with his biggest financier and most trusted lieutenant, former finance minister Daim Zainuddin, were willing to splash RM750 million to bribe MPs to go against Anwar.
Some simpletons might think it was insane, even preposterous, to believe that billionaire Daim would spend so much money. But they had no idea how rich Tun Dr Mahathir and Tun Daim were after more than two decades of stealing and plundering national coffers. It’s not an exaggeration to say that RM750 million was like loose change for Daim, what more Mahathir.
Daim had accumulated so much money 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.
It’s worth to note that the Dubai Move was triggered only “after” the MACC seized the 60-storey Menara Ilham owned by the family of Daim on Dec 18, 2023. The tower, designed by award-winning “Foster + Partners” and 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 Daim repetitively refused to entertain MACC’s petition to declare his and his family’s financial holdings.
Daim probably thought he was so rich and influential that he was untouchable. Even if he wanted to, the tycoon can’t explain the source of his incredible wealth. Therefore, his 274m-tall skyscraper along with other assets – both domestic and foreign – were seized under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) and Section 41 of the MACC Act.
The bold move effectively cuts Mahathir’s access to funding to overthrow Anwar. To make matters worse, a “Plan-B” to smuggle RM750 million cash to bribe MPs to declaring their “loss of confidence” in Anwar government was similarly intercepted and thwarted, thanks largely to Anti-Terrorism Financing Act, which grants the authorities with the power to seek cooperation from foreign powers.
Money talks and bullshit walks. After the RM750 million went missing, disgraced blogger-turn-fugitive Raja Petra Kamarudin, the mercenary who operates Malaysia-Today portal, was paid to cook a half-baked story about 120 MPs having sent statutory declarations to the Palace indicating that they do not support Prime Minister Anwar Ibrahim’s unity government.
But the so-called five-page long list of 120 MPs who had lost faith in the PM was so fake and laughable that even Parti Pribumi Bersatu Malaysia’s Youth chief Wan Ahmad Fayhsal Wan Ahmad Kamal quickly clarified that no statutory declarations were signed by opposition Perikatan Nasional to overthrow the government – a slap in the face of Raja Petra before even the King cares to comment.
Interestingly, Bersatu somehow appears not as anxious or optimistic to topple the prime minister this round, largely because Muhyiddin was not the sole prime minister candidate and partly because the party might consider switching sides to support Anwar in exchange for dropping of corruption charges. From the beginning, it has been Mahathir and PAS Islamist party who vigorously blow the trumpet on Dubai Move and 120 SDs.
Not only the clumsily produced list of 120 MPs contained the name of Democratic Action Party chairman Lim Guan Eng as one of the signees who have lost confidence in Anwar leadership, the claim that GPS (Gabungan Parti Sarawak) was on the bandwagon had been rubbished by Sarawak Premier Abang Johari Openg as a “waste of time”.
With outgoing King Sultan Abdullah officially said he was not interested to even look at the dubious 120 SDs, it’s game over for any evil plan to seize power using statutory declaration, of which the document itself can be easily forged. The new Agong – Sultan Ibrahim of Johor – has made it crystal clear that one of his primary missions is to hunt all the corrupt people.
The hidden message behind Sultan Ibrahim was simple – it is revenge time and the Royal House would make sure Mahathir, now powerless, along with his wealthy children get the opportunity to explain how they accumulate their fortune. Of course, like crooked Daim Zainuddin, the family of Mahathir is in trouble as they too won’t be able to justify their riches.
As a start, the MACC may dig into how the ex-premier enriched his family with one of the most explosive scandals in the 1990s – 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.
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 bought 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. Thanks to his daddy, Mirzan’s debt in KPB was settled. Clearly, not only Mahathir had abused his power to rescue Mirzan, but had also 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. This will be the same question that MACC is asking the family members of Daim Zainuddin.
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.
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.
But Mirzan was not the only lucky son with 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 Nov 2012, Petronas awarded a RM700 million contract to the SapuraKencana Petroleum mogul.
Billionaire Mokhzani also became the largest shareholder of the 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 had 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. The MACC and the courts will be having fun grilling every single offspring of Mahathir, exposing how they get mega rich so young and so easily.
Source : Finance Twitter
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Dr M bringing down Malaysia to the doldrums?
KUALA LUMPUR, July 5, 2023: Bapa Merdeka, the late Tunku Abdul Rahman (Tunku) and Malaysia’s First Prime Minister (PM), was an amazing leader who could see through people accurately and clearly.
Tunku, the man who led Malaysians to achieve Merdeka (Independence) on Aug 31, 1957, from the British colonialists had said Dr Mahathir Mohamad (Dr M) alone would bring down Malaysia.
Dr M had served one term as MP before losing his seat, subsequently falling out with the Tunku, and was expelled from Umno.
In 1970, he authored the controversial “The Malay Dilemma” during this period, which would eventually form the basis of future ethnic Malay affirmative action policies in the country.
The Tunku resigned in 1970 and was succeeded by Tun Abdul Razak (father of disgraced former ‘1MDB’ prime minister Najib who is currently languishing in prison).
Razak encouraged Dr Mahathir back into the party and appointed him as a Senator in 1973. He rose quickly in the Razak government, returning to Umno’s Supreme Council in 1973. He was appointed to Cabinet in 1974 as Education Minister.
He went on to serve a total of 26 years as prime minister for three times.
At 97 and shamed by Malaysians in the 15th General Election (GE15) when they rejected him, and his followers, to the extend of losing their deposits.
But the stubborn old man knows no shame, and is ungrateful to the rakyat dan negara (people and country) that gave him the opportunity to serve as PM for 26 years.
He absolutely does not know how to quit politics with grace as a statesman and ha now become Malaysia’s “No.1 Public Enemy”.
Dr M is leading the Opposition (specifically the Taliban-like PAS and Muhyiddin Yassin’s Perikatan Nasional - PN) under his “Malay Proclamtion” rally to sow racial and religious discord, aimed at destabilising and toppling Anwar Ibrahim’s Unity Government that was installed by the Yang di-Pertuan Agong (King) last November (2022).
He is making all types of racial and religious rhetoric to split Malaysians or National Unity for his personal political agenda. And he has gone the extreme to declare that it is unconstitutional to promote a multi-racial-multi-religious Malaysia.
Dr M even has the audacity to blame the UG, which has governed for only about seven months, for the people and country’s current socio-economic woes.
Has Dr M asked himself who is to blame for:
> MALAYSIA’s current national debt of more than RM1.5 trillion; and
> THE Malays’ lack of progress in education and business acumen and that he had lamented as the cause of the community’s inability to compete on a level playing field, even after almost 60 years of Merdeka.
As the longest-serving PM in Malaysia’s history, why is the rakyat, namely the Malays, still far behind others?
In terms of economic and financial status, why is Malaysia so far behind others - no need to look far, just look at Singapore.
Anwar, PH and DAP to blame for all the current woes?
Dr M, are you considering this: Should you and the Opposition succeed in toppling the UG, the country will be plunged in socio-economic abyss, and Malaysians and the Malays will suffer for decades.
Any country needs political stability to command the confidence of and attract both domestic and foreign investors.
Can a Taliban-like federal government dominated by PAS deliver socio-economic progress for rakyat dan negara?
To Malaysians going to the polls in the six states (Penang, Selangor Negri Sembilan, Kedah, Kelantan and Terengganu), they cannot afford to cast their ballots without giving serious thought on the future of their generations and their county.
Their and Malaysia’s fate lie in their hands, that’s reality. At the end of the day, do not blame others for the governments that you elect.
No News Is Bad News also reproduces above two video clips of what two concerned Malaysians have to say about Dr M “the fool”, as depicted by Nelson Mandela!
Up to no good meeting to plot Malaysia's downfall:
Mahathir, Muhyiddin meet to set aside differences, discuss Malay Proclamation
By RAHIMY RAHIM
Wednesday, 05 Jul 2023
10:08 AM MYT
PETALING JAYA: Tun Dr Mahathir Mohamad and Perikatan Nasional chairman Tan Sri Muhyiddin have met to discuss the agenda to unite the Malay community, says Datuk Seri Khairuddin Abu Hassan.
The Malay Proclamation secretariat chairman said the almost two-hour long meeting between the two was to ensure the continuity of the struggle to empower the Malay community.
He added that the two leaders had set aside their political differences and agreed to promote the Malay Proclamation movement.
"Indeed, the non-partisan Malay Proclamation movement will also open its doors to any enthusiastic Malays who are willing to unite regardless of their respective political ideologies," he said in a statement on Wednesday (July 5)
He did not go into the details about what was discussed by Mahathir and Muhyiddin.
Khairuddin also said that the Malay Proclamation movement is not based on party lines but on the struggle and spirit of Malays alone.
"We only seek to discuss and resolve Malay issues based on the rights of the Malays as enshrined in the Federal Constitution," he said, adding that it will not allow any infringement upon the rights of other communities in the country in an unconstitutional manner.
Muhyiddin, who is also the Bersatu president, had previously said that he was prepared to work with his former colleague-turned-rival Dr Mahathir after the latter extended an olive branch to him.
“I welcome Dr Mahathir’s statement that he is willing to cooperate with me. I am aware of recent political developments that put the Malays and Muslims in this country at tough crossroads,” Muhyiddin said.
Dr Mahathir and Muhyiddin founded Bersatu together in 2016 and the party joined the Pakatan Harapan coalition which then came to federal power in the 14th General Election (GE14) in 2018.
They parted ways when the Pakatan government was brought down by the Sheraton Move in February 2020, which saw Muhyiddin taking the party out of the coalition despite protests from Dr Mahathir.
Dr Mahathir resigned as the prime minister and Bersatu chairman and was sacked from the party three months later for not supporting the Muhyiddin-led Perikatan government.
Both led rival coalitions that contested against each other in GE15, with Muhyiddin heading Perikatan and Dr Mahathir helming the now defunct Gerakan Tanah Air (GTA).
Kit Siang quotes Dr M’s book to rebut views on multiculturalism
Lim Kit Siang says Dr Mahathir Mohamad’s stance on the constitution contradicts his own Vision 2020 and its nine strategic challenges.
FMT Reporters - 05 Jul 2023, 11:55am
DAP stalwart Lim Kit Siang says former prime minister Dr Mahathir Mohamad has proved to be quite a ‘political chameleon’. (Twitter pic)
PETALING JAYA: Lim Kit Siang has rebutted Dr Mahathir Mohamad’s views on the Federal Constitution and multiculturalism, with the DAP stalwart quoting an excerpt from the former prime minister’s book published in 2021.
Referring to Mahathir’s book, “Capturing Hope – The Struggle for a New Malaysia”, the former Iskandar Puteri MP quoted a paragraph in which Mahathir had taken a swipe at Bersatu president Muhyiddin Yassin when he alluded to “those who desire to be seen as Malay-first…and this enabled them to promote a Malay-Muslim government.”
Muhyiddin, the then deputy prime minister, had in 2010 declared he was “Malay first” when responding to Lim’s challenge to state whether he was Malay or Malaysian first.
Lim said that Mahathir had, in his book, stated that it was impossible to set up a Malay-Muslim government.
Mahathir had argued that this was because over 30% of the population comprised non-Malays.
The former Langkawi MP went on to say that the “Malay-Muslim government of Perikatan Nasional under Muhyiddin actually depended on non-Malays to survive”.
Lim then said: “But these are no more his views”.
On Monday, Mahathir claimed that promoting a multi-ethnic country went against the Federal Constitution.
Mahathir also questioned whether the current government is disregarding the rule of law as Malaysia was never described as a multi-ethnic nation in the Federal Constitution.
“Instead, the Federal Constitution emphasises the ‘Malayness’ of Malaysia,” he said.
Lim today said that Mahathir’s stance on the constitution differed when the latter announced Vision 2020 and its nine strategic challenges.
Back then, Lim said, Mahathir was of the view that the Malaysian Constitution was that of a multiracial Malaysia.
“Mahathir has proved to be quite a political chameleon."
Saturday, 25 May 2024
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
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