20 March, 2023
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.
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