Blog and Tweet 27/9/2018 The Curses of Centralisation and Monopoly

Blog and Tweet  27/9/2018  The Curses of Centralisation and Monopoly

        The centralization of the federal power to control the 11 states in Peninsular Malaya and two colonised territories in Sarawak and Sabah allow the evils and sins of corruption and collusion to penetrate to every agencies of the government.

        In the name of National Sdn Bhd, we bear witness how Dr. Mahathir, controlled the companies Petronas, Khazanah ……and many, many other government-linked companies during his last tenure as Prime Minister of Malaysia from 1981-2003.  We all bear witness how he amassed ill-gotten wealth for himself and his family through different economic activities.  He gave out one mega-project after another mega-project which he gained in terms of n% commission, shares and so on through these projects.  It is said that he and his family posses the wealth worth US40 billion (RM160 billion).

     The so-called National Sdn Bhd like Petronas, Khazanah ….became more or less his private companies.  It is tax-payer-funded companies but he exploited them abusively.  We bear witness how he and his son headed these companies and the shares his other children owned in many, many companies.  We bear witness how they have become ultra-rich at the expense of the mass. 

        When Abdullah Badawi succeeded him as Prime Minister from 2003-2009, he tried to undo many bad practices of Dr. M. 

        When Najib succeeded Abdulla Badawi, he created another company called IMDB which led him to many criminal acts and sins and his downfall.  Najib, had mixed-up and messed up the public funds for his own gains and benefits though may not be as much as Dr. M.  He got entangled in the global scandalous IMDB criminal breaches of trust.   But Game-time for Prime Minister to abuse his power at will ended with the wide-awareness of the people.  Thus he was flushed out by the power of the people on 509.  

       Ironically, it was done or ‘killed’ by Dr. M being the leader  who had been the arch-builder for the foundation of all kinds of corruption and collusion taking place in the federation of Malaysia. 

       It is Dr. M who has created all these legacies of concentration of power and monopoly.  Hence, we bear witness all kinds of power abuse.  It is nothing surprising.  It is said, “No extreme can last.” 

        Now PH crowned Dr. M is still so autocratic as he still appointed himself to be the chairman of Khazanah Nasional Berhad.   He founded Khazanah Nasional Bhd in 1994 to his full advantage.  He also took full advantage of Petronas which is answerable to Prime Minister.  I only started finding out what Khazanah National Bhd which has been in existences since 1994 is all about after 509. 

       

(https://en.wikipedia.org/wiki/Malaysian_Maverick)

Konsortium Perkapalan

In early 1998, Petronas acquired a debt-laden shipping concern controlled by Mahathir’s eldest son Mirzan Mahathir’s Konsortium Perkapalan for RM 226 million and assumed its debts of more than 324 million, according to Far Eastern Economic Review stating the debt at RM 1.6 billion.

Sapura-Kenaca Petroleum

In early November 2012, Petronas Carigali Sdn Bhd reportedly awarded a RM700 million contract to a Sapura-Kencana Petroleum Bhd wholly owned subsidiary where Mahathir’s son Mokhzani is a vice-chairman. When asked during a press conference whether there was conflict of interest in the deal, Hampeh Mahathir replied in a sarcastic tone, "Yes of course, he (Mokhzani) is given it because I instructed Petronas. Put that in your paper. I presided over everything. I told them, please give to my son and not to anybody else. That’s what I have been doing all the time. When I was the prime minister, everything was given to my children. .."
Furthermore, in 1998, when Mahathir's eldest son Mirzan Mahathir lost 0.2 billion in a Macau casino, and his daughter was under house arrest, Mahathir ordered the then finance minister Daim to use national reserves to rescue his son.

Proton and MV Agusta : The Story

Former Prime Minister Tun Dr Mahathir was appointed as Proton advisor in 2003. Since 1999, MV Agusta was heavily in debt, and the manufacturer was bought by Proton in December 2004 for €70 million. However, the Proton management decided to sell the stake to GEVI SpA, a Genoa-based financing company related to Carige, in December 2005, just for a token one euro.
During the selling negotiation process, there were a lot of Malaysian voices to object the deal, however, all was ignored by Proton. As the result, the selling deal caused Malaysian taxpayers facing total losses of 138.4 Million Euro (RM1.92 B), including the assets that MV Agusta have.
Malaysia corruption society root cause start from Tun Mahathir era's bail out to son and cronies company etc. At the UMNO General Assembly in 1998, a leading Anwar supporter, Ahmad Zahid Hamidi, criticised the government for not doing enough to combat corruption and cronyism.
According to Malaysian Maverick, Tun Mahathir's era cost RM 100 billion in taxpayers' money. This included misuse of national reserves on silver price speculation and BNM's forex speculaton on Tun Mahathir's order.

(https://en.wikipedia.org/wiki/Malaysian_Maverick)