Sunday, September 20, 2009

RM12.5b, flushed down the toilet bowl.


Malaysia have always been littered with financial scandals since the late 70s and the PKFZ is the latest to haunt the nation again that all is not well with the country. We are not talking about a RM12.50 loss but a mind-boggling [the last time this word was used was in the BMF scandal] RM12.5b, our money - gone, finished, never to be seen again. Instead of taking responsibility for the mess, the UMNO government has gone into the scapegoating act. In other countries, the entire cabinet would have resigned and those responsible, if you are in Japan, would have committed 'hara kiri' or 'sepuku'. But why wouldn't our people resign? Your guess is as good as mine. After the BMF case, we thought UMNO would have learnt a lesson and such a fiasco would not happen again. Regretfully it did, quadruple the amount to boot. So now the money is gone, who is going to be accountable for the mess? By convention, it is the prime minister. But will he do it by resigning followed by the entire cabinet? Will a GE be called to elect in a new government?

How could anyone be so INCOMPETENT and how can a government be so NEGLIGENT? If it had not been for Malaysia-Today disclosing the cabinet papers, we would still be pointed the wrong direction. But now we know. What strikes me as most intriguing is that the papers were signed by the same Nor Mohamed Yackob, who in 1993 headed the FOREX trading operations in Bank Negara and incurred billions in hugh forex losses. Eventually, we saw the resignation of the Governor of Bank Negara, Datuk Jaffar Hussein. For his incompetency he was rewarded to be Minister II in the Finance Ministry. How could a person of such calibre signed such important papers?

So, the damage is done, where do we go from here? How much longer are we going to look for scapegoats? Will the government freeze the PKFZ project with immediate effect or cut their losses now by abandoning it altogether? I remember the one thing I said when PETRONAS was legislated to save BMF in 1983, it was "good money going after bad". Are we doing the same thing now to the PKFZ? Will the government deem it fit to bring the two previous transport ministers to book? How much can be recovered from the RM12.5b? Do you think Jala Idris/Koh Tsu Koon's KPI will help to prevent such incidents the future?

Finally, where are those MACC fellas when you need them the most??? For an estate worth RM24m owned by a former MB, little or nothing was done. For a scandal such as the PKFZ, feet dragging seemed to be the order of the day. But over an anonymous email, they were quick to jump in to question every tom, dick and harry in the opposition; and for RM2,400, a life was lost.

For more Malaysian scandals, read here.

10 comments:

  1. I am just absolutely sick to my stomach to see and hear of such wanton waste of public funds again and again by this damn corrupted government that I have to do something like start a campaign and highlight to those friends of mine who have no knowledge of such despicable acts committed by those responsible for such fiascos. I do hope others will follow suit so as to kick out this despicable government.

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  2. Stealing and plundering the national coffer is no longer a minister mau angpau issue, it has now became more complicated and planned with the participation of the whole cabinets in super large scale. They should no longer call themselves the cabinet but the DEN OF DISGRACEFUL THIEVES.

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  3. I cry for the Rakyat. Other than using our vote what else can we do to send these thieves to hell. Only divine intervention can.

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  4. To all my malay friends in Malaysia

    Please please think of your country.. someone is "raping the country" in the name of religion and race etc. Only you guys can make the change. Do not worry only a malay can be a prime minister and there is no way any other race MP's will take the goverment for tide. In that spirit pls do your duty. Are you going to allow someone to just chest the mass just because he is a muslim? Pls think and act. Wassalam

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  5. The BN government has become utterly arrogant, boorish, despicable and abhorrent. It stinks to high heavens. But they are not entirely to blame. Equally to blame is every Malaysian who has voted for them.

    Sadly, Malaysians have a nonchalant attitude. Many think, "As long as I can have a decent job, earn my $10,000 a month, run my business, have my big house, fancy car, send my kids to uni, have peace, be somewhat secure, that's enough for me. Let these politicians do whatever they want, I'm not interested in politics because it doesn't affect me." These are UNPATRIOTIC Malaysians. They do not realize that when the government is corrupted, they suck up all the money that should be spent on essential things like building hospitals, schools, universities, good infrastructure, basic amenities, eradicating poverty etc. That's why when the global economy slumps, our government has to raise the petrol price (even though we are a nett exporter), they cannot defend the ringgit or save the jobs of Malaysians or prevent prices from escalating. Why? Because all the money is gone! In such a situation, EVERY Malaysian suffers. So who says politics is only for the politicians and it doesn't affect you and me?

    Vote BN out in GE 13!

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  6. 1 malaysian cry for the foul done by BN , all the mother scandal since late 1970 until now ..
    some source reported about 300 b . How to allow BN to run Malaysia in GE13 ???????? All Malaysia need to united to request Royal comission to catch all the culprit ...We can't allow our money to put into their pockets . Any party or volunteer to start this campaign ?

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  7. The Malaysian government's reaction to the scandal is the exact opposite of what all Malaysian expect.And if the history of past scandals is anything to go by, no one directly involved in such scandals will be penalised, except those who exposed the tales.

    The governemnt is already setting up the necessary committees to limit whatever damage that has already occured.So long as BN remains in power, you can bet your last ringgit that it will do whatever is necessary to sweep all under their prayer mats.Those of us who expect the government to tell the truth and nothing but the truth are the ones who are still living in their dream world and will continue to support the government for all that the government has done TO them.

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  8. Billions of ringgit down the toilet over the decades. Umno has amassed such wealth (even to be labeled richest political part in the world a few decades ago)they have bought the silence and support of those malays who are convinced that corruption is the means to the end. BN politicians have all dirtied their hands. Which BN politician dare accuse another BN politician? One will agree to be the scapegoat to take the rap - for the right price (clearly evident in the PFZ fiasco)and that rot has become an unbearable stench.
    With all this rot that has surfaced and our country's image tarnished with involvement in human traffiking, distribution of arms to th middle east, supporting terroism, can the Agong not intervene (like in Thailand) to help restore the people's confidence in the administration of the country.

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  9. We have been lucky so far in that the country has been able to progress, inspite of the billions that have been lost in the many financial scandals.

    The two saving graces were;

    1. The appreciation of the yen in the 1980s due to the Plaza accord, which resulted in Japanese firms setting up export industries in Malaysia.
    2. The contribution of Petronas to the national coffers.

    Unfortunately the scenario has changed dramatically and today we might not be so lucky as FDIs are moving to China, India and Vietnam and we are destined to become a net importer of petroleum in 3 to 5 years time. Infact our FDIs have been rapidly shrinking.

    At the rate our finances are deteriorating we might soon end up like the Phillipines which about 40 years ago was the most developed country in South East Asia. But corruption, nepotism, croynism and the Marcos dictatorship destroyed the country.
    Can you see the similarities between Malaysia and the Phillipines?

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  10. Off the RM 67 billion stimulus package, I wonder how much went into the pockets of UMNO cronies.

    I recently attended an investment seminar by an international investment bank, and one of the speakers mentioned that in M'sia, the private wealth management bankers were salivating at the prospect of managing the cronies increased windfall wealth - money that belongs to us!

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