The quiet RM40 million loss

Malaysiakini - 'Shocked to learn Realmild shares belonged to Umno'.

When I read the above MKINI article I asked myself “How ah? RM40 million gone into the longkang just like that!”

MKINI reported:

Former Penang Malay Chamber of Commerce chairperson Abdul Rahman Maidin told the commercial division of the High Court in Kuala Lumpur today that he had to bear losses of RM40 million for the 7.101 million shares he purchased in Realmild (M) Sdn Bhd, which were said to belong to Umno. [...]

… sometime at the end of 2001, he was instructed by then Prime Minister Dr Mahathir Mohamad to transfer all the Realmild shares in his name to Syed Anwar Jamalullail, without any consideration, and that he resigned from the two companies on Jan 8, 2002. [...]

… “I undertook the acquisition of Realmild shares purely from a corporate and commercial standpoint. I raised funds for this exercise through my personal financial means, without any assistance from any political entity.”

Rahman said he informed Mahathir that he had paid RM40 million for the purchase of the Realmild shares.

“He (Mahathir) told me there was no reason why I had to pay the money when the shares never belonged to the individuals concerned as they belonged to Umno. Therefore, he said, no payment will be made to me because the shares always belonged to Umno.”

So … poor Abdul Rahman Maidin had to suck it and see his RM40 million gurgled its lonesome way into the WC bowl.

RM40 million gone just like that – wah, even the [deleted] would be green with envy at the ease of the ... er ... ‘transaction’.

RM40 million! I still can’t get over it – ‘tis a princely sum, nay, an Emperor’s ransom (and let me remind you, at 2002's value) that millions and millions of Malaysians will never dream of seeing, let alone have … and he just accepted that humongous loss ... quietly.

Asked why he didn't take any action?

“... I did not want to do anything that would implicate the premier. That is why I did not want to proceed with any further action. I would rather take a loss.”

Good boy.