Wednesday, December 02, 2009

US$100 billion squandered?

I must say I enjoy the earlier articles of my matey Dean Johns, Malaysiakini columnist par excellent, more than his recent ones.

He was then cheeky and humorous. Nowadays I observe he’s strident, impatient and angry in his writing, basically pretty pissed off with the nefarious conduct of the BN-led authorities … their pilfering, plundering and subversion of the judiciary and law enforcement agencies, including that so-called anti-corruption bullsh*t.

Thus today, I was immensely delighted to detect a glimpse of his old self amidst his outrage against the usual suspects in
Attack of the killer kleptoids, where he wrote about the BN bandits, as follows:

It's just the tip of the iceberg. Or should I make that 'heistberg'?


And now, having skinned the Malaysians alive in every conceivable fashion from financial to spiritual, they've had the hide to introduce a goods and services tax ...

Dean had been delightfully famous for his cheeky play on words, and I am glad to see a wee bit of his old self.

... but not so with his revelation (of economist Daniel Lian of Morgan Stanley Singpore estimates in Time magazine) that over a period of two and a half decades the government had squandered (from the public purse) a staggering US$100 billion – yes, not in local currency but $100 billion in American dollars.

My mind has been gobsmack f*-ed by the virtually unbelievable idea of such squandering, or to use the Penangite word, sng kare huoi.

I believe a karn neen nare is called for.

The breakdown of that squandered sum is as follows:

• Bumiputra Malaysia Finance (BMF) swindle: US$1 billion.
Bank Negara foreign-exchange fiasco: RM20 billion.
• Extra BMF bailouts: US$600 million.
• Perwaja Steel bankruptcy: US$800 million.
• Maminco tin market manipulation: US$500 million.
• Bank Islam non-performing loans scam: RM2.2 billion.
Highway concessionaire bailouts: RM38.5 billion.
• Mirzan Mahathir's MISC rescue: RM600 million.
Port Klang Free Zone scandal: RM12 billion.

The above red-highlighted three have really shaken me up badly. That’s a Godzilla-ish RM70+ billion.

I believe another karn neen nare is called for.

Was Anwar as the UMNO Finance Minister involved in the Bank Negara foreign exchange fiasco? Can someone enlighten me?

And the causes for the last two?

Crass crony corruption!

karn neen nare.


  1. the word bail out is misleading. most of these companies involve public amenities. and in such case, it would more likely as fiscal stimulation. if not these government injections, what to do with the country revenue - put in foreign banks to earn interest or foreign exchange/reserves?

  2. Where did Time get RM12 billion figure for PKFZ? The first guy who mentioned this RM12 billion figure was Lim Kit Siang. I have been folowing the PKFZ issue and the RM12 billion figure is potential loss if PKFZ closes shop today. We know the govt will not allow that to happen. It is on going concern and if worse come to worst, govt can just privatise it at rock bottom price and the RM12 billion will not register...

  3. Are you happy just reporting what has been reported ? Aren't you going to get up from your comfortable armchair , do something other than KNN , like suggest what ordinary people can / should do ? Donate some $$$ to buy come bullets ...?
    Or are you saying never mind lah , its gone - it dun affect me I am still rich and comfy in a nice country?
    That is called irresponsible reporting in case you dunno & that makes you dumb & quite a useless ex Malaysian

    caring malaysian junior

  4. If previously the acts of the BN might be considered plundering, from the increased noise one hears of even more of that gives me the vision of looting that takes place every time a regime falls. The last time we saw that happen was when Saddam Hussein's Iraq fell in 2003. Do you get the feeling the BN leaders have this siege mentality about the possibility that their rule will soon come to an end? Their looting that you might see happening follows such a conclusion on their part.

  5. Unfortunately, the Bank Negara RM20billion paper loss was during Anwar Ibrahim's tenure as Finance Minister.

    That's why Anwar is worth RM1 per month only to be self appointed as the Selangor State Financial Adviser.

    Anwar's 1st major achievement as RM1 Advisor - the purchase of the almost bankrupt private company Talam Corporation (Tan Ah Chye is his close friend maa) for RM400 million.

    So please add up the figure to US$100 Billoin + RM400 Million + RM1.....u know lah the exact total