Monday, February 26, 2018

How much is RM20,000,000,000?

From FMT (extracts):

........ an example a 20-year gaming concession for sports betting which was given out without tender by the finance ministry in June 2003 — just four months before Mahathir retired on Oct 31, 2003.

“The finance minister and the prime minister at that time was Mahathir himself.

“Thus, this exclusive licence was quietly awarded by Mahathir to one of his closest associates at a bargain price of RM25 million without the knowledge of the cabinet,” See-To said.

He said at that time, Malaysian gaming industry executives had estimated that such a lucrative sports-betting operation, offering wagers on events such as local and foreign soccer matches and horse racing, could generate an annual revenue of about RM1 billion.

Wall Street Journal (WSJ) had reported about this several times at that time and had said that Mahathir’s successor, Abdullah Ahmad Badawi, and his cabinet only learned that such a licence was awarded the next year after Mahathir had retired.”
If what has been said is true, then a bit of maths may be the first thing to start off in the discussion section of this post.

RM1 Billion a year income from the exclusive 20-year gaming concession licence alone is RM1,000 million per year or RM20,000 million at a rough cut for 20 years - could be more but let's just work on simple figures for now.

So for a notional RM20 Billion (not just million) licence (reminder: that's RM20,000,000,000 with eleven zeros), it has been alleged Mahathir as then PM and Finance Minister sold that off for a mere RM25 million.

Does that mean we have allegedly missed collecting 20,000,000,000 minus 25,000,000 or 19,975,000,000 ringgit?

Wow, how I wish I have just a wee fraction of that. I would have fulfilled my drams and fantasies and bought a yacht and sailed around the world, visiting exotic places like the pampas of Argentina and dance tango to the local Latin bands there.


  1. The Wall Street Journal also reported multiple times about the RM 4,200,000,000 in Malaysian public funds which were funnelled into Najib's personal bank account.

    Do you believe that ?

    1. Wakakakaka………u r soooo desperate to find story that's detrimental to mamak, u just jump into ANYTHING u come across.

      Mamak MIGHT had twisted a few arms within the cabinet to approve that 20-year gaming concession for sports betting in June 2003 — just four months before Mahathir retired on Oct 31, 2003.

      This exclusive & lucrative sports-betting licence, offering wagers on events such as local and foreign soccer matches and horse racing , had never managed to see the light of the day!

      If the project never saw the light of the day, then all yr monetary estimates r just the same bulls from mom's farm lah.

      U properly buat tak tau, or u kenal tipu lagi as in the case of mamak wanted to change the Constitution to revoke the citizenship of Ambiga!

      U trust that lss, aka eric see-to, who was a non cabinet member at SNY material time & a known fact twister?

      In 2010, despite nationwide protests calling for the government to revoke the license issued to Ascot Sports’ Vincent Tan, Prime Minister Najib Tun Razak has remained silent.

      In a written reply to an opposition query, Najib said the government had not finalised its discussions on the terms and conditions of the licence for Ascot Sports, a company controlled by influential tycoon Vincent Tan.

      "The government is still getting feedback and views from the various quarters on the proposed licensing for a betting bookie in Malaysia aimed at reducing and subsequently eliminating unlicensed gambling in Malaysia." Reported state news agency Bernama.

      Malaysia's government issued a sports betting licence to Ascot Sports in 1987 but it was quickly rescinded and an attempt to revive it several years ago failed because of opposition to gambling, which is forbidden in Islam.

      The surprise back-tracking on the licence jeopardises Ascot's plans to launch products based on major sporting events including football, basketball, motor racing, tennis and golf.

      So from where was/is the news that mamak quietly awarded the sport betting license to one of his closest associates at a bargain price of RM25 million without the knowledge of the cabinet?

      Eric see-to ke! Wakakakaka…… u memang lahir semalam lah!

      I'm dying to see mamak pull another rabbit out, aka zahid's mamak cronies blunder in umno agm.

      Wakakakaka…… & no surprise if mamak say the undertable was suppose to pay into the then umno warchest le!

    2. The Wall Street Journal's report on the RM 4,200,000,000 in Wang Rakyat channelled into Najib's personal bank account is well corroborated by the results of investigation by the United States Department of Justice, FINMA the Swiss Banking Regulator and MAS The Monetary Authority of Singapore.

      Singapore has already convicted and jailed Singaporeans who facilitated the illegal money laundering transactions. Switzerland forced the ownership and management divestment of the bank which carried out the Transactions - and attempted to hide it.

      I remember at the time Ktemoc viciously attacked anyone who brought up the 1MDB issue.

    3. Nobody, and I mean absolutely nobody believe the Arab donation story. Even Ah Jib Gor himself at the very beginning when the news broke out about the billions in his private account, kept deathly silent and only emerged 3 days later to announce to the public : I myself am unaware there is such an amount in my private account !

      Who advised him to come out with such an "explanation" ? Hippo ? Fatty Low ? BNM and Ambank people ? I remembered then how everyone is flabbergasted, asking why he gave such nonsensical reply. Then a banker friend gave his input : the PM has absolute encompassing power and the thinking then was that Ambank could be instructed to seal all the concerned bank officers mouths and new paperwork will be immediately created to show "error"..that this huge amount was wrongly keyed into the PM's private account. Problem solved.

      However, in another few days later, Jibby again came out to announce : This is a donation from a royal Arabian and the purpose of this donation is to fight ISIS. ( note : he did not refer to his earlier statement that he was completely in the dark about these billions in his account...just swept that under the carpet...he mudah lupa and he expects all of us to lupa too his first announcement made a mere few days ago !)

      And then...when news got back to his ears and his machai that ISIS wasn't even been "borned" yet, they belatedly realised this explanation cannot be pakai ! So the aim of this "donation" is for the Umno's election. And rather quickly after that, it was announced that only a fraction was used up and most of the "donated" money was returned. ( Cue music here : Elvis' Return to Sender, wakakakka).

      But whatever the lame, pathetic, washout explanations given previously, here's the proof, as put by Kim Quek :

      These documents of the Singapore court ( referring to the documents which Najib and Zahid are applying to expunge ) will show the full details of how Najib’s RM2.6 billion was sourced from 1MDB, meandering through a number of Jho Low-controlled shell companies. But how could these sworn statements and court transcripts be called hearsay when even the convicted criminal Yeo Jiawei himself have confirmed the veracity of these details? In fact, such details are good enough to enable our MACC and AG to charge Najib for corruption and Zahid for conspiracy to cover up – if only our police, MACC and AG are not sleeping.

  2. revenue is not profit. n no guarantee of profit no matter how huge the revenue. where is the sport betting operation tis see-to is talking abt?

    see-to oso claim penang tunnel toll deal is lopsided, u can read tis from the most trusted porter ie liar today, i believe see-to.