Mahathir's "MINUS TOUCH" & Expensive Schemes

From Malaysiakini:

Large Felda estates the way to grow: Dr M

The government plans to merge Felda settlers’ lands to become big estates that can generate lucrative income for them through more efficient and professional management, said Prime Minister Dr Mahathir Mohamad.

He said this type of management was practised by huge estates belonging to foreigners since the time of the British colonial administration, which enabled them to make profits even when commodity prices dropped, though the margins were small, apart from not having to depend on subsidies.

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Kaytee notes:

Mahathir has the penchant for get-rich-quick schemes as we saw in his FOREX, Maminco-Mukawasa, BMF, Perwaja, MAS, Proton, etc etc etc, and I needn't go into his son's calamitous Konsortium Perkapalan Berhad which required RM1.7 Billion in 1997 (= RM2.71 Billion in 2019) to bail out.

On this, the issue of Mirzan's shipping line required 'bail-out', Mahathir was said to have a serious falling out with Anwar Ibrahim, because Anwar refused to allow Petronas to fork out the Mirzen-requested RM2.2 Billion (= RM3.51 Billion 2019). Their relationship went south since, and then some.

And we haven't yet come to the non-financial eff-ups he caused to the Judiciary, Senate, Civil Service and our society.

All ended up in disastrous failures.

Though consolidating small holdings in FELDA into bigger estates seem feasible and logical, I am afraid I've lost confidence in him because of his "MINUS TOUCH" (as opposed to the MIDAS TOUCH, wakakaka). Everything he touched, he eff-ed it disastrously, at public cost.

Yes, he has the aptitude for eff-ing up everything including and especially the get-rich-quick schemes - indeed, his notorious "MINUS TOUCH" will eff up FELDA.

His only success has been with himself and own personal interests.

King Midas touching & turning his daughter into gold 

On 05 July 2006, Norman Ferdandez wrote to Malaysiakini to ask Dr M, here are 17 more [questions]:

For a man who held in complete contempt anyone who dared to question his policies and decisions, it comes as a complete surprise that in retirement, Dr Mahathir Mohamad has suddenly taken the high moral ground and is now unrelenting in his pursuit for answers for decisions taken by the present government of Abdullah Ahmad Badawi.

Since Mahathir demands answers, it is only right and justified that the same ordinary public which he now claims to be part of also requires him to answers the following questions:

1. What was the basis of inviting Libyan-American Sadeq Mustaffa to Malaysia to set up InventQjaya Sdn Bhd and to also give him a grant of RM440 million? What was the benefit for Malaysia and how has Malaysia benefitted?

What was the justification for privatising profitable state-owned enterprises like Telekom Malaysia, Tenaga Nasional and Pos Malaysia?

What was the basis of granting Indah Water Konsortium a concession to manage the national sewerage system? Could you explain the RM1.4 billion soft loan to IWK which is clearly has irrecoverable losses?

You insinuate Khairy Jamaluddin. Did you not assist your son Mirzan by rescuing Konsortium Perkapalan Berhad (then owned by Mirzan) and which had debts of RM1.7 billion using funds from Petronas? Was it not your administration which forced Malaysian International Shipping Company (MISC) to acquire the assets of Konsortium Perkapalan Nasional?

Did your government not sell Malaysian Airlines System without an open tender to Tajuddin Ramli who had no knowledge whatsoever about running an airline? Why did your government then later bail out Tajuddin by paying RM8 per share when the shares were trading at only RM3.60 in the open market.

Did your administration not bail out Time Dotcom Bhd which was saddled with a RM5 billion debt? Why did your government bail out Time DotCom Bhd using RM904 million from Kumpulan Wang Amanah Pencen to buy up 273.9 million unwanted Time Dotcom shares incurring an instant loss of RM280 million?

Did you not force the Employees Provident Fund (EPF) to buy 81.6 million unsubscribed public portion of the initial public offering (IPO) of Time Dotcom Bhd at RM3.30 per share when the shares were trading at only between RM1.95 and RM2.10 and in the process incurring an instant loss of RM100 million?

Did you not bail out the light rail transit operators Projek Usahasama Transit Ringan Automatik Sdn Bhd (Putra) which belonged to Renong and Sistem Transit Aliran Ringan Sdn Bhd (Star) using almost RM600 million from EPF which still resulted in EPF having to write off RM135 million with a share loss of RM96 million?

Did your administration not award North South Expressway concession to UEM (who then formed Plus ) and then provide them with a loan of RM1.6 billion which was half of the tender price of RM3.2 billion. What was the justification for your administration to grant Plus such overgenerous terms which included annual increment of toll rates and guaranteed traffic volumes?

What was the justification of your administration in 1998 in awarding a RM24.3 billion contract to PSC Industries Berhad, together with an advance of more than RM2.5 billion to build naval patrol boats? Why were they also given exclusive rights to service the Malaysian navy's entire fleet? Could you confirm that the first two ships built by PSCI could not even pass pre-delivery trials? How would you answer to the Public Accounts Committee's revelation that it will cost the government another RM120 million just to salvage the first two vessels nearing completion after seven years?

What was the basis of awarding Ekran Bhd the contract to build the Bakun Hydroelectric Dam in Sarawak? Why did your administration take over the construction of the dam by bailing out Ekran by almost RM200 million for 'work done'?

What was the justification for your administration in Maminco to corner the London tin market which instead resulted in Maminco losing RM150 million?

Was your administration not vitriolic about George Soros and other currency traders and hedge fund managers but yet presided over speculation in the foreign exchange markets which ultimately cost Bank Negara almost RM9.3 RM31.5 billion in losses?

What are the total losses of Perwaja Steel and how much of public funds have been used to cover these losses of Perwaja Steel?

What was the basis for your administration, at the expense of Malaysian taxpayers, to force Tenaga Nasional Berhad to accept such grossly unfair and unjustified terms in purchasing energy from independent power producers ?

What was the justification of privatising the government medical stores to Southern Task Sdn Bhd which thenhiked up the prices of medicines ?

Perhaps you could also reveal how much of Petronas monies have been used by your administration in bailouts and projects of folly.

Naturally there are many more questions the Malaysian public would want answers to but answering these questions first would be a good start.