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Jan 16, 2008

How to bankrupt the nation, Malaysian style


From a friend of a friend

I refer to the local daily on 31st Dec 2007 quoting , our DPM
saying "The opposition's promises to reduce oil prices if it were to
form a government will only bankrupt the country".

Datuk Seri DPM, I would like to share with you on the same subject on
bankrupting the nation on a bigger perspective. I came from a very
poor family. My mother who lost her husband at the age of 35 years old
had never remarried but maintained the role of a father and mother in
a house. With having no land, no education and a meager income of
RM145 dollars a month, we came out of poverty simply because of mother
persistence and pressure that we must work to better ourselves.

My mother serves the role of the financial manager at home, managing
cash flow and debt. On several occasion we had to borrow a bag of rice
or flour but it she makes a point of repaying back. How does she goes
about and bringing up 4 successful children despite the poor financial
knowledge. The one that she thought me is to make the most out of a

In this context, I can say the present government financial, purchases
policy and contract actually is the one that will bankrupt the nation.
The government is effectively paying RM 3 for something that cost RM1
when in actual fact by virtue of volume, it could get it at the price
of 80 cents. Let us look at the major transaction that took place in
the last couple of years

a. Purchase of Sukhoi Jets using an intermediary company belonging to
former Malacca Chief Minister - RM 1.8 bill. I was informed by the
company staff (Nor) , who's also the Dato key person that the company
made a clean profit of RM 900 mill of which is distributed to various
funds held by UMNO top people. Logic will tell you that, in the
history of this country military purchases it has always been on G to
G basis and not trough a private entity who has no expertise except
being a middle man. In any country it is the same. Don't give a cock
and bull story that the supplier is giving the commission and they are
the one who insist that they used an intermediary. We have the money,
if we tell the supplier we only deal with principal, they will follow
- those with money are Kings. They are the one calling the shots. When
we can buy 24 aircraft, we just buy 12 and we include other mumbo
jumbo's in the package.

b. Purchase of submarine. Again the same argument applies.

c. RMN ships - We spent RM4.5 bill but where are the ships. How come
money is being paid to builder who has no experience and it cost 3
times more than buying direct in overseas. In actual fact only 2 ships
were built and money for 6 ships has been paid. From what I gather in
the media, the documents pertaining to this payments has disappeared
at the company level as well as at Ministry of Finance level. What a

d. MAS share purchase. Mahathir one says " Melayu mudah lupa". .. well
Tun .. sorry to say not all Melayu has short memory. The government
paid RM8.00 per share for 30% share that is held by Tajuddin Ramli
when the prevaling market price is RM3.50. First of all the government
is the golden shareholder in the company which has certain powers as
dictated by the share holder agreement. There wasn't a need to pay
RM8.00 for a company with NAV of less than RM1.00 (at that time). Even
if has to accumulate enough share to effectively control the company,
they should have bought from the various government related agencies
like EPF who has 20% shares and other agencies like LTAT and the from
the general public. When the prevaling market price is RM3.50, I think
if the government offer RM5.00 every single citizen who hold shares in
the company will sell the share to them. Instead they chose to pay
RM8. What a joke.

Mr. DPM, I believe before we can claim that others will bankrupt the
nation, the government of the day must examine its own records. It has
clearly shown that it is in the process of bankrupting the nation with
a one sided agreement with Toll concessionaires and other contract's.
What I have mention is only the Tip of the Iceberg. What intrigues me
is that when the DG Audit can pick up purchases of cameras and other
small things but they failed to look at bigger purchases.


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