Wednesday, January 25, 2017

Debunking Najib's latest attack on Dr Mahathir - the BMF shit hits back at Najib's Mentor Kuli's face.

- by ManaBolehMalaysia. 25 Jan 2017.

The latest Najib's attack on 91yo Dr. Tun Mahathir is another confirmation that Najib's camp is running out of money, ideas and strategy, in outsmarting Dr. Tun Mahathir. In trying to pin the $1 billion BMF scandal on Dr Tun Mahathir, Najib had overlooked many conspiracy facts.

By now, we are all too familiar with Najib's cowardice and "Blame-it-on-his-enemies" (BIOHE) responsibility.

But this time, having run out of issues or scandals to exploit, Najib chose one "too-close-to-his-arse" scandal to pin the blame on Mahathir. Now, the shit will hit back at Najib and his first mentor and remaining bastille of support in UMNO, Tengku Razaleigh (Kuli).

Yes, the 1980's $1 billion (RM2.7 billion then) BMF scandal was exposed when Mahathir was the PM (from July 1981 - Oct 2003). But Mahathir could not have been the big shot politician (as CIA had implicated)  who "stole" from the funds, or bribed blind by the Carrian Group or even in cahoot with the 3 Hong Kong property speculators by giving bad loans to them. The brewing problems started well before 1979 when Kuli was the Finance Minister and before 1976, Bank Bumi chairman.

These are the hard-core facts.
Tun Razak, Malaysia's 2nd PM SUDDENLY recalled Najib Razak (his eldest son) back to Malaysia in 1974. Najib was still studying at Nottingham University in UK. Born on 23 July, 1953, young Najib was just 21yo. Chances were, Najib did not complete his first degree studies although the PMO website stated Najib graduated with B.E  (Bachelor of Economics) University of Nottingham. But we know Najib lies all the time, don't we?

The reason for the sudden recall was because Tun Razak had been diagnosed with leukemia. Tun Razak knew he would not live long as his faithful and able DPM Tun Dr. Ismail, had also died suddenly of a "purported" heart attack months earlier. There is more on the conspiracy involving the untimely deaths of PM Tun Razak (14 Jan 1976) and his DPM Tun Ismail (2 Aug 1973) but we will reserve them for future articles.

Tun Razak and Tun Hussein Onn (3rd PM) had planned for Najib to be the 4th PM of Malaysia. There was no time for Najib to complete his first degree. Najib had to be fast-tracked in learning the ropes of Malaysian politics to be the 4th PM  (not Mahathir).  This was to keep the PM line of succession within the Razak-Onn-Omar family dynasty.  Tun Razak and Tun Hussein Onn married the two daughters of Tan Sri Noah Omar.  PM Najib and the current Defence Minister, Hishamuddin, are cousins. 

On his return to Malaysia, Najib immediately entered the business world, serving briefly in Bank Negara (Central Bank) and later with Petronas (Malaysia's national oil company) as a public affairs manager.  Young Najib apprenticed under Kuli who was highly respected by Tun Razak.

Kuli who was appointed by the then PM Tun Razak as the Chairman CEO of Petronas, was also credited with the expansion and transformation of Bank Bumiputra Bhd, as its chairman shortly after Tun Razak became the 2nd PM, following the 13 May, 1969 racial riot-coup.    

On 6 September 1974, Malaysia's then prime minister, Tun Abdul Razak, announced the appointment of Razaleigh as chairman and Chief Executive of PETRONAS (Petroliam Nasional Berhad). Tun Razak said: "From among the new blood, I intended to bring Tengku Razaleigh into the Cabinet. However, I have an important job for him, a job as important as that of a Cabinet Minister. I have decided to appoint him as chairman and Chief Executive of PETRONAS, which is equivalent to being a Cabinet Minister.".[25] Subsequently, Razaleigh had to relinquish his job as Chairman of PERNAS which he held from 1970, but retained the chairmanship of Bank Bumiputra.

Bank Bumiputra Malaysia Berhad was formally launched by Tun Abdul Razak on 1 October 1965 with authorised capital of RM25 million, instead of RM5 million announced earlier.[18] The senior management was headed by Mohd Raslan bin Dato' Abdullah (managing director), former Accountant General of Government and Tengku Razaleigh (Executive Director). The other board members are S.O.K. Ubaidulla (President of United Chamber of Commerce), L.E Osman (a lawyer), K. Mushir Ariff (an incorporated valuer), Wan Yahya bin Haji Mohamad (a businessman from Terengganu), K.D. Eu (a company director, and Kuok Hock Nian (a company director). The general manager of the Bank was Wong Aun Pui, a prominent local banker with 20 years of experience and director of many rubber and palm oil companies.[19]
On 15 Jan, 1976 Hussein Onn became PM, officially; till 16 July 1981 when he retired due to ill-health. In the cabinet reshuffle, in the following month, Tengku Razaleigh was appointed Finance Minister (FM). Najib Razak elected MP for Pekan in the same month and was immediately appointed by Hussein Onn as the Deputy Minister Energy & Telcom at the age of 22+ (the youngest cabinet minister in history).

From 1978-81, Mahathir  was the Minister for Trade & Industry and was reputed to be the most hardworking member of the cabinet. As the DPM, Mahathir should have been given a more important portfolio at home in Malaysia rather than doing his duties overseas.  Hussein Onn and Mahathir did not see eye to eye. While Kuli was Tun Razak's blue-eye boy, family interests come first. Razak and Hussein Onn were fearful that if Kuli was appointed DPM, the line-of-PM succession would swing to the Kelantanese royal family. Najib might never get to be the 5th PM.

Mahathir was selected to be Hussein's deputy, because Mahathir was considered an outsider (not of royal or Malay elite bloodline) with no hope of establishing his own family dynasty. Hussein also made Mahathir promised that he would selected Najib as his deputy when he became the PM. Mahathir bin Mohamad succeeded Hussein Onn as Prime Minister of Malaysia on 1 July 1981.

But Mahathir broke tradition by allowing the race for the DPM position to be openly contested. Najib being too young and too raw, was not even in the race. Mahathir, out of respect for Tun Razak and Tun Hussein Onn, appointed Najib as the Mentri Besar (chief minister) of Pahang to save Najib's political career. It was a fine balancing act for PM Mahathir in his first term of office. To appoint Najib as his DPM would be political suicide for Mahathir then. Tun Hussein showed his displeasure by resigning from UMNO during Mahathir's presidency. 

Kuli continued to be FM until 1984, when he was demoted to the Ministry of Trade and Industry under PM Mahathir. Being the Finance Minister and previous Chairman of Bank Bumiputra, Kuli was held responsible for the BMF fiasco. In fact, all the bank executives implicated the BMF scandal were proteges of Kuli. There was intense pressure for Mahathir to sack Kuli but Mahathir resisted. Sacking Kuli would be like chopping off one of UMNO's pillar of support to spite Tun Razak. Kuli was Tun Razak's blue-eye boy and was responsible for many of Tun Razak's pet bumiputra projects.

The CIA report said many businessmen and bankers had believed that the Government had used "the accused BMF officials as scapegoats to avoid implicating senior government officials”. 
The US$1bil (RM2.7bil at that time) scandal involved bad loans to three Hong Kong property speculators, including the Carrian Investment Group, during the then British colony's property boom between 1979 and 1983. 
The scandal had a sinister twist when BMF auditor Jalil Ibrahim, who was sent to investigate the bad loans, was murdered in Hong Kong. 
The CIA claimed that Dr Mahathir had admitted that BMF's "lending practices were imprudent and pledged action if management malpractices were uncovered".

It added that Dr Mahathir had also downplayed the bank's culpability and that the Government's strategy in addressing the issue was to "contain the problem while looking for the best way to bail out Bank Bumi".


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