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Malaysian Maverick

Malaysian Maverick: Mahathir Mohamad in Turbulent Times is a biography of Mahathir Mohamad written by the Australian journalist Barry Wain (1944–2013).

Malaysian Maverick: Mahathir Mohamad in Turbulent Times
Author Barry Wain
Country Malaysia
Language English
Subject Biography
Publisher Palgrave Macmillan
Publication date
December 4, 2009
ISBN 978-0-230-23873-2

When the first batch of the book arrived at Port Klang in December 2009, it was detained by the Home Ministry of Malaysia. The ministry finally approved the book for sale in April 2010.[1]

The Malaysian Maverick became one of the best-selling books in Malaysia. Wain claims that 12,500 copies of the book have been sold in Asia and Australia.[1]

Time magazine quoted an economist at Morgan Stanley in Singapore as saying that the country might have lost as much as US$100 billion since the early 1980s to corruption. Under the former prime minister Tun Dr Mahathir's 22 years term, there were monetary losses amounting to over hundred of billions of ringgit and this excluded those unaccounted for and irretrievable.

The opposition politician Syed Husin Ali said, "Petronas has neither been fully transparent nor accountable with how it spends its money, especially in aiding and abetting Tun Mahathir to indulge in unproductive construction of mega projects, to bail out ailing crony companies and corporate figures, and to involve itself in excessive and wasteful spending on celebrations and conferences."

Mahathir used his position and power to intercept and/or to bail out his children or to give special benefits to them and his associates. These include: •Forex scandal in early 90s : RM30 billion •The Perwaja Steel scandal : RM10 billion [2] •Bank Bumi scandal: RM10 billion [3]Past Scandals – Bank Bumiputra •Maminco-Makuwasa Affair RM1.6 Billion[4] •Mahathir used Petronas as a ‘bank’ to bail out many of his associates' companies, banks etc.

Contents

Konsortium PerkapalanEdit

In early 1998, Petronas acquired a debt-laden shipping concern controlled by Mahathir’s eldest son Mirzan Mahathir’s Konsortium Perkapalan for RM 226 million and assumed its debts of more than 324 million, according to Far Eastern Economic Review stating the debt at RM 1.6 billion.

Sapura-Kenaca PetroleumEdit

In early November 2012, Petronas Carigali Sdn Bhd reportedly awarded a RM700 million contract to a Sapura-Kencana Petroleum Bhd wholly owned subsidiary where Mahathir’s son Mokhzani is a vice-chairman. When asked during a press conference whether there was conflict of interest in the deal, Hampeh Mahathir replied in a sarcastic tone, "Yes of course, he (Mokhzani) is given it because I instructed Petronas. Put that in your paper. I presided over everything. I told them, please give to my son and not to anybody else. That’s what I have been doing all the time. When I was the prime minister, everything was given to my children. .."

Furthermore, in 1998, when Mahathir's eldest son Mirzan Mahathir lost 0.2 billion in a Macau casino, and his daughter was under house arrest, Mahathir ordered the then finance minister Daim to use national reserves to rescue his son.

Proton and MV Agusta : The StoryEdit

Former Prime Minister Tun Dr Mahathir was appointed as Proton advisor in 2003. Since 1999, MV Agusta was heavily in debt, and the manufacturer was bought by Proton in December 2004 for €70 million. However, the Proton management decided to sell the stake to GEVI SpA, a Genoa-based financing company related to Carige, in December 2005, just for a token one euro.

During the selling negotiation process, there were a lot of Malaysian voices to object the deal, however, all was ignored by Proton. As the result, the selling deal caused Malaysian taxpayers facing total losses of 138.4 Million Euro (RM1.92 B), including the assets that MV Agusta have.

Malaysia corruption society root cause start from Tun Mahathir era's bail out to son and cronies company etc. At the UMNO General Assembly in 1998, a leading Anwar supporter, Ahmad Zahid Hamidi, criticised the government for not doing enough to combat corruption and cronyism.

According to Malaysian Maverick, Tun Mahathir's era cost RM 100 billion in taxpayers' money. This included misuse of national reserves on silver price speculation and BNM's forex speculaton on Tun Mahathir's order.

ReferencesEdit

  1. ^ a b "'Maverick' in 5th reprint due to 'exploding' demand". The Malaysian Insider. May 6, 2010. Retrieved January 29, 2011. 
  2. ^ Perwaja scandal: Is Mahathir above the law?
  3. ^ Barry Wain, Malaysian Maverick
  4. ^ Past Scandals – The Maminco-Makuwasa Affair

External linksEdit