Lim Kit Siang : It Was During Mahathir Reign that Malaysia Began Its slide Into Corruption – Malaysia Loses RM100 Billion Under Mahathir & Tun Daim

DAP Member of Parliament for Iskandar Puteri, Lim Kit Siang had in 2009 pointed out that, Barry Wain, the former editor-in-chief of Asian Wall Street Journal, made serious accusations against Tun Mahathir in his writing of Mahathir’s biography Malaysian Maverick: Mahathir Mohammad in Turbulent Times.

Lim Kit Siang To Mahathir : Sue Me Now ( 2009 )Din Merican

DAP stalwart Lim Kit Siang has challenged former premier Dr Mahathir Mohamad to sue him with immediate effect. The opposition politician, who is currently in Tokyo, stated this in a posting on his Twitter page and promied to disclose more on his blog soon.

Why Mahathir don’t sue me now if I had libelled him calling for a RCI (royal commission of inquiry) into Barry Wain’s RM100 billion allegation in his book? – 2009

“Why is his suit conditional on the outcome of the RCI into Wain’s allegation when M (Mahathir) will do his utmost to block the RCI though claiming to support it publicly,” he added. – 2009

It was alleged that during Tun Mahathir’s first outing as the Prime Minster, he had wasted up to RM100 billion due to poor investments in mega projects and corruption, which averages RM5 billion lost annually throughout his tenure as the Prime Minister.

At that time, Lim Kit Siang believed that an RCI should be set up to investigate the allegation.

“If Pakatan Rakyat forms the federal government in the next general election, there should be a Royal Commission of Inquiry into the RM30 billion Bank Negara forex losses scandal in 1992, as well as into all the other financial scandals during Mahathir’s 22-year premiership. Barry Wain, in his book “Malaysian Maverick”, estimates that Malaysia lost RM100 billion just in four financial scandals during Mahathir’s premiership. But this is what Mahathir does not want and most afraid of.” – Lim Kit Siang

“I am not suggesting that Mahathir should face jail sentences for the financial scandals in his 22-year premiership, but at minimum, Malaysians are entitled to know the truth about these financial scandals, which would serve as painful national lessons to prevent their recurrence. But clearly, this is what Mahathir would not want and would do his utmost to prevent, including outclassing himself in the wild and preposterous statements about Pakatan Rakyat in the run-up to the next general election.” – Lim Kit Siang (3rd June 2012)

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Does Mahathir also want a RCI into the losses from the financial scandals during Tun Abdullah’s five year premiership? – Lim Kit Siang Blog

Former Prime Minister Tun Dr. Mahahtir Mohamad seems to have given a “positive” response to my proposal for a full audit and accounting into the RM100 billion “black hole” caused by the losses of the financial scandals his his 22-year premiership. – Lim Kit Siang 2012 Blog

I had said on Saturday that the time has come to revisit the RM100 billion “losses” suffered by the country during his 22-year premiership, especially if the present generation of Malaysians are still to pay for the “sins of Mahathir’s past premiership”. – Lim Kit Siang 2012 Blog

A Royal Commission of Inquiry into the RM100 billion “black hole” caused by the losses of the financial scandals during Mahathir’s 22-year premiership will seek the the truth whether the MAS “double bail-outs” were triggered by the RM30 billion 1992/3 Bank Negara forex scandal as well as the truth about the rest of the catalogue of financial scandals in the Mahathir era, “a few were of an order of magnitude that could have bankrupted most developing countries”. – Lim Kit Siang 2012 Blog

However Mahathir wants “all Tuns” and “their sons and grandsons as well” to be investigated. I will endorse Mahathir’s further defining the scope and extent of the investigation into the RM100 billion losses caused by the financial scandals when he was Prime Minister. – Lim Kit Siang 2012 Blog

The other Tun I can think of is Tun Daim Zainuddin, who was Mahathir’s Finance Minister twice and played key role in many of the financial scandals in the Mahathir era. – Lim Kit Siang 2012 Blog

“Of course, Dr Mahathir has blissfully ignored another reality, that it was during his reign that Malaysia began its slide into corruption.

Lim Kit Siang ( 2013 ) : Siasat skandal Bank Negara rugi RM30 bilion, RM100 bilion ketika 22 tahun era Mahathir

Lim Kit Siang ( 2014 ) : It Was During Mahathir Reign that Malaysia Began Its slide Into Corruption – Daily Express

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“Under Malaysia’s first three Prime Ministers, corruption was never a major problem and was under control.”

Lim said the biggest controversy in Parliament back in the 1970s was Bank Rakyat’s RM65 million unaccounted for, which he debated in 1979.

But since the 1980s, he said corruption and financial scandals involving billions of ringgit have exploded with alarming regularity.

He cited three incidences: the RM2.5 billion in investment losses by Bumiputra Malaysia Finance scandal; the missing RM600 million by tin-buying firm Maminco; and the RM1.5 billion involving cooperatives.

“That was in the 1980s.

“In the 1990s, there were the RM30 billion Bank Negara foreign exchange and RM11 billion Perwaja scandals.”

He said in the last decade, there was the multi-billion ringgit Scorpene and defence procurement issue and the RM12.5 billion Port Klang Free Zone scandal.

Lim said the root of corruption, which was money politics in government parties, had not been curbed and instead expanded.

“It has been estimated by Umno inner circles that it takes more than RM10 million to win a vice-president position and more than RM1 million to win a supreme council position.”

Lim added that under Najib’s helm, the sky was the limit for financial scandals, with 1Malaysia Development Berhad’s (1MDB) outstanding loan of Rm42 billion as an example.

He said even Dr Mahathir wrote about his frustration over 1MDB not being discussed at the Umno general assembly.

“But during Dr Mahathir’s time in office, there was no discussion either of the BMF, Perwaja, Bank Negara forex and PKFZ mega-financial scandals in the Umno general assemblies.”

Lim said these were strong reasons why Umno and Barisan Nasional had to be replaced in the 14th general election. – Dec 8 , 2014

Lim Kit Siang Written A Book – The Bank Negara RM30 Billion Forex Losses Scandal‘

Kit Siang added that some Government leaders were wise after the event, and one of them was none other than Tun Daim Zainuddin, under whose first tenure as Finance Minister from 1984-1991 the Bank Negara’s unorthodox forex speculation started, who said on April 4, 1994 that while those responsible for the huge forex losses of Bank Negara had accounted for their mistakes by resigning, central banks should never “play with fire” with such forex speculation. – Saedemon

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Lim Kit Siang Rocket Kini : Mahathir’s 22 years of leading Malaysia, Petronas only paid RM168.8 billion to the Government. Right after the Tun’s rule ended, the amount of money “contributed” to the Government escalated. – DAP Publication Rocket Kini

Notable bailouts and mega projects involving Petronas money:

RM2.5bil bailout of Bank Bumiputra in 1986 as a result of the first financial scandal of the Mahathir premiership (now completely overshadowed by the RM12.5bil Port Klang Free Zone scandal involving top MCA leaders);

Another RM1 billion bailout of Bank Bumiputra in 1989;

Bailout of sick national projects, including MAS and Proton;

Extravagant billion-ringgit mega-projects like the Petronas Twin Towers and Putrajaya;

The title sponsorship rights for the Malaysian Formula 1 Grand Prix and sponsorng the Sauber PetronasS racing team. – DAP Publication Rocket Kini

Lim Kit Siang : Mahathir, Father of Apartheid – Lim Kit Siang Blog

Lim Kit Siang : Mahathirism still a scourge – Lim Kit Siang Blog

You started the ‘rot’ in Malaysia, Kit Siang tells Dr M – 2015

It was during Tun Dr Mahathir Mohamad’s 22-year tenure as prime minister when Malaysia first began to “rot”, thanks to corruption and rampant power abuse, Lim Kit Siang alleged today. – Malay Mail

Lim Kit Siang: I have never said Dr M was corrupt – 2019 – NST

Lim said he had also never labelled Dr Mahathir as corrupt even during the latter’s first stint as Prime Minister from 1981 to 2003.

“I’ve never said he’s corrupt. You can go through all my statements. It’s all on record. (But) I would say there were instances of abuse of power,” he said during an exclusive interview with the New Straits Times recently.

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