According to Finance Twitter , the mounting pressure from 18 days of historic protests finally drove Egyptian President Hosni Mubarak from office, after 30-years as his nation’s iron-fisted ruler. But the dictator should not shed a single drop of tear because the fortune he amassed is more than enough to finance his retirement comfortably. It would be nice and jaw-dropping if Forbes can compile the world’s richest dictators or politicians simply because it would put world’s richest man, Mexican Carlos Slim (worth about US$54 billion) and Bill Gates (net worth about US$53 billion) to shame.
Armed with suspended constitution for 30 years, Hosni Mubarak was in virtually every piece of business deal in the country thanks to guaranteed profit from monopolies, red-tape fees, bribery fees, nepotism and whatnot. The British Guardian newspaper estimated the wealth of Mubarak and his family at somewhere between US$40 billion and US$70 billion. That’s about US$1 billion to US$2 billion net profit annually on average, not bad for a job as a president ruling a nation with GDP per capita of just $6,300.
Regardless whether Mubarak’s wealth is US$40 billion, US$70 billion or more, the fact remains that tracking the money trail would be almost impossible, let alone claiming it back to the people of Egypt. If the Philippine government couldn’t even bring back billions of dollars plundered by former dictator Marcos more than 20 years after his death, what more can the new government of Egypt do to recover it with today’s information technology?
But if you think Hosni Mubarak is the richest man on earth, wait till you hear what has former dictator Mahathir Mohamad plundered. How about US$100 billion?
Using the same rule of thumb that Mubarak “earned” about US1 billion to US2 billion annually, Mahathir’s wealth easily top US$22 to US$44 billion over his 22-year of iron-fist rule. However Malaysia has more natural resources than Egypt and economically, Malaysia is richer although not necessary less corrupted than Egypt. Just like Egypt, corruption in Malaysia is so entrenched that every institutions are tainted – from the monarchy, judiciary, executive, legislature to the lowest ranking policemen on the street. Hence Mahathir is easily worth more than that.
If there’s one factor that is separating Malaysia from Egypt, that’s unemployment. The present government of Malaysia may be more corrupt than previous Mubarak’s administration but Malaysia’s ruling party is smart enough to generate jobs in various government departments especially to cater for the ethnic-Malay, though the jobs created are not needed. If there’s one group that would take to the street just like the Egypt uprising, it would be the ethnic-Malay themselves.
As long as the Malaysia government can provide them with jobs, the scale of demonstration seen in Egypt would not happen in Malaysia. And as long as PM Najib Razak and his mentor Mahathir Mohamad can keep the pace in feeding these mouths and play the racial cards in their “divide and rule” doctrine, they can rule the country for many more decades and in the process continue to plunder the country.
Mahathir Mohamad, the former Malaysian Prime Minister who ruled the country for 22 years from 1981 to 2003, was another dictator whose fortune was speculated to be in the billions. We may not know the exact figure but the fortune can never be lower than what Mubarak had amassed so anything between $50 billion to $100 billion is conservative figure. Now, before your jaw drops, the just captured-humiliated-shot-dead dictator from Libya, Gaddafi, was reported to be worth a mind-boggling US$200 billion (*whoa*) – instantly put the past dictators, Marcos, Mubarak and Mahathir to the hall of shame. – Finance Twitter
Is Dr M the world’s 2nd richest ex-leader with $ 44 BILLION? – JOE FERNANDEZ
The oddest thing happened a day ago when former Malaysian prime minister Mahathir Mohamad’s name was mysteriously removed from a Wikipedia list detailing the wealth of former and current heads of state and government in the world.
Citing 53 references, the Wikipedia page had listed Mahathir as the second richest former head of government after deposed Egyptian President Hosni Mubarak whose wealth stands at somewhere between US$ 40 billion and US$ 70 billion.
However, while the Wikipedia page is still available in Malaysia, Mahathir’s name appears to have been mysteriously removed on Mon 17 Dec 2012 minutes after Malaysia Chronicle ran a story with the headlineMahathir now the world’s second richest ex-leader with US$ 44 BILLION?Alerted by a staff that Mahathir’s name had been replaced on the No. 2 spot by the late Indonesian president Suharto, the editors decided to withdraw the story pending further checks and granting that information on Wikipedia can sometimes be manipulated.
It must be noted the story was written in good faith and based on the Wikipedia allegation that Mahathir possessed a fortune of some US$ 44 billion. Obviously, if true, then there can only be bad implications for both Malaysia and Mahathir for how else could a prime minister elected by the people accumulate so much wealth without being involved in some way or other in corrupt activities.
Whether Mahathir really possesses such a staggering sum as US$44 billion – no one knows. And like his name oddly ‘disappearing’ from the Wikipedia list, the complex convolutions that need to be unraveled to reach the truth of how rich Mahathir and his family really are, will surely be beyond the efforts of even Hercule Poirot and Miss Marplecombined. Indeed, an army of international accountants, auditors, financial and banking specialists would be required, no less. – JOE FERNANDEZ
Mahathir, the second richest kleptocrat in the entire world, and his proxy Daim, own more than 50 banks all over the world – Raja Petra
Key members of the Malaysian government, their families, and well-heeled associates are among those owning secretive offshore companies in Singapore and the British Virgin Islands, according to a cache of leaked documents.
While some of the offshore companies carry out legitimate transactions, others are likely to be part of the 871.4 billion ringgit (about $285 billion) estimated by Washington-based financial watchdog Global Financial Integrity (GFI) to have been lost through illicit outflows over a 10-year period.
Mirzan Mahathir, the eldest son of Mahathir, is also among those the ICIJ list as director and shareholder of three offshore companies. Mirzan’s major commercial vehicle in Malaysia is Crescent Capital Sdn Bhd, an investment holding and independent strategic and financial advisory firm. He is the company’s chairperson and chief executive officer.
From ‘Top Malaysian Politicians Use Offshore Secrecy’ (ICIJ, 8th April 2013)
As Barry Wain’s book, Malaysian Maverick: Mahathir Mohamad in Turbulent Times, shows – at least US$100 billion went missing during Mahathir’s time as Prime Minister from 1981 to 2003. Much of these missing monies may be the difference between the actual cost of government procurements, contracts, tenders, permits, concessions, quotas, licences and the like and the amount that they eventually cost the tax payers i.e. double, triple or even up to ten times the actual amount.
Mahathir & Co, as former Finance Tengku Razaleigh Hamzah once told an audience in Australia not so long ago, was awarding government contracts to themselves. Razaleigh was then accused by the Mahathir administration of “betraying” the country by badmouthing it overseas. It’s seems Mahathir was Malaysia and Malaysia was Mahathir. Mahathir could only have done what Razaleigh accused him of doing by taking government money for himself through a network of nominees, cronies, fat cats and the like.
Mahathir’s RM160 Billion Banking Empire – RAJA PETRA
In fact, Mahathir is said to be the second richest kleptocratic leader in the world still alive and his proxy, Tun Daim Zainuddin, has interests in more than 50 banks all over the world. Let us now see where Mahathir’s RM100 billion, combined with Daim’s RM60 billion, has been parked, which is estimated to now be worth RM200 billion.
Daim, who acts for himself and as Mahathir’s proxy, is the beneficial owner of a string of banks centred mostly in Africa and some parts of Europe. These banks (and non-banking financial institutions) are said to total well beyond 50.
Daim retains ownership of these banks through a complex network of cross-holding schemes involving proxy entities based in Indonesia, Africa, Switzerland, Panama and Europe. The cross continental arrangement allows him to remain anonymous and makes it extremely difficult for the authorities to trace his links to any of these banks.
Many of the banks in Africa that Daim is linked to have a gold and diamond paper-trail that are legitimised, often through investments in offshore entities with the help of financial institutions in Switzerland, Saudi Arabia and the UAE. Many of these banks also issue bonds to one another through mortgage schemes as a way to transfer money from one bank to another without being detected. – RAJA PETRA
One thing we can say is Mahathir is not as stupid as Prime Minister Najib Tun Razak to put the money into his personal bank account. Najib was trying to be too honest and too transparent by discussing it first with Bank Negara before accepting the Arab donation. And when Bank Negara advised him to put it into his personal bank account he followed that advise. Little did Najib realise those Bank Negara people were on Mahathir’s payroll.
Mahathir always uses proxies, nominees and cronies — not only to hide his wealth but when he needs to bribe people as well. You would not find a single Ringgit with Mahathir’s fingerprints on it. He not only uses his own children to hide his wealth, he even uses them to ‘make payments’ as well. This would be in cases where it needs to be highly confidential and he does not even want his proxies, nominees and cronies to know about it.
Mahathir said I should come clean and show how he got his money. We do not need to do that. Barry Wain, Jomo Kwame Sundaram and Edmund Terence Gomez have already written so many books dealing with Mahathir’s wealth. Instead, we are going to show where Mahathir’s wealth is hidden: in 50 or so banks all over the world. And Mahathir’s and Tun Daim Zainuddin’s combined RM160 billion is not just parked in those banks. It is parked in equity in those banks. And that RM160 billion is now worth RM200 billion according to what is being reported.
That’s right. Mahathir’s and Daim’s combined-wealth of RM160 billion was used to acquire more than 50 banks all over the world and it has grown to RM200 billion.
Go ask Ibrahim Ali of Perkasa. Mahathir also pays him a lot of money. But Mahathir never personally hands over the money. He gets a Chinese towkay to pay Ibrahim Ali. The same with Husam Musa. Mahathir also pays him a lot of money. But it is a Chinese towkay who pays Husam on Mahathir’s behalf. That is the way Mahathir does things. His hands will always be clean. He never gets his hands dirty but uses proxies, nominees and cronies to do his dirty work. – RAJA PETRA
Malaysia Today : Follow the money and you can see how Mahathir and Daim move their billions – Raja Petra
Malaysia Today revealed that the ANC spent US$5 million to ‘buy’ three press conferences by the United States Department of Justice. The first one was held in July 2016 and the second one in June this year. The third one is supposed to be held just before the next general election.
The chart above shows how the US$5 million was channeled to the US, plus how the various others such as Sarawak Report and so on were paid. Basically Daim controls various banks all over the world and it is through these banks that money is moved from one country to another to finance ANC’s activities. Kit Siang was paid in Hong Kong and Singapore the same way.
Mahathir has never denied the ANC paid US$5 million for the three US DoJ press conferences. And they could not deny it because there is a paper trail that shows how the money was paid and by whom. Basically you cannot deny something when there is a smoking gun. So at best they just ignore the allegation and say nothing.
Daim has a string of banks in Africa, Eastern Europe and Latin America. And he has controlling interest or sole interest in all of them. These banks were acquired since the 1990s after Daim resigned as Finance Minister in 1991 and when he and Mahathir needed to park their RM160 billion or so combined fortune outside Malaysia, partly due to the Bank Negara forex fiasco.
Anyway, the RM160 billion that Mahathir and Daim jointly own is well hidden but not well hidden enough. Malaysia Today managed to track how the US$5 million for the three US DoJ press conferences was paid.