by E.S. Shankar, Donplaypuks® intrepid correspondent for Santa Claus and early Xmas
I had already expressed my anger and concern over what was and still is perceived, an unnecessary Taxpayer funded bailout of Tabung Haji (TH - Muslim Pilgrims' Fund)) December 2018, to the tune of RM20 billion, by Mahathir (Bersatu) and new Economic Affairs Minister, Azmin Ali (iffy PKR). CLICK HERE.
Of course, it needed the collusion of Finance Minister Lim Guan Eng (DAP) and his special aide "advisor" MP Tony Pua (DAP) at the Ministry of Finance (MoF) to raise RM20 billion via NEW DEBT bonds. Plus, the silence of Anwar Ibrahim (PKR Head), Lim Kit Siang (DAP Founder), Mat Sabu (Amanah) and their MPs in (the wooden IKEA) Cabinet, for the bailout to proceed.
In simple words, TH had been cooking the books for many years under ex-PM Bijan and his government of thieves and paying over-the-top high dividends, despite its negative Group reserves.
As I suspected, the devil is in the details. On 15 November, MoF cunningly announced that "Putrajaya" would be bearing (at least) RM10 billion of TH's losses. CLICK HERE.
In Malay, we call this 'durian runtuh' (windfall), or in English, Christmas come early!
Of course, the reality is that Ahmad, Ah Chong and Muthu would be bearing this stupendous loss, even though Ah Chong and Muthu NEVER received a single cent in cash or kind benefit from TH since its inception in 1963! So, the deception is complete. Billions of ringgit in profits and cash have been monopolised, while at least RM10 billion of TH losses will be socialised! Who will bear the interest on RM10 billion @ say 3% per annum = RM300 million for 7 years = RM2.1 billion? Mahathir and Azmin?
More than that, there have been allegations of massive fraud, looting and plundering at TH. Yet, to-date no one's been prosecuted for that. No legal action appears to have been taken against TH's then Chairman, CEO, Board of Directors and senior managers for alleged fraud, negligence, breach of fiduciary duty, etc. While the good die poor and young, the thieves ride off into the sunset with bagloads of moola?
Which brings us to the crux of the matter. The 18-month old Pakatan Harapan (PH) government is using the same pathetic bogeyman excuses as UMNO/BN, to basically bailout non-government Muslim/Malay funds and enterprises gone bust, with Taxpayers' money, i.e.:
1. The "natives" are getting restless.
2. The Malays/Muslims in the "heartland" will run amok.
3. Please don't "provoke" another May13.
4. No one must question the (non-existent) 1957 "social contract".
5. Islam is the religion of the Federation.
With Chief Ketuanist Mahathir there as PM again, one could expect nothing less. But, we are entitled to ask how those from DAP and PKR who hold more than 2/3 majority in PH, are representing us in Cabinet and government.
Where exactly is the pre-GE14 roar of Guan Eng, Tony Pua, Teresa Kok, Anwar Ibrahim, Nurul Izzah, Sivarasa, Tian Chua and the like? Where happened to the champions of Pgcat , Selcat and the alleycats (competency, accountability and transparency)?
What happens at Cabinet meetings when Mahathir and Azmin propose such outrageous misuse of public funds? Do they all turn around, drop their pants and ask them 'Do you want dessert as well?' 'Singh is King' is being laughed at privately as "Bendover Singh", such is the disillusionment with DAP and PKR.
Mahathir and Guan Eng daily complain that they have inherited from Najib's profligacy, a debilitating RM686 billion actual national debt plus contingent liabilities and guarantees, resulting in a mind boggling potential exposure exceeding RM1 Trillion. Yet, without blinking an eye, they are prepared to increase national DEBT by RM20 billion?
RM20 billion can easily solve the financial woes of all the poor fishermen in Malaysia forever. We can build any number of new hospitals and schools to improve healthcare and education positively beyond recognition to reclaim the positions we had in international rankings 30 years ago.
But, the audacity and mindlessness of Mahathir and Azmin, coupled with the unbelievable silence of PKR, DAP and Amanah is out of this world. April 2019, Azmin announced a RM6 billion rescue plan for Felda, yet again with Taxpayers' funds!!!??? CLICK HERE.
Why could not a bailout at current market value be organised by a consortium of funds like RM800 billion Employees Provident Fund (EPF) billion, RM300 billion Permodalan Nasional Bhd (PNB), RM150 billion Khazanah etc? Why should TH's burden be shifted upon the shoulders of Ah Chong and Muthu as well, when there are viable alternatives?
Why should TH investors not take a haircut, especially the 1.3% (117,000) depositors who have been raking in super dividends for the last 20 years or that single RM190 million depositor? CLICK HERE.
So, it looks like Mahathir and Azmin are being just bloody-minded and taunting us.
This is exactly why those who voted for PH must re-group and re-strategise. We MUST lay down the law to Mahathir, Azmin and PH, make it crystal clear that if they don't perform and reform as promised, we will shift our votes to the best alternative, come GE15.
AND, if we do the right thing everytime and lose GE 15, so be it. Our self-respect, dignity and integrity are far, far more important than bending over for Mahathir or Azmin, any Ketuanist or PH lion turned mouse.
As Shakespeare wrote more than 400 years ago "Once more unto the breach, dear friends, once more... or close up the wall with our...dead...then imitate the action of the tiger...". Henry V.
As Shakespeare wrote more than 400 years ago "Once more unto the breach, dear friends, once more... or close up the wall with our...dead...then imitate the action of the tiger...". Henry V.
