Monday, June 19, 2023

Is Mahathir, Daim each 4-5 times Kuok's net worth?

Raja Petra's recent revelation of a letter from Tan Sri Halim Saad to Tun Dr Mahathir wih regard to UMNO's allegedly lost RM100 billion asset caused an excitement within both the corporate and political circle. 

The UMNO Veteran Secretary General, Dato Mustapha Yaacob begin to raise questions over it. 

Question he should because both Mahathir and Daim insist to remain Trustee for UMNO's assets which include the party headquarter and adjoining convention centre. And, Halim's letter claimed he paid for the construction. 

After 2018 BN lost, Mahathir and Daim almost succeeded to pressure UMNO to sell but pressure from few vocal MT members halted its transfer. 

It is widely believed within the remain of the Team B faction of Tengku Razaleigh Hamzah that UMNO's assets in the form of Fleet Group were stolen by Mahathir and Daim

Proxies and intermediaries are used before the UMNO assets or crown jewels of government's privatised agencies and projects or businesses of their so-called cronies come under their control.

Since the two old duo control many strategic businesses, how much is each of their net worth?

Estimated net worth

According to the late Barry Wain, the former Wall Steet Journal journalist who wrote and published the 2009 book, Malaysian Maverick - Mahathir Mohamed in Turbulent Times, "direct financial losses amounted to about RM50 billion. 

"This doubled once the invisible costs, such as unrecorded write-offs, were taken into account. The RM100 billion total loss was equivalent to US$40 billion at then prevailing exchange rates."

He estimated Mahathir may have squandered off RM100 billion

Without a legitimate and on-going concern, it seemed far fetch. Apparently a foreign website made a list of richest world leader of all time. Mahathir appeared ranked 30 out of the list of 36 at USD45 billion. Robert Kuok pales in comparisan at USD11.8 billion albeit 3.8 times.   

It is not far off from Najib's estimate of Mahathir's networth at RM200 billion (or USD43.3 billion at curent exchange rate of 4.62 per USD). RPK wrote of it back in July 2020 [read here]. 

Part of it was parked under Dato Abdul Kadir Jasin, who is his former proxy in MRCB and current chief media defender for the RM150 million civil lawsuit by Mahathir against Prime Minister Anwar Ibrahim.

Kadir is more a Daim's man than a Mahathir man. And, Daim is reportedly claimed to be the real and unreported richest man in Malaysia

RPK quoted Facebooker Lim Sin See's estimated networth of Daim at RM65 billion based on the visible public listed companies. It could be more because an insider familiar with his dealings claimed that in his hey days, Daim was closing 4 deals daily.  

Corrupted politicians or drug lords hide their money in Swiss Banks. Daim owns a Swiss Bank. He is definitely worth more.   

It is hardly a surprise for Mahathir and Daim to have a combined net worth, as claimed by RPK in 2017 [read here], totaling RM200 billion and its parked globally through Daim's Swiss based international banking network. 

At one time, an African Central Banker complained to a Malaysian Minister of large sum of Malaysian money deposited in the country's Bank without any investment to justify. A renown Malaysian corporate personality did invest there, but claimed to be for show.  

Richest in Malaysia

Forbes's 2023 latest list of Malaysia's richest placed Hong Kong-based Robert Kuok at the top with USD11.8 billion. 

However, a source close to a top Malaysian Investment Banker claimed (in which few others replicated similar views) that between Mahathir or Daim, either one of them is worth 4 to 5 times of Robert Kuok. It didn't come only from this FBer alone

Kuok built the family business organically in limited few sectors, but the old duo had their hands in all strategic sectors such as energy, telecommunication, banking, infrastructure, privatised state enterprises, food, properties, and just about all major public work projects.

And where did the monies from all financial scandals flow to?

Do the math because either one of them could single handedly finance PAS campaign for the 6 states and pay the rumoured 15 UMNO MPs to vacate their seats, pay compensation to UMNO, finance their reelection and few million additional pocket money.

Suing Anwar

So what is the point of Mahathir trying to sue Anwar. As Anwar puts it, Mahathir's wealth is an open secret

Redirecting blame and character attack back to Anwar is hardly a convincing reply and defense by pro-Mahathir seemingly knowledge-deficient media people. His aide once claimed, "We topple Pak Lah because of double tracking. Can't you figure it out? Who cares about ECM Libra?"

Anwar have no problem declaring his wealth, but Mahathir have. Surely insisting to declare only in a court trial is but another excuse to not declare ...   

Can he deny that his sons did not benefit from his presence as Prime Minister?

In particular, his son, Mokhzani, once dubbed by Forbes as 45th richest in Malaydia in 2020 before being dropped from the list after liquidating Kencana?

If Mahathir is serious on the plight of the Malays, he should give away half of his wealth for the cause

No way, not Tun Scrooge.

Aging ... loosening grip 

In the meanwhile, it was reported Daim and two corporate Tan Sri were called in, homes and offices raided, and money frozen by MACC. Surely this is beyond the Pandora Paper which first surfaced in 2021 and it was reported that Daim and sons were called in. 

Coincidently a 2013 Edge report on the 2001 sales of UEM and Renong shares [see here] went viral over social media. Edge reissued their 1997 article in their May 22 to 28 issue. 

Halim denied he was quizzed on the UEM/Renong deal, but explained his side of the story. His side of the story need be told because even Singapore's ST gave a lengthy coverage over it. The release of the letter by RPK on June 9th will give a new life to an issue this blogger covered in September 2010, albeit 13 effing years ago

Cutting through the chase, what actually happen to the UMNO assets built by Tengku Razaleigh to be one of the launchpad for Malay's foray into the corporate world and an initiative meant for the party to stop relying on MCA's Chinese taukehs for political funding? 

One cannot help but notice the similar ending to both Tajudin Ramli and Halim. The hard work and wealth the made for themselves were literally sakau or stolen by their political patrons. In the first place, were they actually given patronage or merely convenient mule or scapegoat at the whim and fancy of Mahathir and Daim?

So it seemed Mahathir is worried and having sleepless night over the plight and future of the Malays? Oh ... really? 

The more pertinent question and issue remain. What is Mahathir and Daim's individual net worth?   

1 comment:

Anonymous said...

Number 1 thief of Malaysia!! Need I say more?