Sunday, January 14, 2007

RMK9 - Where the RM200 Billion is coming from!

All I can say is OH MY GAWD!

Contracting, without tender, the bus transportation of a hundred thousand National Service students to an unproven "bumiputra" agent who has no idea what a bus looks like - is a bad idea.

Borrowing RM200 or USD50 billion arranged by a rubbish "international" finance company with a PO Box in Sydney, Australia for an address, and channeling it through a 2 ringgit "bumiputra" company called Asasatu Technology Sdn Bhd, which is "a specialist contractor undertaking activities related to Design and Construction of Sewerage Treatment Plant" - is nothing short of preposterous!

What are the commissions involved? 2% or USD1 billion? Who is the hidden hand behind Asasatu or Union Financial Services Corp that is going to become a billionaire overnight?

Is this true? What the hell is going on?

Here's the breaking story from Malaysia-Today:

Reading the three letters together, it is clear that Bank Negara has agreed that a private limited company currently in the process of being wound up is to be used as a front to borrow USD50 billion and that this company will act as a front for the Malaysian government so that it will not be seen that Malaysia is borrowing USD50 billion from overseas.

Secondly, the whole package was brokered by a Singapore outfit, but so as not to reveal that Singapore is involved, lest fingers start pointing to the prime Minister’s son-in-law, they shall put the whole thing through an Australian PO Box that will front as the ‘partner’ for the Malaysian outfit.

Thirdly, the Malaysian government will not officially borrow the money and the borrower will instead be a small mama-papa private limited company called Asasatu Technology Sdn Bhd. This will keep the Malaysian government ‘clean’ of any foreign borrowings.

Finally, it is clear that when the Malaysian government announced the RM200 billion RMK9 in Parliament, they did not have the money to finance it. However, not wanting it to appear like the country is borrowing interest-bearing US Dollars, plus is subject to currency fluctuations, to finance its development plans, they used a small private limited company as a front which again used an Australian PO Box company which in turn is backed by Singapore.

In short, through many layers or levels of front companies and PO Box companies, Singapore is funding Malaysia’s development proudly touted as the Rancangan Malaysia Kesembilan or RMK9.


Anonymous said...

"a specialist contractor undertaking activities related to Design and Construction of Sewerage Treatment Plant"

Little wonder that Malaysians are getting never-ending loads of crap!

Anonymous said...

Hahaha... good catch.

Yeah, it's endemic in our govt to want to give money away via the use of contractors, agents and subcontractors!

I mean, the Malaysian civil service has 1 million employees, not including the thousands of elected officials and their staff.

And they mean to tell us that these 1 million plus people don't have the time & energy to manage projects and suppliers, so they have to pay someone else to do it for them?

And even if they really need a main contractor, why do they keep giving it to 2 dollar companies and individuals who have no experience in the relevant industry?

How can this not be a simple and effective way to facilitate widespread corruption?