Former Prime Minister, Tun Dr. Mahathir has raised a very pertinent question – where have the close to half-a-trillion ringgit, to be exact RM426.6 billion, of petro-ringgit from Petronas to the government in the past 33 years since 1976 gone?
Since 1976, payments by Petronas to the Federal Government are as follows:
| FY | Payment (in billion) |
| 1976 | 0.3 |
| 1977 | 0.7 |
| 1978 | 0.7 |
| 1979 | 0.7 |
| 1980 | 1.8 |
| 1981 | 2.0 |
| 1982 | 2.6 |
| 1983 | 3.8 |
| 1984 | 4.3 |
| 1985 | 4.6 |
| 1986 | 5.0 |
| 1987 | 4.0 |
| 1988 | 4.4 |
| 1989 | 4.3 |
| 1990 | 5.5 |
| 1991 | 7.4 |
| 1992 | 7.1 |
| 1993 | 7.7 |
| 1994 | 7.3 |
| 1995 | 6.7 |
| 1996 | 6.8 |
| 1997 | 8.8 |
| 1998 | 9.6 |
| 1999 | 8.2 |
| 2000 | 12.0 |
| 2001 | 17.1 |
| 2002 | 14.0 |
| 2003 | 15.6 |
| 2004 | 19.0 |
| 2005 | 28.1 |
| 2006 | 37.8 |
| 2007 | 44.1 |
| 2008 | 56.8 |
| 2009 | 67.8 |
Mahathir wrote in his blog that during his 22 years as Prime Minister between 1981 and 2003, Petronas paid RM168.8 billion to the government.
However, that figure jump dramatically in recent years due to the sharp hike in global oil prices. The total for the six years after Mahathir stepped down as Prime Minister is RM253.6 billion.
Mahathir asked: “I am sure the Government had spent the money wisely. It would be interesting to know what the RM253.6 billion was spent on.”
Mahathir was speaking tongue-in-cheek when he said that he was sure that the government had spent the money wisely, when everybody knows that he is trying to make the point that prudence was the last consideration in the expenditure of the RM253.6 billion Petronas petro-ringgit to the government coffers after he stepped down from his 22-year-hold as Prime Minister in October 2003.
But Mahathir is right. Malaysians have a right to know how these RM253.6 billion paid by Petronas to the Federal Treasury in the past six years had been spent.
Malaysians have a right to go one step further, to demand how the half-a-trillion ringgit contributed by Petronas to the government in the past 33 years, made up of RM4.2 billion under the premiership of Tun Hussein, RM168.8 billion under Tun Mahathir and RM253.6 billion under Tun Abdullah had been spent and to demand a full accounting.
There is another item, how the RM15.2 billion ringgit royalty to Terengganu government from 2000 to 2009, but hijacked by the Federal government when the Terengganu state government fell to PAS, had been spent and to demand a full accounting – especially when there is such blatant and even criminal wastage, ostentation and extravagance in the way the Barisan Nasional hijacked and misused the Petronas royalty money for Terengganu.
For this reason, DAP calls for a public inquiry on how the half-a-trillion ringgit contributed by Petronas to Federal Government in the past 33 years and the RM15.2 billion ringgit royalty to Terengganu from 2000-2009 had been spent and to give a full accounting.
Such a public inquiry and full accounting of the RM426.6 billion of Petronas contribution to the Federal Treasury in the past 33 years and RM15.2 billion ringgit of oil royalty to Terengganu in the past nine years are urgent and imperative, especially as Mahathir had set many bad precedents of abuse and misuse of Petronas ringgit in his 22 years as Prime Minister.
This was why DAP MPs and I down the decades had demanded in Parliament for proper parliamentary accountability of the Petronas billions but which have fallen on deaf years.
Now, it would appear that the latest convert to the demand for proper public and parliamentary accountability of Petronas billions to the Federal Treasury is none other than Mahathir himself! I welcome him to our ranks.
When he was Prime Minister, Mahathir had not bat an eyelid to misuse Petronas billions to bail out dubious rojects, the most infamous being the RM2 billion bailout of his son Mirzan Mahathir’s then main public listed company, shipping concern Konsortium Perkapalan Bhd (KPB) in 1998 when KPB was floundering in billion-ringgit debts with Its share price falling to RM3.78 by February 1998, a fraction of its pre-financial crisis level of RM17 plus.
Other occasions when Petronas was used as a national piggy bank to bail out financial scandals were:
- RM2.5 billion bail-out of Bank Bumiputra in 1986 as a result of the first financial scandal of the Mahathir premiership, the RM2.5 billion Bumiputra Malaysia Finance (BMF) scandal (now completely overshadowed by the RM12.5 billion Port Klang Free Zone scandal featuring the top MCA leadership);
- Another RM1 billion bail-out of Bank Bumiputra in 1989 by Petronas;
- Bail out of sick national projects, including MAS and Proton;
- Fund extravagant billion-ringgit mega-projects like the Petronas Twin-Towers and Putrajaya;
- Misuse of funds to secure the title sponsorship rights for the Malaysian Formula 1 Grand Prix and to sponsor the Sauber Petronas racing team.
Don’e worry, when the oil fields dry up, we can still get billions selling sand to the “Little Middle Kingdom” ruled by the “Little Emperor’s” son
THE FIRST SHOULD SEND TO JAIL IS TUN MAHA HIMSELF.
TUN MAHA HAS ADMITTED THAT PETRONAS FUND WAS USED TO SAVE MIRZAN BUSINESS KONSORTIUM PERKAPALAN DURING FINANCIAL CRISIS IN 1998; ADMISSION IN A UMNO BRANCH IN AMPANG CERAMAH.
1/2 trillion ringgit,wow it’s huge huge amount of money and it’s petronas’s money which means the rakyat’s assets.If YB LIM asked this question,the general public is sure to give him a big applause.Ironically,TDM is asking this half trillion ringgit question.33 years, 22 under his watch,he should not be asking where have the 168.8 billion being spent as it was right under his nose and he should answer it pretty well without any afford.The other 253.6 billion ringgit though not under his watch but as advisor to Petronas,he should know too where the money went.There’s no excuse for him to start asking question as he has excessed to when,where,how and why the money was spent in the first place.Why’s it only now ?.Don’t you think TDM is hypocritical ?.
When half Indian half Malay starts talking corruptions …you can be 100% sure he is passing the buck..and programing Malaysians not to blame him.
He knows almost all UMNO active politicians dare not touch him.
All are corrupted for 22 years under him.
For money…mamak is recognized as the greatest Malay PM.,,by UMNO hypocrites.
Enjoy the show..when the snake is turning against his adopted children..
I think…if he is hurled to court for corruption….he will use all these to defend himself.
I think his time is up…and soon will be questioned on PKFZ RM14.5 billion scandal….when he was the PM. How can he… does not know!!
So he is saying he also do not know…Petronas ….when he was in full control….as PM and Finance Minister?
He is trying to paint himself.. as a lousy good for nothing PM….so that we do not accuse him on corruptions.
He is prepare to be insulted and accepts being the most stupid PM
You go and figure it out..why.
Whenever Mahathir speaks…they are for his own benefits.
That is his 2 steps ahead of others brilliance……in dirty politics.
This scandal is surely going to bury MCA and UMNO deeper into their death beds.
we should ask how the bn govt spent the RM426.6 billion, IN TOTAL?
A big proportion of the “wasted” RM426.6 billion goes back to the 70s and 80s, when a packet of nasi lemak cost only a few sen and RM25,000 would get a big house in KL or Penang. So the total amount adjusted for inflation in should be much, much more.
Return most of the profit back to Sarawak.
Malayans are robbers
That is why our people must insist on transparency in all matters pertaining to public life and welfare.
For too long Malaysians have the tendency to be complacent, scared to ask the right questions and demand answers and look up to those in power as if they are demi gods when in fact they are public servants.
Do we want a better future for our future generations, and for Malaysians at large, or do we resign and see a small band of people robbing us dry?
It is very clear that the money has been used to develop Malaysia from a poor and third world agriculture based country to a fully industrialised nation over the past 33 years. The government has its absolute discretion to utilise the funds in the ways that it thinks is appropriate. The government has used most of the funds to help build national schools and upgrade public infrastructure such as hospitals, police stations and transport system. There is no such requirement that the government should report to the public for the use of every single cent. If the people has elected the government, they must have trust in the government and not doubt. I did not see any other country account to their public every single cent on their spending. To do so is absurd and unpracticable.
He encouraged corruptions…and said “money is power” and money can buy up Malaysia…so cheap…when he was PM…became so popular….as every UMNO important goons took the hint and became so filthy rich…yet he does not know where the money went to?
I guess….he is fed up…. got only RM1.2 billion for his son….while guys like Mat Bin Mat…Rafidah…and few others.. got much more.
Helping his so is not corruptions. That’s his interpretation.
He said he is 100% clean.
At his age..second child hood creeps in.
First clear sign….so jealous of Lee Kuan Yew…being well treated and respected.
Imagine…an ex PM …the founder of UMNO BARU…talknig this way.
The money has been well spent and Malaysia has achieve much over the decade. Just do not understand why the old talking about.
We are very proud of the old man and all Pm who have used the oil money for our benefits. I did not think I single sen sen has been wasted. All have got one way or another. Some get more and some get lesser. That is normal. It was not right for the resigned to query now.
People like those involve in PKFZ off course should get more as they are genius in financial planning. People like the farmers and planters also get much as they are hard working. After all oil money is God give we should thankful for the Dr. M rules who has do much to the Malaysians and we should also thankful that he has not forget to remind the present and past except himself to account for the oil money. May he has taken too much until he has forgot why the money has gone. That normal for an old man human is human the brain some time can get short circuit. But no problem just need a bit fixing to make him think right. When he can think better he should be able to remember where the money go to. May some was buried in the ground!!!
This is one man who sees the faults in other but sees no fault in himself. What Abdullah did was what Mahathir did? Mahathir set the tone and Abdullah followed.
This man is responsible for all the faults in the entire regime – from corruption, to judiciary, to abuse of power, to economic decline and racism.
The talk now centres on the funds that have been passed over from Petronas to the government. What about the money involved on the expenditure side of Petronas accounts that they have netted off, before the transfer?
Should billions of ringgit be controlled by one person with the citizens in the dark until the very powerful begin to fight one another? Even then the most the people could do is to curse them, and perhaps their descendents too. They still get to enjoy their ill gotten gains quite unlike Madroff who has to remain in jail for 150 years.
next time when the racial lobby group lament about the state of their race only and blaming on others purely on the basis of difference in race, read them this article.
It is very clear that the money has been used to develop Malaysia … to a fully industrialized nation over the past 33 years. – Kasim Amat
Well, I respectfully disagree with you conclusion that Malaysia is fully industrialized nation. We are not a 1st world country yet.
Nevertheless, this is a valid question and it should be answered in the right level of details (not necessarily every cent, every million ringgit would be sufficient), thus promoting a culture of accountability without jeopardizing the country’s financial secrets.
As it is now, Malaysians do not generally perceive the government as clean, at least not reflected by the comments in this blog.
On second thoughts, it is more important that we start accounting on the country’s financial management now.
Truly practicing 1Malaysia with the right KPIs and KPAs for our ministers will be the least that is expected. Question is: Can Malaysia pull this off? I am not confident that it can unless there is a great change.
Today, I don’t see BN or PR having sufficient competencies to execute plans for the good of the country. The red-dot succeed for now and they continue working hard to sustain it although success is no guarantee.
What I hope to see is Malaysia Boleh, but right now it is Malaysia Tak Boleh. Painful as it is to say it, it is true.
…Malayans are robbers – pulau_sibu
Well, dear sir, that is too broad of a generalisation. I would agree that only selected persons might have been robbers but not every Malayan. I have friends who are serving in East Malaysia helping to improve the situation there without expected rewards. They too are not happy with how the people are treated in East Malaysia. Surely, people like my friend is not a robber.
I truly hope that you don’t mean EVERY Malayan is a robber who robbed East Malaysia. Or is it that you truly meant to say EVERY Malayan robbed East Malaysia.
I hope understand more of what you really meant, if you could explain further.
If I were Tun Abdullah, I would have asked Tun Dr. M. what happened to the RM168.8 billion Petronas paid to his government from 1981 to 2003.
Tun Dr. M. is too arrogant. He should stop creating foes for himself. Since Tun Abdullah had already stepped down as PM, Tun Dr. M. should not dig out the old wounds. The sharp criticism he hurled at Lee Kuan Yew during the latter’s recent visit was not necessary. Tun Dr. M. should learn to live in peace with everybody.
Lately, Tun Dr. M. said he did not understand what 1Malaysia meant and said Najib’s liberalization on the national economy would not achieve anything. One can sense that Tun Dr. M. is taking a retaliation approach towards Najib after the latter refused to revive the Crooked Bridge Project but instead invited Singapore to study the option of building another bridge to link the island republic to Johor.
This is one of the biggest scandal of the nation under a single person namely the PM.
PDA Act 144 overwrite the Federal Constitution and they has been disquiet even in the Parliament since 1974.
This is part and parcel of the national profligacy of RM30 trillions past, present and future by illegal socalled national and state leaders.
Actually what is reported is likely a tip of the iceberg as far as Petronas is concerned. I believe the Police needs to investigate the abuses of fund of a few more trillions ringgit.
No point of another RCI, as nothing would come out of it as all the water has pass under the bridge.
Maybe it is best that all records of Petronas be declassified and the public be paid to examine the records. There are no members (normal ones) for the RCI to do the job.
According to sources, some people would say that the accounts had been audited by international auditors and that everyone would be alright, when actually nothing is alright.
Some got the wrong perception that Petronas is alright as long as it is in the 500 Fortune companies – what shit is that?
I have lodged Police Reports and have written a lot about Petronas from the Sabah’s perspective.. and why this is allowed to rot to bring the nation to poverty after 52/46 years.
Did you see the number 65 amongst the treasure of the first PM after the safe was open? What 65?
pw: colonies evacu-
“It is very clear that the money has been used to develop Malaysia from a poor and third world agriculture based country to a fully industrialised nation over the past 33 years. The government has its absolute discretion to utilise the funds in the ways that it thinks is appropriate.” – Kasim Amat
yeah, the discret spending including the bailouts of MISC, Bank Bumi, MAS, nonsense at Matrade, PKFTZ, compensation to Gerbang Perdana, not to mention the sad state of collapsing schools, stadiums, cracking roads and waste of money in Putrajaya.
I am starting to like this Kasim Amat. His sheer persistence at defending the undefendable, overlooking the obvious, justifying the unjustifiable, lying with a straight face makes me wonder just how much he got from the gravy train or how long he has been living under the coconut shell
Don’t be too harsh on TDM. Encourage him to bring out more dirt of corruption and abuse of power out from the horse mouth and it will eventually bring down the corrupt umno government.
passerby..Mamak need no encouragements.
He is the smartest dirty politician ….recognized…all over the world.
He is simply too smart for all of us.
But he is actually an idiot too…for he will do anything to protect his son.
Trace all his speeches for 4 years and his intentions.
Like a snake…he changes positions…changes color too.
UMNO BARU will be killed by the creator…one way or another.
That’s the final days of an evil ..corrupted ..racialist government..spearheaded by him..and it will be him…killing it.
He cannot avoid it.
No wonder the figure 12.5 does not shock their conscience at all.
to ChinNA:-
There is no doubt that this is another form of colonisation of Sarawak by Malaya. When you take wealth from a place without putting in effort to develop it, it is colonisation or robbing from us. That is exactly the thing the western power done on Asian countries many years back. I am surprised to hear that some politicians, even from opposition, suggested to use Petronas income to build their second bridge. Go and see how bridges were built in Sarawak, beggings after beggings but we are still with the lousiest bridges and roads.
pulau_sibu…i do understand your situation….a kampung in semenanjung is not the same with a kampung in sabah/sarawak…electricity and water stops whatever time without warning or notice….we are from sandakan and do you know tourist that come to sandakan who have been there pre independence say that its not changed…apart from the housing and shops the town is the same….can you believe that….now new oil fields are being explored in the sabah waters….but what do the people of sabah/sarawak get……i hope the DAP/PR can come into sabah and sarawak and campaign just to give the oil revenue back to the people…i am sure they will win and win big here…..i am fed up of this….this is only oil we are talking…see how they took labuan from sabah….also dont forget the palm oil and also the balak…berjuta2 keluar…tapi takde masuk….thats why najib saib sabah dia punya fixed deposit….just wait for the dividen to be paid….since the initial is the resources in this state….1malaysia konon…until kiamat pun takkan dapat cause Allah is only fair to people who are fair…..
Hi Ringthetil,we are not complacent and we are not scared too. If you recalled and look at what’s happening now,hundreds,maybe thousands of question and complaint have been asked,and police and MACC reports were lodged and reconded over the past decades.The problem is most of these complaints and reports have fallen into deaf ears,and the problems to this day, have not been solved,reason why I think,made you said we are complacent and are scared.Don’t you know the police ,MACC,the AG and the Judiciary are working hand in cheeks with the Umno/Bn politicians,to cover-up almost all reported corrupted cases.And to you Kasim Amat,what nonsense you are talking ? Malaysia,fully industrialised is extremely over stated by you. Look at Proton car,what engine is it.Look at perwaja steel,what has happened to it.I know,you may support Umno/Bn but atleast,try to be realistic. Even TDM ‘s predication is 2020.And now malaysia is having so many million to billion to trillion ringgit scandals,I think we need to think far beyong 2020 to be liken you said “fully industrialised”.
///Other occasions when Petronas was used as a national piggy bank to bail out financial scandals were:
RM2.5 billion bail-out of Bank Bumiputra in 1986 as a result of the first financial scandal of the Mahathir premiership, the RM2.5 billion Bumiputra Malaysia Finance (BMF) scandal (now completely overshadowed by the RM12.5 billion Port Klang Free Zone scandal featuring the top MCA leadership);
Another RM1 billion bail-out of Bank Bumiputra in 1989 by Petronas;
Bail out of sick national projects, including MAS and Proton;
Fund extravagant billion-ringgit mega-projects like the Petronas Twin-Towers and Putrajaya;
Misuse of funds to secure the title sponsorship rights for the Malaysian Formula 1 Grand Prix and to sponsor the Sauber Petronas racing team.///–Kit
These are not included for expenditure from the RM 168.8 billion transferred to the government. Otherwise, the amount going to the treasury would be much higher than RM 168.8 billion.
Despite the windfall, the government did not use the money to pay for the PLUS highway, and motorists are required to pay toll at an ever increasing rate. PLUS needed only RM 8 billion to build but motorists have paid many times that amount since 1980s.
Insteading of financing projects that made economic sense, TDM is trying to justify that white elephants are tangible, but AAB could not have anything concrete to show. Obviously, the compensations paid for terminating the crooked bridge project had TDM to thank for.
The biggest losers are Sabah and Sarawak who have contributed to the bulk of the oil revenue.
Hopefully voters from both states will wake up before the GE13 to reverse the fortune of Ali Baba and the robbers.
pulau_sibu Says:
July 4th, 2009 (2 days ago) at 14: 08.31
Return most of the profit back to Sarawak.
Malayans are robbers
johnnypok Says:
Yesterday at 23: 31.16
The biggest losers are Sabah and Sarawak who have contributed to the bulk of the oil revenue.
Hopefully voters from both states will wake up before the GE13 to reverse the fortune of Ali Baba and the robbers.
Who are the Malayan as a general statement?
The kettle would be calling the pot BLACK.
I think most people are robbers – locals (to be defined) including as we have seen in Sabah. In Sabah we all sorts of local including foreigners who become bumiputra (Peninsula m’sia also got) with project IC in the millions. You don’t see them like we don’t see the earthworms until we dig them under the ground.
Sabah and Malaysia have been ruled by illegals and foreigners who claim themselves local hence they do all sorts of illegal things. The worst is that they after enriching themselves blame that on the locals as the locals give them their votes – most time by bribes of little money – and so in this thread it is the same thing. Foreigners (our socalled leaders included) have enriched themselves by all those production sharing agreements as lopsided. Sabah and Sarawak are getting pittance of 5%.
So about the GE13, if Malayans are all robbers then Sabah and Sarawak should avoid all Peninsula based parties be they in BN or PR.
It is only right that we have local parties looking after the state affairs. So would we trust our locals when tempted are also robbers.
So who are really the Ali baba and the robbers?
Peninsular based parties with the local candidates?
Is it better that the locals steal than the outsiders steal? We need to make a clear choice here.
Locals who make deals in favour of outsiders are definitely NOT locals hence illegal leaders aplenty in the nation and Sabah.
pw: unendig spot
this is interesting and how true is that in the conclusion portion:-
“We tried to get a copy of the ‘oil’ agreement that the state government under then acting chief minister Harris Salleh signed with the federal government on June 14, 1976 – eight days after chief minister Mohd Fuad Stephens perished with almost his entire state cabinet in a tragic plane crash,” disclosed Kitingan (left), who is also PKR national vice-president.
“However no one seems to have a copy, not even the state government. It would be interesting to see what that agreement spells out.”
Kitingan noted that ousted chief minister Mustapha Harun had refused to sign the so-called oil agreement in his time “and must have good reasons not to do so”. [see below]
pw:Prot damson
http://www.malaysiakini.com/news/107853
Sabah explores going beyond Ambalat dispute
“then acting chief minister Harris Salleh signed with the federal government on June 14, 1976 – eight days after chief minister Mohd Fuad Stephens perished with almost his entire state cabinet in a tragic plane crash,”
I strongly believe that the signing of this 5% has something to do with the collapsed of BMF (vehicle to bribe) which costed the public of RM3.5 billions.
Billions hilang macam balun…siapatau???
we definitely can spot some of the petronas money being transformed into some or all part of khir toyol’s balinese palace.
hey, look at the balinese curtain, it is ‘proudly sponsored’ by petronas.