by Lim Guan Eng
23.1.2011
DAP wishes to extend our congratulations to the Royal Malaysian Navy for its success in capturing 18 Somali pirates and preventing their attempted hijack of a Malaysian chemical tanker near the Gulf of Aden. This successful operation in saving the tanker and their crew without any loss of life inspires confidence in a professional navy that justifies the people’s faith.
Whilst our navy boys are heroes for their successful capture of Somali pirates in international waters, DAP regrets that land “pirates” are allowed to roam freely in Malaysia. The US-based financial watchdog Global Financial integrity (GFI) reported that illicit money outflows from Malaysia tripled to US$68.2 billion (RM208.1 billion) in 2008, from US$22.2 billion in 2000.
For the period 2000-2008, China tops the chart among the world’s exporters of illicit capital with a whopping US$2.8 trillion of outflows, followed by Russia (US$427 billion), Mexico (US$416 billion), Saudi Arabia (US$302 billion) and Malaysia (US$291 billion or RM888 billion). Other Asian countries with high illegal capital flight are Philippines ($109 billion), Indonesia ($104 billion) and India ($104 billion).
Clearly illegal capital flight from Malaysia of RM888 billion over 9 years from 2000-8 has dwarfed legitimate capital inflows into the country. GFI defines illicit financial flows as generally involving the transfer of money earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities, and efforts to shelter wealth from a country’s tax authorities.
GFI said that poor governance, pervasive corruption and rising income inequality as contributory factors, making serious allegations that even GLCs such as Petronas could probably be driving illicit flows. This is a devastating indictment of the lack of enforcement, rule of law and a culture of corruption that has eroded confidence in our capital market.
GFI also pointed out the significant discrimination in labour markets was another factor which moved not only people but also illicit and unrecorded capital out of the country. Sadly, Malaysia’s loss of human talent has not only dimmed our future but also made all of us poorer.
Clearly, not only Petronas but BN must come clean on the scandal of huge illicit money outflows RM888 billion from Malaysia in 9 years from 2000-2008, the 5th highest in the world amongst developing countries.
GFI proposes increasing transparency as critical to reducing the outflow of illicit money from developing countries.This is in line with Penang state government’s CAT governance of Competency, Accountability and Transparency, which has resulted in Penang being commended by the Auditor-General’s Report as the best financially managed state and won praise from Transparency International.
The refusal of BN to come clean will not only cause greater losses in the future, there is a possibility that the country may even go bankrupt by 2019 as Minister in the Prime Minister’s Department Datuk Seri Idris Jala had warned. RM888 billion in only 9 years is a huge sum by any measure, and more than four times our 2011 National Budget. If RM888 billion was given to 27 million Malaysians, each man woman and child would receive nearly 33,000/- each over 9 years.
Any clean and responsible government with integrity would have immediately established a Royal Commission of Inquiry into this RM888 billion illicit capital outflow scandal. However BN’s reluctance to establish a Royal Commission of Inquiry into other scandals such as RM52 billion bumi shares scandal, where Malays/bumis lost RM 52 billion of bumi shares which just “disappeared”, leaves Malaysians with no choice but to change the government if we want to unearth the truth and punish the culprits responsible.
This huge amount of illicit money outflow is really mind boggling to know.A change of new government is a must to put a stop to it from further doing unstoppable damage to our nation development.In bolehland,everything good-be it money,talents flying out in short space of time but nothing good coming in.’What goes around comes around should be the nature cause’
http://www.youtube.com/watch?v=OyJdt6Q2Y-Y
Get rid mahathir
Get rid of Abdullah
Get rid of semi value
Get rid of Chua so lame
get rid of najib
And get rid of BN
then only our country will thrive. these are the stumbling block heads to our progress. All thieves first, buat tak tau second.
Go around London, Perth, or Sydney or Singapore or Canada or the US and you will see many mansions bought by Malaysians – mostly those with political connections.
I remembered in the early 90s when Daim was asked to pay US$600 million for the banking licence for International Bank of Malaysia. Guess who provided the bank guarantee so that Diam Diam Daim could raise the financing ? Credit Suisse. Now how did Daim get this sort of money ? How did he manage to cooperate with Temasek and Kookmin Bank to buy the Indonesian bank that was ultimately sold to Maybank at a huge profit ? How did he manage to open banks in Ghana, Tanzania and other African countries ? Of course Diam Diam Daim’s assets are not counted towards the bumiputra 30 pct equity target.
I also remembered another Daim crony owning a major hotel in Johannesburg. All these guys left behind huge bank debts in Bolehland, which had to be written off, but they end up with vast holdings of properties overseas. Ask Tajuddin Ramli or Amin Shah or even the heirs of the late Naza supremo.
UMNOputras are stealing the country blind, and they are still voted in at every election. Will we ever learn ? How different is UMNO from the parties of Ferdinand Marcos or Suharto ?
Najib even had the gall to place a tainted UMNO politician to be the head of Felda. And the Felda settlers applauded. How different is this compared to Mamakthir’s elevation of Daim to be finance minister ? They are foxes taking turns to raid the henhouse.
All these thieves and robbers covered by Barang Naik should be roped in and put into jail when Pakatan march into Putrajaya.I think the biggest crook among them all is the big mouth racist mamak.Maybe the Tunisian dictator who ran away from his country can teach us a lesson on how the political scounderals ruin the national wealth of their countries.
How much of these money belong to Najib, Mahathir, Taib Mahmud and other UMNO leaders?
Most of this money must be Bumiputra’s money, money that could have uplifted their lot.
Yet these same people are supporting UMNO.
The ignorant bumiputra and unfortunately also the majority have been deceived and cheated by Umno,Perkasa and the big racist and big mouth mamak by playing racial and religious issues to get their political support.Besides Utusan and Riduan Tee are also playing racism to make the ignorant bumi to give support to UMno.The eunuch MCA and Gerakan are just useless by giving blind support.
Anything concerning money that cannot see daylight…or be accounted for.. in a normal and legal ways….you can always include Malaysia in.
Our sickening corrupted government have found the art to invest and gamble billions…with oil money where profits are going on a merry go round…to vanish into thin air.. and looses are always known…and treated bad investments..with People’s money.
UMNO B kingpin members are money matters drug addicts ….never ever is enough…and have reached a stage of no return…..to be what they need to be..or be prepared to be charged for corruptions…to serve jail sentences.
It has reached the summit of their so call endless journey…that events after events seen and done are showing UMNO B cannot govern anymore…unless they have hundreds of billions..to buy voters.
Teoh Beng Hock’s unsolved death means nothing to Najib.
He is going to defend his leadership with his life…and that speaks volumns how a guilty one thinks.
///For the period 2000-2008, China tops the chart among the world’s exporters of illicit capital with a whopping US$2.8 trillion of outflows, followed by Russia (US$427 billion), Mexico (US$416 billion), Saudi Arabia (US$302 billion) and Malaysia (US$291 billion or RM888 billion). Other Asian countries with high illegal capital flight are Philippines ($109 billion), Indonesia ($104 billion) and India ($104 billion).///–LGE
China is 50 times the size of Malaysia in population. On per capita basis Malaysia top the world in the export of illicit money. By the same token Malaysia is the most corrupt country in the world and we are sure that official channels have been used to export that huge amount of money. Has Petronas repatriated all its funds, have some been diverted?
How can the 30% be fulfilled when there is a bottomless outflow? Yet that 30% is the justification corruption which feed the continued outflow of illicit money. UMNO should get the award for creative corruption.
//How different is UMNO from the parties of Ferdinand Marcos or Suharto?// Godfather
Godfather, I consider you a better and well-informed writer than many here. But in this instant, you are way behind time. UMNO has long surpassed Marcos and Suharto in blatantness, sophistication, quantum involved and wickedness.
Dis kind of $$$$ must get out of M’sia 1, so dat on paper Bumi’s $$$$ always <30% lor
Most likely dis kind of hush $$$$ must hv been moved out of M'sia by UmnoB top guns
Yet they managed 2 fool rakyat all d time n convince most dat they r saviors of Malays
2gether with some nonMalay leeches, d ruling leeches of UmnoB continue 2 suck dry M'sia
Dis is Y many leeches of non-real Malay origin love dis nation of simpletons
Many of them masquaraded as Malays n bcome top guns of UmnoB
They just hv 2 give our simple-minded voters a few crumbs n polarise them with racist remarks, n d voters will continue 2 vote 4 UmnoB/BN – permission 2 bankrupt M’sia
Who are to be blamed???
Those bustard who still believed in them and still voted for them, of course!
Damned are those who voted for them for just for a few hundred bucks.
They “die” never mind but they drag us along as well.
Blardy hell indeed!
mr and mrs ben ali repoted fled tunisia with 1.5 tonnes of gold (=rm200million).
and malaysia sure more boleh, we have 4,440 (rm888b/rm200m) ben alis in the country!
NR, UmnoB appointed Isa, a confirmed corrupt kaki, as Felda chairman
NR, UmnoB appointed Syed Hamid, kepala kosong guy, as SPAD chairman
Y useless n tainted guys in charge of cash rich organisations?
Dis continues d HIDEOUS corrupt trend practised by MMK
We hv seen d outcomes n we know d inevitable outcomes, more $$$$ gone!
LGE, beware! KTK n THN prayed piously 2 recapture Penang fr you n PR
They walked bare-footed, very sincere 1, although some1 told them they Sia Shuei Pg
http://www.kwongwah.com.my/news/2011/01/20/150.html
Most Malays feel that they owe the government/BN something….whether it is jobs,education, income and etc..
This dependency is the direct result of decades of bad leadership and policies.
Their fear and insecurity of change and significant reform are strong.
Policies creating dependency is a total failure…..a fair society is where everyone pulls their own weight with welfare to assist the poor.
RM888 billion slipped out of our country!
To all Malaysians who work hard, with sweat and tears. Is this right?
We work very hard while some leeching bastards took off with our hard-earned wealth.
And especially to clear-thinking Malays, may I ask who actually are the ‘super rich’ ones, the ones who stole right under our noses these monies? Monies which could have meant for our children’s education, more universities and technical institutions, better infrastructures, more R&D development and manpower training, SMI & SME business aids and development, better public hospitals and free medic, homes for the poor and homeless, and stronger support of our share market.
Undeniably (common knowledge), the main cause for this daylight ‘institutionalized’ robbery is CORRUPTION which steals from our nation’s coffers and bleeds our livelihood in terms of higher costs of doing business, lower profit margins and resulting unfavorably low wages for you and me.
Can we all still see this: you and me will eventually suffer lower wages, unsafe or incomplete public infrastructures, substandard public services, higher costs of energy, utilities and tolls, lesser FDI and the opportunity costs for the betterment of our nation’s needs mentioned above.
Are our leaders (sincerely, firmly, justly, responsibly) going to nip the cause for this massive wealth leakage immediately? Unless they are the truly ‘clean’ themselves, we reserve our trust in them.
Datuk Seri Idris Jala’s assessment is actually far from wrong – Malaysia WILL go bankrupt by 2019 (or even earlier).
In Tunisia the mob ransacked the residence of the deposed president. Even the wall papers were torn away.
They destroyed his property and even his cars.
This may happen here too when the stupid people finally realize that our leaders have siphoned away RM888 billion that belongs to us.
Wait till the bumiputra realise who actually has deceived and misled them by using both racism and religious fanatism,only then they will stand up and throw the corrupted regime out of Putrajaya.People like Umno,Perkasa,the big mamak and Utusan are forever creating unfounded fear among the majority bumi against the minority Chinese,spreading lies day in and day out that the minority Chinese can take over the country.Just wait till the day the majority Bumi wake up and know the real crooks.Only then there will be a real change.
Don’t just blame Malays n Bumis lah, there r also lots of nonMalays who support UmnoB/BN, many of them highly educated too, with medical, law, econs, PhD degrees
Of course many non-Malays also jumped on to UMNO’s bandwagon but then all they got were crumbs. Ask Ling Liong Sik how many properties he and his sons have overseas. Ask Ng Yen Yen how many properties she and her family has in Australia. Ask Semi Value how many properties he and his children have in Australia and India.
However, all these pale into comparison with the riches of people like Daim and Taib Mahmud. And the children of Mamakthir and Badawi. And royalty too….especially Perak, Johor and Selangor.
Asking Najib to investigate this scandal is like asking him to investigate himself and the billions squirrelled away from defence deals. And even if there is an RCI, what good will that do ? It’ll just be NFA – like the Korek Korek Korek RCI.
The events of Tunisia are worrying for UMNO, but they will do whatever it takes to cling on to power including inciting hatred and resorting to violence. Like I said several times before, Bolehland has to go bankrupt first before the ordinary rakyat will rise up and send these corrupt people packing.
boh-liau,liau yau la.Ar….wa eh malaysia ar..Please wake up my fellow country man and woman.Make sure you set on your alarm clock or those like me relying on handphone alarm,make sure your battery is charged.Vote la nicely nicely.Open you eyes big big and think thru on which to cross.Cross PAS please for god and human sake.
So sad, a gomen without shame. They do it so large and so often, they got used to it. Their skin is so thick. No more shame. They are numb to corruption. Thanks to Mamak Mad Hat-tir.
Lets get rid of Mamak Mad Hat-tir
Lets get rid of Najis
Lets get rid of BN
Lets get rid of these shameless lot.
We need a change, restore our nations pride.
Where are you when we need you the most,cintanegara?What is your bloody input this time?
Any wonder why we got this sinking feeling? Now the reason has surfaced. The vessel is leaking very very badly in many places. Worse. The captain and his team named umno are oblivious and still in orgy.
PR should make the RM888b illegal funds leak a big issue in the Tenang by-election to make voters think why they cannot become rich and enjoy a comfortable life.
One might think USA printed 800 billion dollars to bail out banks during the recent financial crisis there. Now we know that USA used the illicit money exported from Malaysia. Malaysia’s corrupted wealth had actually saved the world financial system. Malaysia boleh!
Dagen,are we in the titanic situation sinking gradually?Then i must find one Bunga Rose to kautim first.But i prefer ore.ore.. boleh,boleh..world cup football song than titanic song by celline dion.