(Speech at the DAP Gelang Patah forum “1MDB in RM42 billion debt – Is Malaysia on the Verge of Financial Turmoil” in Johor Baru on Tuesday, 16th December 2014 at 8 pm)
My first book “Time Bombs in Malaysia” in 1978 quoted my speech in Parliament on the Third Malaysia Plan in July 1976 where I warned that several time bombs were ticking away in Malaysia and unless these time bombs were defused, Malaysia could be blown to smithereens.
I would never imagine that today, more than 36 years later after the first edition of “Time Bombs in Malaysia”, we are faced with even greater dire straits as never before in our nation’s history have we a situation where so many time-bombs are ticking away in Malaysia which could spell disaster for the nation if they are not defused or detonated.
The RM42 billion 1MDB scandal, which is the subject of tonight’s forum, is one such Time Bomb in today’s Malaysia.
This mega financial scandal, exposed by Pakatan Rakyat MPs Tony Pua and Rafizi Ramli, is now also being questioned by UMNO forces led by former Prime Minister of Malaysia, Tun Mahathir, his cohorts like Tun Daim, to the extent that a police report against 1MDB has been lodged by an UMNO division leader, creating huge waves in UMNO.
Until the seventies, when there was greater regard for good governance, public integrity and financial probity, the biggest financial scandal was the RM65 million Bank Rakyat scandal.
The then Prime Minister, Tun Hussein Onn, who could not stomach any corruption or misuse of power, was shocked by the RM65 million Bank Rakyat scandal and insisted on parliamentary accountability and a White Paper was issued following a Price Waterhouse inquiry into the Bank Rakyat scandal – and the RM65 million Bank Rakyat was the subject of parliamentary debates and scrutiny in 1979.
Since the eighties, corruption and financial scandals increased by leaps and bounds from the RM2.5 billion Bumiputra Malaysia Finance (BMF) scandal, the RM600 million Maminco tin-buying scandal and the RM1.5 billion Co-operatives Finance scandal in the 80s, to the RM30 billion Bank Negara foreign exchange scandal and RM11 billion Perwaja scandal in the 90s, and the multi-billion ringgit Scorpene and defence procurement scandals and the RM12.5 billion Port Klang Free Zone scandal in the last decade.
Now, Malaysia has shot into the stratosphere of mega-financial scandals running into tens of billions of ringgit which is becoming the rule rather than the exception, with the RM42 billion 1MDB Scandal reigning currently as the King of Mega Scandals – and I leave to Tony Pua who, together with Rafizi, have become the unchallenged authorities on this “mother of all scandals” to elaborate later at this forum.
But the RM42 billion 1MDB scandal is not the only Time Bomb now ticking away in Malaysia. We are faced with a host of economic, financial, political, education, race and religion, nation-building Time Bombs which if not defused or detonated will spell disaster for Malaysia. Continue reading “Never before have there been so many time-bombs ticking away in Malaysia which could spell disaster for the nation if they are not defused or detonated”