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---------- Forwarded message ----------
Date: Mon, 12 Jun 2000 16:25:15 +0800
From: DAP MALAYSIA <[EMAIL PROTECTED]>
Reply-To: [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Subject: [BUNGARAYA] RM11b Perwaja scandal: Bailing out the Bailor
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Media Statement by DAP National Chairman Lim Kit Siang in Petaling Jaya
on Monday, 12th June 2000:
Mahathir should present a White Paper on the Perwaja scandal to justify
the government's "bail-out of the bailor" and explain whether Malaysian
taxpayers have lost another RM800 million since Anwar's disclosures in
May 1996, chalking the total losses to close to RM11 billion
===============================================
The Asian Wall Street Journal today in a front-page report headlined
"Malaysia's Perwaja Sees Losses Mount" reported that since the admission
by Datuk Seri Anwar Ibrahim, then Deputy Finance Minister and Finance
Minister, in Parliament during the debate on the Seventh Malaysia Plan
in May 1996 that Perwaja Terengganu Sdn Bhd. as end of 1995 had suffered
RM2.9 billion in accumulated losses and RM6.9 billion in liabilities,
Perwaja had chalked up another RM800 million in accumulated losses.
The Prime Minister, Datuk Seri Dr. Mahathir Mohamad should present a
White Paper to explain whether Malaysian taxpayers have lost another
RM800 million in the Perwaja steel project since Anwar's disclosures
four years ago, bringing Perwaja's total losses to close to RM11 billion
and making it the biggest financial scandal in the nation's history.
In December 1996, I had questioned the government decision to approve
the "bail-out" plan for Perwaja by a consortium headed by Maju Holdings
Sdn. Bhd., as it was a modest-sized company which lacked the financial
resources and technical expertise to spearhead such a complex job.
DAP's reservations at the time about the wisdom of the decision to
approve the "bail-out plan" by Maju Holdings Sdn. Bhd. has now been
proved right, as the government and the taxpayers have now been placed
in a position of having to bail out the bailor!
In 1996, the government assumed full responsibility for Perwaja's RM9.9
billion in accumulated losses and other liabilities to allow Maju
Holdings Sdn. Bhd. to start all over on a clean slate in Perwaja through
Equal Concept Sdn. Bhd. which is 51% owned by Maju Holdings and 49% by
the government.
ASWJ reported that Perwaja's steel business under Equal Concept posted a
loss of RM340 million in 1998 and the company continues to run in the
red.
Malaysian taxpayers are continuing to pay a big bill for Perwaja.
Federal Public Accounts 1998 prepared by the Accountant-General and
tabled in Parliament for the budget debate shows that as at the end of
1998, Malaysian taxpayers are burdened with Perwaja's RM9.1 billion
liabilities, comprising RM4.01 billion direct loans to Perwaja
Terengganu Sdn. Bhd., RM105 million direct loan to Equal Concept Sdn.
Bhd. and RM5.1 billion in government-guaranteed borrowings from local
and foreign banks.
Perwaja's RM4.1 billion direct loans from the government is the single
largest government loan to a company as at the end of 1998, exceeding
the other billion-ringgit loans such as RM2.75 billion to Projek
Lebuhraya Utara-Selatan Bhd. (PLUS) and RM1.5 billion to Projek
UsahasamaTransit Ringan.
In July last year, I had unsuccessfully sought to adjourn Parliament to
debate a motion of urgent, definite public importance on the police
report lodged by Anwar Ibrahim on July 21, 1999, implicating for the
first time the involvement of the Prime Minister in the Perwaja scandal,
as the former Deputy Prime Minister and Finance Minister alleged that
several attempts by the Finance Ministry from early 1996 to obtain
detailed information about the Perwaja management, particularly its
Managing Director Eric Chia failed as he (Eric Cheah) repeatedly claimed
that his actions had the support and were under the directions of the
Prime Minister, and that these claims were substantiated with letters
written by the Prime Minister himself.
The White Paper which should be entitled "Perwaja Scandal: Bailing Out
the
Bailor" should not only give the latest update of the long-running but
fruitless Anti-Corruption Agency investigations into the Perwaja
scandal,
but why the government could never learn from its past mistakes and
mismanagements to the extent that taxpayers are now burdened with some
RM11
billion losses with the government having to "bail out the bailor" of
Perwaja!
- Lim Kit Siang -
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