Would Mahathir answer Wenger?

Dr Mahathir - I am Waiting

Saturday, December 26, 2009

Dr Mahathir,

You so "bravely" declared yourself ready to face the probe on your rule yet no one from your office has agreed to forward me the information I requested.

The list is here

This list is important as we need to know exactly how much monies you had spent and where it went to. We also need to find out whether or not you had undertaken certain unilateral actions in order to save your family and treated the country and all its wealth as your personal ATM.

That's why we were overjoyed when you bravely agreed to be probed. I appointed myself as the sole judge, jury and executioner on the matter as really the Government has its hands full trying to rectify your mistakes. This will be a never ending struggle as your misrule really destroyed almost everything that had set this country apart from its surrounding neighbours.

Things like education, strong currency, FDI, justice and personal freedoms.

But alas, you once again 'said one thing but did another.'

For example I demanded to know the amount of credit exposure to your sons between 1996 - 2000. Anecdotal evidence suggests that Tun Ling Liong Sik's son was exposed to the tune of RM 1 billion. I will not be a fool and assume that the only loans your children had was a 30 year housing loan.

It is much more than that.

Why is it important you may ask?


Its to do with the current state of our national currency.

Dr Mahathir - I want to establish for once and for all, did you and your children cause the Ringgit to be devalued and thus bring on untold hardships for this generations and generations to come just so that they can buy expensive sport cars and Filipino breweries.

For the bulk of Malaysians , life is tough and was tough for a long time. They make up early, stand the jam, go to work, get home late, and have barely enough time to be with the kids after they come back from tuition before they have to sleep to face the drudgery of the next day.

Their spending is under control, their loans are very little.

They are the model society - hard working, passive, easily manipulated.

Model Society for a Dictator that is!

So thus how on earth can such a society have its currency crumble spectacularly before its eyes?

The issue to me has to do with the loans in the Banking Sector.

Thanks to you, you had successfully neutered any form of independent thought nor desire for research through the brain washing programmes conducted by BTN. You had distilled the sum total of the Malay's fear into the threat posed by the Non Malays or Jews through your racist diatribe, rather than encourage Malay's to think independently and act decisively.

I however took it upon myself to distinguish myself from the pack. In response to an extremely disgusting article by here I sat down and analyzed over 100 data files of our economic fundamentals.

This took about 2 months.

Yes I am that good.

The results are worrying, but more on that in latter pieces. Today I want to focus on the banking system in 1998 and what might have transpired but is left hidden from public eyes.

Between 1996 - 2000, the total loans given out by our banks are

Year Loans(RM millions) delta
1995 265,608.8
1996 338,458.5 72,849.7
1997 426,214.7 87,756.2
1998 416,325.5 (9,889.2)
1999 397,586.1 (18,739.4)
2000 418,636.6 21,050.4
2001 435,194.7 16,558.1
2002 453,882.2 18,687.5

Source: Bank Negara Factors Affecting M3

Some puppy in the MarahKu blog said that the total loans was RM 60 billion. Well I never said your supporters weren't stupid.

The difference between 1996 and 2009 under Pak Lah, is under Pak Lah the household was the largest consumer of loans. Unlike the sub prime Americans, the Malaysian household is thrifty and by and large repays the loans.

In 1996, the household was not the largest loan consumer. It was business and it particular we have to investigate to see how much of those business were related to your family.

Because the issue is in 1998 - in the first part of the year 10% of our loans by value became non-performing.

We all know that with this amount of Non Performing Loans, the banking system will become insolvent.

We do not however know whether or not those loans were attributed to your children.

We do know however that you had unilaterally decided to fire your Finance Minister and adopt a closed economy policy. Our FDI dropped and the country's currency peformed poorly.

Contrary to the lies sprouted by Big Dog, FDI picked up, especially in the first year after Pak Lah took over. It crashed again this year after your son became the Deputy Minister of MITI.

So I do hope that you can furbish this data. There is no need to trouble the Government.

If your sons only had RM 100 million loans then there is nothing wrong, it is a miniscule amount.

But if the amount was something like RM 10 billion, then we have to probe further. We have to ask how much of those loans were bought out by Danaharta, what was the price paid to the banks, what was paid back to Danaharta and how much money did the Government earn or lose trading those loans.

Thank you

THE HONOURABLE JUSTICE WENGER J. KHAIRY