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A reminder on what Kit Siang said about Mahathir-era scandals

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Lim Kit Siang has forgotten that Mahathir’s first stint as prime minister was marked by sensational financial scandals and the 1MDB scandal was possible because of the political system Mahathir had created. FMTNews Limkitsiang 1MDB BMF Suaram

George Orwell once said: “The most effective way to destroy people is to deny and obliterate their own understanding of their history.”

Soon after Mahathir became the prime minister in 1981, the Maminco-Makuwasa scandal erupted, incurring a loss estimated to be RM1.6 billion or more. In this scheme, a RM2 company, Maminco Sdn Bhd, was set up and used to buy tin future contracts in order to push up prices on the London Metal Exchange.

But it was Perwaja Steel which, according to Mahathir in his memoirs, “gave me the most trouble”. Showcased as his visionary drive towards heavy industry in the eighties, Perwaja made accumulated losses of RM9.9 billion by 1996 and had to be privatised. Among these were Mirzan Mahathir, son of the prime minister; Marzuki Ibrahim, brother of then deputy prime minister Anwar Ibrahim, and Fazrin Azwar, son-in-law of international trade and industry minister Rafidah Aziz, who happened to chair the allocation committee. This information was only leaked to the public by Rafidah because she wanted to show that it was not just her son-in-law who had gained from the allocations.

 

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