Petronas; Dr. M & Umno’s Cave Of Gold

When Dr M, the ex-Prime Minister’s son Mirzan was in financial trouble with his shipping company, Konsortium Perkapalan Berhad, Dr M asked Anwar(Finance Minister that time) to instruct Petronas via MISC to help him. However, Mirzan wanted a higher valuation price, therefore MISC had a problem. The Late Dato Yassin, MISC Managing Director, told straight to Mirzan face, "Awak ingat MISC bapak awak punya company". And Mirzan reported to his father.

MISC was only willing to pay RM 950 million but Mirzan insisted RM1.3 billion in order to cover his cost. Anwar finally agreed to his request after Hasan Merican told Anwar, “Jangan cari pasal, dia anak Boss. Anyway, MISC is not your company”.

What happen after the deal? Mirzan was interviewed by AWSJ and he superciliously said Konsortioun Perkapalan Bhd made RM350 million after disposing his asset to MISC.

Anwar was upset. He took the AWSJ paper, went to see Dr. M and told him, “You and your son are liars”. Dr. M was very angry and distress. Later he called Daim and told him to fix Anwar.

And the rest is history...

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In 2011, PETRONAS reported, since 1974 it had allocated the BN-led government a total of RM 529 billion. RM136.5 billion was paid out as subsidies to TNB and IPPs. Starting from 2007 PETRONAS financial year, it had given RM61 billion a year on average to the nation.

PETRONAS pays as high as 53% of its profits as dividends to the BN-led government. As a comparison, foreign countries oil companies grant an average of 38% of their profits to their respective governments. Rakyat have the right to know how the billions collected by the BN-led government since 1974 was spent?

Few months back Chua Jui Meng( PKR vice-president) inquired about the existence of Msia Petroleum Trust Fund. What happen to it? Norway, that has oil in the North Sea, has an oil-fund known as Norway Pension Fund that amounted to US$656 billion or RM2 trillion. UAE-Abu Dhabi Investment Authority’s oil-revenue sovereign wealth fund stands at US$627 billion or RM1.9 trillion. Almost all oil-producing countries have established their own oil funds for their citizens’ future but not Malaysia.

Under advisor Mahathir, PETRONAS is often used as the saver of last resort. In 1985, it bailed out BBMB for RM 2.5 billion. In 1991, it gave another RM1 billion to BBMB. Despite the capital injection, BBMB was erased, replaced by CIMB.

Rakyat must never forget that PETRONAS, in 1997, through MISC, bailed out Konsortium Perkapalan Berhad to take over Mirzan’s failing shipping business. Did Mahathir force PETRONAS to enrich his children??? Whether PETRONAS overpaid him and years later, he was able to buy businesses stakes in San Miguel ???

Dr M’s obsession with mega-projects and his iron-fist execution cannot be refuted. So, PETRONAS had no choice but to underwrite the construction of the PETRONAS Twin Towers that cost RM6.0 billion and spent nearly RM22.0 billion to construct Putrajaya, because customarily there’s a 10-percent surplus to be parked in overseas banks.

Dr M also instructed PETRONAS to favor his children. He is an advisor to PETRONAS and led negotiations on PETRONAS’s marginal oilfields that resulted in Kencana(his son) and Sapura(his crony) getting the first deals. The first cut is always the deepest. Other UMNO leaders did the same - that's how UMNO operates.

PETRONAS is the national oil company but incongruously, Petron (belonging to Mirzan Mahathir) got the tender to supply Jet A1 to Msia air carrier. Why does PETRONAS, with its trading with Vitol and extensive oil trading network cannot supply Jet A1 to MAS? Daddy’s prerogative again ???

Furthermore, why is Msia biggest and most important earning sits under the PM’s office, not the parliament? Surely something fishy is going on.

There are so many questions about Dr. M, UMNO & PETRONAS linkage. The only way to find out the truth is to vote PR in GE13 to be the next federal govt. so that PETRONAS can finally be placed answerable to our parliament. It’s the Pandora’s Box which has intrigued many Msians who want to know how the oil money had been used.

PETRONAS is also one of the main reasons; UMNO can’t afford to lose in the next GE because it is their Godfather and UMNO leaders’ liquid-gold’s mine and it trickles down to their families, relatives and cronies.

And that is why UMNO leaders want to rule forever to continue plundering the nation’s wealth to feed their unlimited greed, hypocritically defending the Agama, Bangsa dan Negara….konon-konon memperkasakan agama & bangsa.!