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Friday, December 5, 2014

Dr Mahathir slams Umno silence over 1MDB, TPPA

Former prime minister Tun Dr Mahathir Mohamad is one of 1Malaysia Development Bhd (1MDB)’s fiercest critics. – The Malaysian Insider file pic, December 5, 2014.Former prime minister Tun Dr Mahathir Mohamad is one of 1Malaysia Development Bhd (1MDB)’s fiercest critics. – The Malaysian Insider file pic, December 5, 2014.
Tun Dr Mahathir Mohamad continued his tirade against his successors in Umno, writing today that party delegates and Putrajaya have not addressed issues about the controversy-ridden 1Malaysia Development Bhd (1MDB), a Pacific Rim trade pact and the widening wealth gap.
Dr Mahathir, who is one of 1MDB's fiercest critics, congratulated Prime Minister Datuk Seri Najib Razak for keeping the Sedition Act but noted that there was no response from the government on the controversial sovereign wealth fund.
"The question is not about the increase in electricity tariff from buying power-generating stations, but from the high price used to buy it, paid with the debt money which has the highest interest rate imposed on the government and commissions to Goldman Sachs at 11%," the former prime minister wrote in his popular blog today.
He said one of the biggest hedge funds, Long Term Credit Management (LTCM), had incurred massive losses and dragged the bank and investors to bankruptcy but was saved by Wall Street and the United States government.
"The Malaysian government has been called on many times to invest in hedge funds with guaranteed returns of 30% but it was always rejected. Gambling is not a way for the government to look for funds, whether directly or indirectly," he added.
Dr Mahathir, who was Malaysia's longest-serving prime minister, had previously asked Putrajaya to explain how 1MDB benefited Malaysians, especially since it incurred an RM38 billion debt within just five years of its operations.
Dr Mahathir had said there was no need for 1MDB as it only added to the country's debt.
"1MDB is said to be a sovereign wealth fund, but it is not. It is money that we have borrowed. When we borrow, we have to pay back. This is not wealth.
“In my opinion, even if there is no 1MDB it would be fine,” Dr Mahathir was quoted as saying in news reports when he was asked whether the fund should be shut down.
Apart from the former prime minister, other critics including opposition lawmakers have long questioned the government-owned fund's heavy debts, its use of money and its opaque operations.
In his blog posting today, Dr Mahathir also noted that Najib and Umno leaders had not touched on the issue of the highly-debated Trans-Pacific Partnership Agreement in the general assembly.
"There is no change in its (Putrajaya's) intention in signing the free trade agreement. This agreement is dangerous even though exemptions are given to Bumiputera affirmative policies," he said.
Besides firing the government over 1MDB, Dr Mahathir has also been a vocal opponent of the trade deal and warned the TPPA will not benefit the country. He also pointed out that Malaysia had recorded double digit growth even without TPPA during his tenure as prime minister.
"I don't think TPPA will do us good. Malaysia is already successful without TPPA and the free-trade agreements," he had said previously.
"We don't need the TPPA because it is tricky. Why are negotiations done in secret if it is not to cheat people? TPPA is an attempt to control trade. It is not a free trade. What we are enjoying today is free trade."
Besides that, Dr Mahathir said the Umno general assembly had also failed to address the country's education system which is causing a huge divide between the poor and the wealthy.
"The rich go to English schools, acquire important education and find it easy to get jobs. The poor go to national schools with poor command of English and are left behind in Science and Mathematics. They find it difficult to find high-paying jobs.
"It is true that making it easier to pass examinations is popular and well-accepted. But what is well-accepted is sometimes not good for them.
"It is unfortunate that popularity is given priority instead of the fate of the people who have to accept policies which are not good for them. They are the victims, not the kids of rich people," he added.
- TMI

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