{"id":1143,"date":"2011-09-08T16:20:45","date_gmt":"2011-09-08T08:20:45","guid":{"rendered":"http:\/\/www.therocket.com.my\/en\/?p=1143"},"modified":"2013-02-20T16:29:41","modified_gmt":"2013-02-20T08:29:41","slug":"the-bailout-of-all-umnoputra-bailouts","status":"publish","type":"post","link":"https:\/\/www.therocket.com.my\/en\/the-bailout-of-all-umnoputra-bailouts\/","title":{"rendered":"The Bailout of all UMNOputra Bailouts"},"content":{"rendered":"

by Lim Kit Siang<\/strong><\/p>\n

\"\"<\/a>It boggles the imagination as to how the withdrawal of all suits against the former Malaysia Airlines (MAS) chairman Tan Sri Tajuddin Ramli could save the Federal Government billions.<\/p>\n

It is the Malaysian taxpayers who are the real \u00a0victims of the Tajuddin-MAS financial bailout in 2000 \u00a0to the tune of billions of ringgit \u2013 starting with the RM1.8 billion government buy-back of Tajuddin\u2019s 29.09 per cent stake in MAS at RM8 per share representing a premium of RM4.32 or 117 per cent over the market price at RM3.68 per share when the deal was signed on 20th<\/sup> December 2000.<\/p>\n

It was followed by MAS police reports from 2002 that Tajuddin had caused the national flag carrier to suffer losses in excess of RM8 billion.<\/p>\n

Are Datuk Seri Najib Razak and his Minister in the Prime Minister\u2019s Department Datuk Seri Nazri Aziz Nazri seriously suggesting that after causing MAS, the Federal Treasury and the Malaysian taxpayers to suffer some RM10 billion losses, Tajuddin is still in a position to virtually hold Putrajaya to ransom to force a \u201cglobal settlement\u201d of all civil suits filed by GLCs especially MAS, TM and Prokhas (formerly Dahaharta) as to require the lawyers of all GLCs concerned to hand over their cases to a known UMNO lawyer?<\/p>\n

The latest \u201cTajuddin intervention\u201d has all the makings of being \u201cThe Bailout of all UMNOputra bailouts\u201d couched as\u00a0 \u201cit looks like a bailout, sounds like a bail-out but it\u2019s not a bailout\u201d \u2013 and the onus is on Najib and Nazri to produce all relevant information to convince the long-suffering Malaysian taxpayers and public \u00a0that it is not so.<\/p>\n

There is now the \u00a0latest twist in this \u201cbailout of all Umnoputra bailouts\u201d with The Malaysian Insider<\/em> report on Aug 13 that several GLCs are perturbed by Nazri\u2019s attempts to justify Putrajaya\u2019s intervention in the ongoing lawsuits against Tajuddin as they claimed the de facto law minister was giving out misleading information.<\/p>\n

The Malaysian Insider reported:<\/p>\n

\u201cA source close to several parties named in the lengthy series of suits and counter-suits involving Tajuddin pointed out that the former poster boy for Bumiputera entrepreneurship had lost his RM13 billion countersuit against national debt restructuring company Danaharta in 2009. <\/em><\/p>\n

\u201cAmong several documents obtained by The Malaysian Insider, a High Court judgment on December 7, 2009 showed trial judge Anatham Kasinather had awarded a total sum of RMRM589,143,205.57 to Danaharta, its two subsidiaries and its four managing directors named as Datuk Azman Yahya, Datuk Abdul Hamidy Hafiz, Datuk Zukri Samat and Datuk Kris Azman Abdullah.<\/em><\/p>\n

\u201cThe same trial judge had also dismissed Tajuddin\u2019s RM13 billion countersuit against Danaharta and its agencies a month earlier on November 12, 2009.\u201d<\/em><\/p>\n

This is totally at variance with Nazri\u2019s claim that his intervention would save Putrajaya billions, as Tajuddin, who is facing millions in legal claims for causing MAS to suffer losses in excess of RM8 billion during his tenure, had made a whopping RM13 billion counter-claim.<\/p>\n

Nazri had said: \u201cOur total claims by the companies against Tajuddin are only half a billion ringgit. That is why, we said we should sit down and talk.\u201d<\/p>\n

Nazri has been accused of \u201cplucking from thin air\u201d the figure of RM13 billion against Danaharta as Tajuddin was the only who owed money and Danaharta did not owe him anything.<\/p>\n

\n

Public confidence has been greatly shaken by this intervention and the Malaysian public are entitled to the fullest information about all the civil suits, criminal reports (and anti-corruption investigations) which GLCs have made against Tajuddin if Malaysians are to be convinced that the Tajuddin intervention is not to become \u201cThe Bailout of all UMNOputra Bailouts\u201d. – The Rocket<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

by Lim Kit Siang It boggles the imagination as to how the withdrawal of all suits against the former Malaysia Airlines (MAS) chairman Tan Sri Tajuddin Ramli could save the Federal Government billions. It is the Malaysian taxpayers who are the real \u00a0victims of the Tajuddin-MAS financial bailout in 2000 \u00a0to the tune of billions […]<\/p>\n","protected":false},"author":1,"featured_media":1144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[204,19,20,215,25,214,31],"class_list":["post-1143","post","type-post","status-publish","format-standard","hentry","category-columns","tag-bailout","tag-cec","tag-corruption","tag-economy","tag-lim-kit-siang","tag-mas","tag-umno"],"_links":{"self":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/1143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/comments?post=1143"}],"version-history":[{"count":0,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/posts\/1143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media\/1144"}],"wp:attachment":[{"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/media?parent=1143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/categories?post=1143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.therocket.com.my\/en\/wp-json\/wp\/v2\/tags?post=1143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}