The role of a loan was for a squeeze of Inchcape Timuran shares as well as to squeeze Kewangan Bersatu Berhad KBB, which had a monetary licence. KBB was owned by Ishak Ismail, an Anwar associate as well as a Umno Penang Treasurer who controlled Idris Hydraulic, an a single some-more Umno company. Anwar was afterwards a Umno Penang chief. The RM420 million was dispersed yet a KBB merger never took place. So what happened to a money? Where was it siphoned? Who hijacked it? That is what a justice box this week will establish.
THE CORRIDORS OF POWER Raja Petra Kamarudin
In May 1982, a MUI Group, which is headed by Tan Sri Dato Khoo Kay Peng, acquired Kwong Lee Bank Berhad. Khoo Kay Peng was a clever air blower of Tengku Tan Sri Razaleigh Hamzah (Ku Li), Malaysia's Finance Minister from 1976 to 1984. On 2nd Feb 1983, Kwong Lee Bank Berhad was renamed Malayan United Bank Berhad (MUI Bank).
Those in a Malay Chamber of Commerce Malaysia (MCCM) were extremely unhappy about what they noticed as a tighten attribute between a Finance Minister as well as this Chinese commercial operation tycoon. For this reason, many members/leaders of a MCCM, who invariably were additionally Umno members and/or leaders, upheld Musa Hitam in a scuffle between Ku Li as well as Musa for a Umno Deputy Presidency.
The fun around town during which time was which Ku Li as well as 'Ku' Kay were brothers from different mothers as well as separate fathers. Because of this perception, which Ku Li was a 'tool' of a Chinese, in sold of Khoo Kay Peng, Ku Li twice unsuccessful in his bid for a Umno Deputy Presidency. His 'Chinese sympathies' mislaid him a Deputy Prime Ministership of Malaysia during a time when a New Economic Policy (NEP) was upon a last leg as well as a future of a Malays was in question. Hen! ce a som e-more 'Malay' Musa Hitam was preferred over a 'Chinese tool'. The anti-Ku Li debate was:kalau Anak Raja naik, maka Cina akan bermaharaja di Malaysia.
Such is how commercial operation is finished in Malaysia. Chinese commercial operation tycoons need Umno Malay benefactors to get things done. And in very 'sensitive' cases, such as banking licences, in sold 'backdoor' banking licences similar to in a box of a MUI Bank, your attribute with a Finance Minister and/or Prime Minister is extremely crucial.
None of a MCCM or Umno members/leaders had any reservations which Khoo Kay Peng's success in his backdoor banking looseness was because of his link to Ku Li. They would swear upon their mother's grave which know-who as well as not expertise is a key to success in Malaysia's rarely domestic environment. And for which Ku Li had to pay, as well as compensate dearly, with his domestic career. As they say, notice is everything as well as a MUI Bank episode was a 'evidence' compulsory to emanate this notice of Ku Li's 'Chineseness'. What was many puzzling is which Ibrahim Ali, a PERKASA head, was Ku Li's debate manager in a 1987 scuffle which would follow.
In 1987, Ku Li challenged Tun Dr Mahathir Mohamad for a Umno Presidency, as well as to illustrate additionally for a Prime Ministership of Malaysia, as well as lost. Soon after, he left Umno (or rsther than Umno left him when Umno Baru was formed) to form his brand brand new party, Semangat 46. That was a finish of Ku Li's domestic career as well as of his hope of reaching a apex of power. And this as well meant a finish of Khoo Kay Peng. His link to a 'right' domestic masters took a nosedive as well as it was usually a matter of time prior to he would remove his flagship, his MUI Bank.
In Malaysia, a single can't own a bank as well as be upon a wrong side of a domestic divide, as many a landowner has since learned -- as well as a list is endless.
In 1991, Anwar Ibrahim became Malaysia's Finance! Ministe r. The whisperings in a corridors of energy was which this was a wish of Tun Daim Zainuddin who longed for to retire to focus upon his many commercial operation interests yet longed for 'his man' to take over so which he would not display himself to any risk with a appointment of a 'hostile' Finance Minister.
Everyone in a MCCM during which time knew which Anwar was Daim's substitute as well as which Daim was still a de facto Finance Minister. There was many an arise when a MCCM met up with Anwar to try to finalise issues inspiring a Malay commercial operation community as well as Anwar would reply which he would have to check with Daim first. No a single doubted which Anwar was Daim'skuda(horse), as he was infamously marked down then.
In 1993, Anwar took over a post of Malaysia's Deputy Prime Minister after ousting Ghafar Baba in what many contend was a single of Umno's dirtiest celebration elections ever. Some contend as many as RM200 million was spent to reject Ghafar -- a beginning of Umno's scourge of 'money politics', a 'black culture' which Umno has to fastener with today. Others put a figure as many higher.
Nevertheless, whatever a figure might have been, it was in a hundreds of millions. What many did not know, as well as which was a main bone of contention: where did Anwar get his hands upon such a vast total of money?
On 3rd January 1994, a Hong Leong Group Malaysia, which is controlled by an a single some-more Chinese commercial operation tycoon, Tan Sri Quek Leng Chan, acquired MUI Bank Berhad by Hong Leong Credit Berhad. MUI Bank was renamed Hong Leong Bank Berhad (HLBB).
Initially, an a single some-more Chinese commercial operation tycoon, Tan Sri Dato Vincent Tan Chee Yioun, by his car Berjaya Corporation, done a bid for a bank. It was rumoured which Khoo Kay Peng did not unequivocally wish to sell his bank yet was underneath vigour to do so. His link to Ku Li, a Semangat 46 leader, had price him his bank. Chinese commer! cial ope ration tycoons climb as well as tumble alongside their Umno domestic bosses. It is a hazards of doing commercial operation regulating Umno leaders as your benefactor.
The whisperings in a corridors of energy during which time was which Vincent Tan was told to "back off because Anwar longed for a bank". Being a obedient menial which he regularly is, Vincent Tan corroborated off so which Quek Leng Chan could have a bank instead.
But Vincent Tan did not walk away empty-handed though. As compensation, he was authorised his Sports Toto 'special draw', a devise which Anwar associate as well as tennis partner, S. Nallakaruppan, was in assign of. The Sports Toto special pull was a very lucrative cash cow which done sufficient income for a little of it to filter behind to Umno as 'election funds'. It is pronounced which this was a basis of a attribute between Anwar as well as Nalla, a special pull cash cow.
HLBB was listed upon a Kuala Lumpur Stock Exchange upon 17th October 1994 with a total paid up capital enlarged to RM470 million.
Again, just similar to Khoo Kay Peng could not get his hands upon a bank though his link to a afterwards Finance Minister, Ku Li, Quek Leng Chan additionally indispensable a great bureau of a Finance Minister to finally realize his dream of owning a bank -- something he had been attempting to do in Singapore for quite a little time yet which Lee Kuan Yew violently opposed. Yes, in Singapore as well your links to a domestic masters is consequential in removing things finished -- as a result so many for a misconception of Singapore being 'squeaky-clean'.
But there is a dark tip at a behind of a Quek Leng Chan-Anwar Ibrahim relationship. And which dark tip is about to come out of a closet. Tomorrow, upon Wednesday, 28th Mar 2012, a box is starting to be listened in court. And this box involves conflict of seductiveness as well as a siphoning out of income of an amount of RM445 million. The issue of how a bank's income was siph! oned out is not a many engaging partial of a story. What is would be where a income went to as well as what it was used for.
And this is how a story goes.
On 24th Mar 1997, a syndicated loan of RM420 million was performed underneath a names of 8 people, all who were acting as nominees for certain people -- RM420 million was a original loan amount with an a single some-more RM25 million since to Faiz Abdullah to cover a superb interest. The syndicate lenders were Hong Leong Finance, Sime Bank Berhad, BSN Commercial Bank (Malaysia) Berhad as well as DCB Bank Berhad. The arrangers of a loan were Hong Leong Finance Berhad as well as HLG Capital Markets Sdn Bhd.
The role of a loan was for a squeeze of Inchcape Timuran shares as well as to squeeze Kewangan Bersatu Berhad KBB, which had a monetary licence. KBB was owned by Ishak Ismail, an Anwar associate as well as a Umno Penang Treasurer who controlled Idris Hydraulic, an a single some-more Umno company. Anwar was afterwards a Umno Penang chief. The RM420 million was dispersed yet a KBB merger never took place. So what happened to a money? Where was it siphoned? Who hijacked it? That is what a justice box this week will establish.
Anwar was about to have his pierce upon Dr Mahahir so he indispensable to fatten his war chest. It price him RM200 million to move down Ghafar. It would price him many some-more than which if he longed for to move down Dr Mahathir. Hence, it was important for Anwar to carry out a monetary institutions, his intended source of cash, as he did with a Umno media organisation when his boys did a RM600 million MBO.
Anwar realised which to reject Dr Mahathir he would need to approximate himself with absolute 'money people' who would have a monetary resources to fund a exercise. While Dr Mahathir had people similar to Ananda Krishnan, Francis Yeoh, Vincent Tan, Daim, etc., to monetary his domestic moves, all Anwar had were people similar to Tong Kooi Ong, Chan Ah Chye, TK Lim, Kamaruddin J! aafar, I shak Ismail, etc., as well as to a obtuse extent Rashid Hussein as well as Azman Hashim. Halim Saad as well as Tajuddin Ramli were additionally beginning to get tighten to Anwar who they noticed as a heir apparent.
The fun which Anwar's people told afterwards was which we contingency initial fatten a cow prior to we can divert it. However, while Dr Mahathir had fat cows, Anwar's cows were flattering skinny so they indispensable to be fattened a bit.
One person, who decided to place a huge bet upon Anwar apropos a subsequent Prime Minister, after ousting Dr Mahathir of course, was Quek Leng Chan. This was a same male who got his bank underneath Anwar's watch. While both Anwar as well as Quek handled a formulation of their manoeuvres, a actual doing was left to Nazri Abdullah, Anwar's warlord currently living in London (and a single of a beneficiaries of a RM600 million media MBO), as well as Seow Lun Hoo, Quek's warlord.
To pull this off, it would require creating bombard companies with devoted persons to front it as well as action as nominees. And entrance to vast amounts of funds would be required. This was where Quek Leng Chan's as well as Hong Leong's monetary clout were very crucial. And a Mister Fixit was Seow Lun Hoo.
The Inchcape Timuran understanding was executed by Seow, together with Faiz Abdullah, an Anwar associate as well as counsel -- who was additionally a single of Anwar's speechwriters, just similar to Dr Munawar Anees who was later jailed for six months upon charges which he had authorised Anwar to bugger him.
The devise was to use a RM420 million syndicated loan trickery to take Inchcape Timuran as well as KBB. KBB, which had a monetary licence, would afterwards steal from an a single some-more monetary establishment to repay a original loan from Hong Leong. And a pleasing partial about this whole thing is: KBB was already owned by Ishak Ismail, Anwar's Treasurer from Penang. So it would be merely transferring income from a si! ngle poc ket to a other.
To fatten a cow further, they planned to speak up into a association 2,500 acres of RRI land in Sungai Buloh which would be privatised during RM250,000 per acre. This land, which would have been a RM625 million deal, was many a goldmine as well as in a middle of a large development. This would be a brand brand new 'Golden Triangle' in a Kelang Valley.
It is many ironical which Anwar protested not long ago when Prime Minister Najib Tun Razak talked about this same privatisation proposal. Anwar is objecting to something he was starting to do as well as would have finished had he not been suspended in Sep 1998.
Anwar successfully suspended Ghafar by regulating Sabah. If he can do it once afterwards he can do it again. The income from a loan was supposed to safeguard which he had a await of key Umno players in Sabah as well as elsewhere. However, everything fell detached when a Asian Financial Crisis strike soon after as well as Anwar was subsequently suspended as well as arrested in Sep 1998.
And right away a box has come to court. And in this justice conference a lot of shit is starting to strike a fan. We have been starting to hear about nominees, front men, tumble guys, beneficiaries, benefactors, as well as a lot of conspiracies as well as counter-conspiracies which have been starting to have your conduct spin.
The finish game was to take over a chair of a Prime Minister. The game devise was to raise as many income as probable to monetary this exercise. The car was Hong Leong. The monetary planner was Rashid Hussein. The fixer was Quek Leng Chan. The executor was Seow Lun Hoo. The face of a understanding was Faiz Abdullah. The tumble guys were 8 nominees underneath whose names a loan was obtained. The sugar base was a 'gold mine' RM625 million RRI land in Sungai Buloh.
It was supposed to have been a win-win situation whereby all would live happily ever after. But, as usual, there contingency regularly be a spoiler. A! nd a spo iler was Dr Mahathir who refused to roll over as well as play dead yet chose instead to quarrel back.
If we have a little free time, do attend a conference tomorrow as well as declare what is starting to be suggested in court. This is probably starting to be a some-more exciting box than Anwar's Sodomy 2 trial.
As I have regularly said: at a behind of every Malay Umno statesman is a Chinese commercial operation tycoon. The Chinese need a Malays to get ahead. The Malays additionally need a Chinese to get ahead. The Malays have domestic energy as well as know how to abuse this power. The Chinese have economic energy as well as know how to deposit their income in a right politician.
But infrequently a Malay Umno politicians do miscalculate their domestic moves. And infrequently a Chinese commercial operation tycoons do have a bad investment. And in this box about to be listened in court, we shall be told how Anwar Ibrahim as well as Quek Leng Chan bit of some-more than they can gnaw as well as have been right away suffering a pains of indigestion.
But why is Hong Leong suddenly resurrecting an old box from 1997 which had long disappeared from a radar screen? Why not let sleeping dogs lie? After all, a large loan of RM445 million was since to 8 nominees who in a initial place were not qualified to get a loan of which amount as well as certainly do not have a means to compensate behind a loan even if we win a case.
Well, Quek Leng Chan is right away in a government's bad books as well as he is worried. He knows which Anwar will never become Prime Minister unless Pakatan Rakyat takes over a sovereign government. But Quek Leng Chan has written off any probability of Pakatan Rakyat receiving over a sovereign supervision -- as a result additionally a chances of Anwar apropos Prime Minister. So, Quek Leng Chan is washing his hands of Anwar as well as is hoping which by receiving this box to justice it will be suggested which Anwar is a person at a behind ! of this whole thing. This is Quek Leng Chan's way of wiping a slate clean as well as proof to a supervision which he is no associate of Anwar (if not why would he take this box to court?).
But a justice box might explode upon Quek Leng Chan. Not usually will Anwar be unprotected yet Quek Leng Chan's role will be suggested as well. And this box will be an albatross around both Anwar's as well as Quek's neck. Don't we live in many engaging times?
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