Koon Yew Yin's Blog
Bersih 4 and 1MDB: Cleansing Malaysia and Cleaning Out Malaysia - Koon Yew Yin
Koon Yew Yin
Publish date: Tue, 01 Sep 2015, 09:56 AM
Koon Yew Yin
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An official blog in i3investor to publish sharing by Mr. Koon Yew Yin.
All materials published here are prepared by Mr. Koon Yew Yin
All materials published here are prepared by Mr. Koon Yew Yin
Two big issues have taken up the national attention during the past few weeks. One is the Bersih rally or what can be called the cleaning of Malaysia organized by civil society activists. The second is the 1MDB scandal which can be called the cleaning up of Malaysia organized by Putrajaya.
The first one cost tax payers - or rather donors - several millions of ringgit. Though the full accounts are not in yet, we know that thousands of ordinary Malaysian dipped into their own pockets to pay for this activity. Much of the money is in small change – tens to hundreds of ringgit. The funds will be used to defray the costs of organizing rallies held throughout the country to demand the cleaning up of our political system as well as to save our economy. The objectives of Bersih 4 in summary are as follows:
- Clean Elections (#PilihanrayaBersih);
- Clean Government (#KerajaanBersih);
- Save Our Economy (#SelamatkanEkonomi); and
- Right to Dissent (#HakMembantah).
That so many members of the public – in the country and wherever there are large Malaysian emigre communities including in 10 cities across the world - are willing to contribute to the Bersih cause in a transparent and accountable way as well as join in the struggle to bring about a clean Malaysia has resulted in panic in Putrajaya and completely freaked out various government leaders.
Thus we have seen the police refusing to approve the rally permit because of the alleged failure of the organisers to submit details of the rally route etc. This desperate act by the authorities was followed by the gangster-like and threatening but totally unenforceable statement by the Deputy Foreign Minister Reezal Merican that his Ministry was gathering information on Malaysians participating in the Bersih 4 demonstrations abroad for eventual legal action against them. Finally, and this should qualify in the Guinness Book of Records as the most ludicrous, surreal and pathetic act of official repression was the gazette notice banning yellow clothing and “Bersih 4” words.
1MDB Swindle Cleaning out Malaysia
The second big issue relates to 1MDB, a strategic development company, wholly owned by the Government of Malaysia. 1MDB was established to drive strategic initiatives for long-term economic development for the country by forging global partnerships and promoting foreign direct investment. This activity will cost tax payers not tens or hundreds of million ringgit. At last count, 1MDB had accumulated debts to the extent of 42 billion ringgit. This has caused bonds issued by 1MDB to be reduced to junk status by rating agencies such as Standard and Poor and Fitch .
Unlike Bersih 4 which really did not cost the ordinary Malaysian citizen a single cent and in which no money is being paid to any hidden hands or commission agents so far as known, the 1MDB money has been used to pay off various commission agents. These commission agents include the following:
- Jho Low US700 million
- Goldman Sachs US600 million
- Other intermediaries appear to have cashed in on 1MDB work including auditing companies such as KPMG and Ernst and Young.
When the final official accounting of 1MDB funds is in we may see other names being listed as helping to siphon off funds and commissions from 1MDB. One name that is high on the suspect list is Prime Minister Najib Razak. According to the former Prime Minister Dr. Mahathir in an interview with Financial Times, the RM2.6 billion in deposits in Prime Minister Najib Abdul Razak's personal bank accounts is linked to troubled state fund 1MDB. This is despite the Malaysian Anti-Corruption Commission (MACC) declaring that the money was a donation and was not linked to 1MDB.
To give a better idea of what 1MDB MR 42 billion can do, here is some comparison
- It is nine to ten times more than the entire allocation provided to Sabah and Sarawak in the 2015 budget to upgrade facilities in rural areas.
- It is almost enough to cover the entire development expenditure allocation for the entire country for one year.
- It is also almost enough to cover the entire salary bill for all the civil servants in the country for one year.
- It is clear from what has emerged that the 1MDB affair is costing taxpayers a bomb and is cleaning out our treasury.
No wonder it is turning out to be the mother of all financial scandals for this decade and is rivalling the mega-financial scandals of Mahathir's time!
No wonder this Merdeka day, all Malaysians are feeling so much poorer. No wonder Putrajaya is so desperate to use Bersih as another tool to divide the Malays and the Chinese.
No wonder this Merdeka day, we need to support Bersih and other efforts aimed at cleansing Malaysia and getting rid of a Government that is taking us the quick route to national financial bankruptcy and disaster.
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Discussions
6 people like this. Showing 34 of 34 comments
You should take good care of yourself first before you go out on the street to think for others. Watch carefully you own actions. You keep your good health you still can enjoy happiness later on in the next 20 or 30 years of your life in the future, you can still have happiness in the future years if you keep a good health now. You should not plant fruits that are sour for youself to bear now because that is not going to make any change or difference to yourself in the future. When you are dead, it is gameover for you. That is why you should take good care of yourself first before you go out on the street to think for others or blame others. Improvement on your lives must be something you have to count on yourself. You don't need to voice your own theory and reasons. Only good opportunity produces good results. Before you do anything, see whether the opportunity for you to do something is right or not first! Smart people like to do stupid things because this is how you keep yourself away from trouble and help yourself to live longer.
2015-09-01 11:02
700 million with me...i will feel like i'm in the black hole of greedy...will not able to come out...& i will die with so so regret...cos i still got so many unspend money...so at last...if i got 700 million...i better donate out...it will kill me faster...& make me become monster...
2015-09-01 13:09
We.. the rakyat... are all shareholders of 1 Mega Debt Bhd.... which will not see any returns
The system needs cleansing...
2015-09-01 13:29
i dont care what the fu*k, as long as i c klse go to 1000~1300, yummy yummy is my turn to make fortune
2015-09-02 09:05
KYY, M'sia is a f* up country rotten to the core.
PM is not elected by the mass but a group of corrupted Divisional heads of a Party.
In this 21 century, we could still have no-brainer who could not make it to a degree after many years soaking in brine and a lowly educated man to run this country!
This country is blessed with natural resources albeit many are dwindling, to take advantage of but still the same clowns are given the onus to elect leaders with no idea how to run the country properly!
Can we see why a tiny country next to us was having their exchange rate to us 1:1 jumps to 1:3 and is still rising?
The whole system has to change.
How long more we need to wait before this happens?
2015-09-02 10:04
I'm so glad that more 500k Malaysian that have shown their 'CARE' to this country via participating BERSIH.....and I'm glad that 80 years old Mr. Koon has shown his CARE to this country AGAIN via sharing his view through this platform... Thanks to all Malaysian who CARE of the future of Malaysia...
2015-09-02 10:16
This man whose words I can’t seem to fathom is my childhood friend whom I thought I knew everything about. But lately, I realise he has changed. His thoughts and views, which once were aligned with mine, no longer are. He had somehow developed into an extremist.
But why? I knew I had to uncover bits and pieces of the puzzle to understand what made him utter such words.
This is a guy who once could not care less about politics. Living under his shell, minding his own business, he struggled through high school and university. He wasn’t less intelligent than others. He just struggled to fit in.
While he was fighting being brainwashed in BTN, Anwar Ibrahim was sent to prison and PR was born. He found something to believe in and began supporting the Opposition against the establishment.
He became a big supporter of PAS, a keen reader of Harakah and a regular commentator. Living in a Chinese area, he voted for DAP since the day he reached his voting age. He wanted a change in the administration of our country beyond anything else. Believing nepotism and cronyism to be rooted deeply in the government, he despised UMNO and the BN coalition.
I remember him sharing stories about how the Opposition parties were dedicated to assisting the people. I remember the late night debates and discussions we had about Malaysian politics where I was a fence sitter and he was in support of the Opposition.
2015-09-02 10:18
He soon completed his degree and joined his first company – a Chinese-owned company. Feeling indebted after being appointed over other Chinese candidates, he worked his butt off. But as time went by, he realised he was just being used – his Bumi status was used to penetrate GLC’s. On top of that, the company never treated him with repect. Corporate meetings would sometimes be handled in their mother tongue and every Raya Eve he was forced to work late till midnight. To make matters worse, he found out that he was being paid a lower salary compared to others.
Thinking back now I remember how frustrated he was about being treated the way he was.
Soon, the next general election was around the corner and the Opposition came into power in the state he was living in. Still a strong supporter of PR, he chose to work for the state government. Holding an important role in one of the departments for a few years, he got to see a lot of things behind the scenes.
“I once despised Umno and BN but now working for a state government controlled by the Opposition, I see them equally indifferent,” he broke his silence after a while.
“You don’t have to support anyone, you know? Be a fence sitter like me,” I urged him.
He laughed, “Have you read the comments to your ‘fence-sitting’ articles? Whatever you say, the non-Malays always twist it and use it to attack Islam and Malays. How long do they expect us to remain calm?”
“But that’s not the voice of the majority. I believe there are many sensible non-Malays out there,” I had to disagree with his notion.
“You mean like the ones who joined Bersih? Like those who stepped on Hadi Awang’s poster? If Bersih is about getting rid of Najib, why insult Hadi? I will tell you why – because PAS broke off from PR in order to stand up for hudud. In other words Bersih is a tool used by Chinese for anti-Islam purposes,” he lamented.
I was speechless.
2015-09-02 10:19
Nyo36. Stop being cina bukit for once. Now all pay tax through gst. Are you still day dreaming?
2015-09-02 10:25
Salah Cina lagi... We are all talking out Malaysia's economic and political landscape in dire situation but all i hear is "Bersih is a tool used by Chinese for anti-Islam purposes". :( :( :(
2015-09-02 11:31
good or bad...is not because ur skin colour...or ur religion...
if we take out our skin...we all same
if we talk about religion...all God got similarity...cos cannot see...cannot touch...is only based on ur believe...
2015-09-02 11:37
Good la, GST - At least all the Bumi's are contributing some tax $$$ and tax evading chinese businessman also have to contribute something. u wanna buy a BMW, pay some more bl%#dy tax - too late to "Bersih" now cause you will need to "clean" the entire Malaysian population which is corrupt to the bone
2015-09-02 11:40
if i'm not mistaken, the great "connie" from Chrissyconn told me to stay focused on discussing investment topics only. now this KoonKon joker is writing Massive rubbish about politics. come on man...
2015-09-02 11:45
The amount of hate towards the cina community from the comments above shows that efforts in strengthening relationship among races have failed.
Truly saddens me
2015-09-02 12:10
It is the embedded, entrenched, latent racism from BOTH sides. If you have no chinese or Malay friends, then you won't understand.
The Indians are a special case of stupid. Caste (racism) and outsider (race) racism.
The strange thing about Malaysia, is that all these racists specialise in Ostrich Syndrome (Head-In-The-Sand) which allows them to ignore and believe in such high things as "Racial Harmony".
I have to say, it is Hilarious!
2015-09-02 12:28
My sifu once told me "boy, don't trouble trouble until trouble trouble's you" meaning 'jangan cari masalah.... nanti makan tak habis'
I will not forget what my sifu tought me.
2015-09-03 10:05
My sifu made tons of money from stock market then property market then plantations seems that everything he ventures all make $$$$$. so jealous. He knows when trouble gonna come and how to avoid it before it happen. My sifu very wise guy.
2015-09-03 10:26
Simple theory. If BN is good everybody will support. Everybody want a better life, fairness especially in education and a betterment for next generation. After more than 50 year of independent we are in a position of reverse gear. Dun you think we should do something to get thing in right direction. Treat the country like your own company, what will you do if your company full of problem. Please be sincere.
2015-09-05 09:10
Moving forward, oil producing country such as Saudi, Middle East n malaysia will hit hard if oil price remain low say another two year. Now there are lot of alternative such as solar, shale oil. Saudi will give way n now in USA, maybe for some discussion. As for malaysia, by right we should already must think what to do, restructure, diversify n etc. until now if oil price still low, malaysia will go down sooner or later especially in currency.
2015-09-05 09:19
koon :I have decided not to throw pearls to swine. While VS is sinking, I am crying to my bank and other stupid idiots too are groaning and mourning with me as if we lost our small bit.
05/09/2015 03:26
2015-09-15 16:36
Corruption in our government is so widespread and for so long that we Malaysian are immune to and, in fact, expect & accept that despicable practice as facts of life in our Malaysia.
In just two major government projects that I was directly involved in, at least rm150m were marked up to the main contractor who carried out absolutely no part of the contract works but simply negotiated the contract value, submit monthly/interim billings (submitted by their sub, sub-sub, and sub-sub-sub contractors) and take their cuts from payments.
That's RM150m on just two government contracts and there are of thousands of government contracts nationwide. So how much money was actually wasted on government contracts since independence?
2015-10-03 15:40
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Knowledge-able article, I bet no one has any idea how serious is the 700 million worth to do as no much people has so much money before the end of their life. Only the limited few of human can have so much better than normal human. just imagine a normal person with one million can lead to a good lifestye and another person with 700 millions can lead to 700 times better lifestyle than a normal person. How can equal human can have such a big gap of wealthy and poverty line?
2015-09-01 10:03