Author: Curator

By Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjung and Assemblyman for Kampong Kolam, Lim Kit Siang, in Petaling Jaya on Monday, Oct 6, 1986:

DAP calls on the Cabinet to freeze Pernas ‘purchase of the 51% UMBC stake of Daim Zainuddin’s family companies and to use the $350 million – $400 million involved for rescuing the 540,000 depositors hit by the $1.6 billion Co-operative Scandal.

Business Times reported on Sunday that Pernas is expected to sign for a 11.5 billion yen ($200 million) loan from a consortium of Japanese banks on or around October 20 to help pay for the 51% UMBC stake belonging to Daim Zainuddin’s family companies. Continue reading DAP calls on the Cabinet to freeze Pernas ‘purchase of the 51% UMBC stake of Daim Zainuddin’s family companies and to use the $350 million – $400 million involved for rescuing the 540,000 depositors hit by the $1.6 billion Co-operative Scandal

RESOLUTION

Adopted by the first national mass meeting of depositors of 24 co-operatives frozen by Bank Negara, held at Thean Hou Temple Hall, Kuala Lumpur on Saturday, 5th October 1986 8p.m. -10pm

WE, the depositors of the 24 co-operatives frozen by Bank Negara on July 23 and August 8, meeting at Thean Hou Temple Hall, Kuala Lumpur, on October 5, 1986, RESOLVE THE FOLLOWING:

WE EXPRESS GRAVE REGRET THAT THE GOVERNMENT HAD FAIDED TO TAKE EARLY STEPS TO MONITOR THE CO-OPERATIVE FINANCE BRANCHES AND PROJECT OUR $1.6 BILLION DEPOSITOR IN THE 24 DEPOSIT-TAKING CO-OPERATIVES, DESPITE REPEATED WARNINGS BY DAP LEADERS AND MPS IN THE PAST FEW YEARS;

WISH TO IMPRESS ON THE GOVERNMENT THAT THE 540,000 DEPOSITORS AND MEMBERS OF THE 24 CO-OPERATIVES FROZEN BY BANK NEGARA ARE ORDINARY RAKYAT OF LITTLE MEANS, MOSTLY HOUSEWIFES, HAWKERS, WORKERS, PETTY BUSINESSMEN, WITH THEIR LIFE=LONG SAVINGS IN JEOPARDY IN MANY CASES;

URGE THE GOVERNMENT NOT TO MAKE THE 540,000 DEPOSITORS AND MEMBERS BE THE VICTIMS OF THE CO-OPERATIVE FINANCE SCANDAL WHEN THE FAULT LIES IN THE GREED AND DISHONESTY OF CERTAIN CO-OPERATIVE DIRECTORS AND OFFICIALS AND THE IRRESPONSIBILITY AND NEGLIGENCE OF CO-OPERATIVE DEPARTMENT, BANK NEGARA AND MINISTRY OF FINANCE:

URGE THE GOVERNMENT TO ALLOCATE $800 MILLION TO SAVE THE 540,000 DEPOSITORS AND MEMBERS AS THE GOVERNMENT COULD COME OUT WITH $2.5 BILLION OF PETROLEUM MONEY TO SAVE BANK BUMIPUTRA AND BUMIPUTRA MALAYSIA FINANCE IN THE $2.5 BILLION BMF SCANDAL: AND $150 MILLION TO SAVE BANK RAKYAT IN THE CO=OPERATIVE BANK SCANDAL:

CALL ON THE GOVERNMENT TO ARREST AND PROSECUTE CO-OPERATIVE DIRECTORS AND OFFICIALS WHO HAD COMMITTED BREACH OF TRUST AND ABUSED THEIR POWERS AND RESPONSIBILITY TO CREATE THE CO-OPERATIVE FINANCE SCANDAL:

CALL ON THE GOVERNMENT TO RELASE THE INVESTIGATION REPORTS OF THE 17 ACCOUNTING FIRMS APPOINTED BY BANK NEGARA TO INVESTIGATE INTO THE 24 CO-OPERATIVES AFTER THE BANK NEGARA FREEZE ACTION ON AUGUST 8, 1986;

CALL FOR A COMMITMENT BY THE GOVERNMENT THAT IN ITS RESCUE PLAN FOR THE 24 CO-OPERATIVES, IT WOULD ENSURE THAT THE 540,000 INNOCENT DEPOSITORS WOULD NOT SUFFER ANY FINANCIAL LOSS; AND

CALL ON BANK NEGARA TO START DE-FREEZING THE CO-OPERATIVES FROM OCTOBER 8, WHICH WILL BE TWO FULL MONTHS FROM THE AUGUST 8 ACTION, IN A MANNER WHICH WILL RESTORE PUBLIC CONFIDENCE IN THE CO-OPERATIVES AS WELL AS IN THE FINANCIAL AND BANKING SYSTEM.