Category: BMF Loans Scandal

BMF Scandal- ‘Let the chips fall where they should’

The Finance Minister’s 1984 Budget would probably go down in Malaysian history as the Budget which commanded the shortest span of public attention. It is not even a nine-day wonder, for after one’s day’s publicity, the Malaysian public returned to the greater preoccupation about the $2,500 million loans scandal of Bumiputra Malaysia Finance in Hong Kong, the biggest banking and financial scandal in the history of Malaysia since Merdeka.

I believe I am not the only one to be very disappointed by the failure of the Finance Minister. Tengku Razaleigh, to take the opportunity of the 1984 Budget presentation to make disclosures, either through his orang presentation or by way of an appendix to the Treasury report 1983/84, about the BMF scandal in Hong Kong in view of the colossal sum of public funds involved. Continue reading BMF Scandal- ‘Let the chips fall where they should’

The BMF Scandal – Bank Negara’s Role

Firstly, I wish to protest in the strongest possible terms against the most cavalier and arrogant attitude of the Government in refusing to give MPs adequate time to study the Banking (Amendment) Bill 1983 for the overwhelming majority of MPs would have received the Bill only this morning or yesterday.

As far as the Government is concerned, Parliament is only a rubberstamp and it does not matter if MPs do not know what is in the Bill, for they are only needed to provide the ‘ayes’ to pass the Bill upwards on its way to become law. Continue reading The BMF Scandal – Bank Negara’s Role

The BMF Scandal – Bank Negara’s Role

Firstly, I wish to protest in the strongest possible terms against the most cavalier and arrogant attitude of the Government in refusing to give MPs adequate time to study the Banking (Amendment) Bill 1983 for the overwhelming majority of MPs would have received the Bill only this morning or yesterday.

As far as the Government is concerned, Parliament is only a rubberstamp and it does not matter if MPs do not know what is in the Bill, for they are only needed to provide the ‘ayes’ to pass the Bill upwards on its way to become law. Continue reading The BMF Scandal – Bank Negara’s Role

Recently, more and more important Malaysian new and developments are only to be read in the foreign press

By Parliamentary Opposition Leader and DAP Secretary General, Lim Kit Siang, issued on Thursday, 1st September 1983

Recently, more and more important Malaysian new and developments are only to be read in the foreign press. If this trend continues, the local press will suffer not only a great credibility gap among its readers, it would also lead to a press situation in Malaysia which is diametrically opposed to the liberal era for press freedom promised at the beginning of the 2M leadership in July 1981.

The latest example is in connection with press reportings about development of the Bumiputra Malaysia Finance loan scandal in Hong Kong. Utusan Malaysia today reproduced a report from the British weekly, The Economist, reporting that a top Bank Negara official, Mohamed Bashir Ahmad, who is also the husband of the Minister for Public Enterprises, Datin Paduka Rafidah Aziz, would be appointed as Chairman of BMF. The Economist also reported that Mohamed Bashir was originally to take over as BMF chairman in early August but this was postponed because of the murder of Jalil Ibrahim on July 18. Continue reading Recently, more and more important Malaysian new and developments are only to be read in the foreign press

Executive control over Parliament being tightened to the detriment of the principle of Par1iamentary supremacy

Speech by Parliamentary Opposition Leader, DAP Secretary- General and MP for Kota Melaka, Lirn Kit Siang, at the Official Opening of the Penang State DAP Convention 1983 in Penang on Sunday, 7.8.1933 at 10 a.m

Executive control over Parliament being tightened to the detriment of the principle of Par1iamentary supremacy

The recently- concluded two-week Parliamentary meeting shows the ever—tightening gontrol of the Executive over Parliament to the great detriment of the principle of Parliamentary supremacy. Continue reading Executive control over Parliament being tightened to the detriment of the principle of Par1iamentary supremacy

DAP proposes that the Public Accounts Committee inquire into the billion dollar Bumiputera Malaysia Finance loan scandal in Hong Kong, and report to Parliament.

Speech by Parliamentary Opposition Leader, DAP Secretary – General and MP for Kota Melaka, Lim Kit Siang, in the Dewan Rakyat on Monday, 25.7.1983 on the motion to appoint the Chairman and Vice Chairman for the Public Accounts Committee.

DAP proposes that the Public Accounts Committee inquire into the billion dollar Bumiputera Malaysia Finance loan scandal in Hong Kong, and report to Parliament.

The Prime Minister has moved this motion to asks the House to appoint Y.B. Tuan Daud bin Dato’ Haji Taha as the Chairman and Y.B. Tuan Lim Liang Seng as Vice Chairman of the Public Accounts Committee for the rest of the Parliamentary session, following the appointment of the previous Chairman Tuan Y.B. Oo Gin Sun, as Deputy Minister for Trade and Industry. Continue reading DAP proposes that the Public Accounts Committee inquire into the billion dollar Bumiputera Malaysia Finance loan scandal in Hong Kong, and report to Parliament.

The interest of banking and finance in Malaysia calls for a complete clearing of the air on the BMF affair

Speech by Parliamentary Opposition Leader, DAP Secretary – General and MP for Kota Melaka, Lim Kit Siang, at the Malacca DAP 17th Anniversary Thousand- People Dinner held at Pay Fong Chinese Independent Secondary School Hall Malacca on Sunday, 24.7.1983 at 8 p.m.

Dr. Mahathir’s Two- Years- as Prime Minister Interview

The interest of banking and finance in Malaysia calls for a complete clearing of the air on the BMF affair

In his Two- Years- as- Prime- Minister interview, Dr Mohamed said that if there were any malpractices involved in the billion- dollar Bumiputra Malaysia Finance loans in Hong Kong, the Government would have no hesitation about taking action. Continue reading The interest of banking and finance in Malaysia calls for a complete clearing of the air on the BMF affair

DAP sends protest cable to Dr. Mahathir Mohamed against continued government attempt to ‘cover up’ Bumiputera Malaysia Finance billion- loan scandal

By Parliamentary Opposition Leader, DAP Secretary- General and MP for Kota Melaka, Lim Kit Siang, in Petaling Jaya on Saturday, 23.7.1983

DAP sends protest cable to Dr. Mahathir Mohamed against continued government attempt to ‘cover up’ Bumiputera Malaysia Finance billion- loan scandal.

With the cold- blooded murder of Bank Bumiputera officer, Jalil Ibrahim, in Hong Kong last Tuesday where he was assigned in connection with the billion- dollar Bumiputera Malaysia Finance loan problems, I had expected the Gove rnment to more m open and forthcoming and to change its attitude of evading its responsibility of public accountability in Parliament on the BMF loans. Continue reading DAP sends protest cable to Dr. Mahathir Mohamed against continued government attempt to ‘cover up’ Bumiputera Malaysia Finance billion- loan scandal

DAP calls for Commission of Inquiry into billion dollar BMF loans in Hong Kong, the inproprieties and malpractices involved and the murder of Bank Bumiputra Audit Division Head, Jalil Ibrahim.

Press Statement by Parliamentary Opposition Leader and DAP Secretary General, Lim Kit Siang, on Thursday, 21.7.1983

DAP calls for Commission of Inquiry into billion dollar BMF loans in Hong Kong, the inproprieties and malpractices involved and the murder of Bank Bumiputra Audit Division Head, Jalil Ibrahim.

The cold- blooded murder in Hong Kong of Encik Jalil Ibrahim, the head of Bank Bumiputra’s internal audit division, sent to the British colony in connection with Bumiputra Malaysia Finance loans problem is most shocking and has given the whole BMF loan scandal a completely new dimension. Continue reading DAP calls for Commission of Inquiry into billion dollar BMF loans in Hong Kong, the inproprieties and malpractices involved and the murder of Bank Bumiputra Audit Division Head, Jalil Ibrahim.

Tengku Razaleigh to be questioned on first day of Parliament on July 25 on the billion dollar bad loans of Bumiputera Malaysia Finances in Hong Kong.

Speech by Parliamentary Opposition Leader, DAP Secretary – General and MP for Kota Melaka, Lim Kit Siang, at the Perak DAP State Seminar for DAP officials held in Ipoh on Sunday, 10th July 1983 at 10 a.m.

Tengku Razaleigh to be questioned on first day of Parliament on July 25 on the billion dollar bad loans of Bumiputera Malaysia Finances in Hong Kong.

We read in the press that in Singapore, the monetary authorities are petitioning the High Court to wind up a Finance Company, the Overseas Union Finance Company, because its major shareholder and former managing director, Seah Say Yoong, had been convicted of an offence for authorizing an unsecured loan of $720,000 to the estate of his late brother. Although this led to a run on the Finance Company, the OUF’ had total assets of $60 million to meet the $30 million owed depositors. Continue reading Tengku Razaleigh to be questioned on first day of Parliament on July 25 on the billion dollar bad loans of Bumiputera Malaysia Finances in Hong Kong.