Co-Operative Finance Scandal – Pursuit of a Malaysian Dream

DAP proposes that National Trust Fund Bill he referred to Select Committee

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in the Dewan Rakyat on Monday, 19.10.1987 referring the National Trust Fund Bill to Select Committee and on the 16 amendments proposed by DAP MPs to the Bill in Committee Stage.

DAP proposes that National Trust Fund Bill he referred to Select Committee as government has not convinced MPs, both Opposition as well as Barisan Nasional, that there could not be massive abuses, breach of trust or corruption as happened in Maminco, EPF-Makuwasa, UMBC, BMF and North-South Highway scandals in the administration of the National Trust Fund which will be a multi-billion dollar Trust Fund.

I propose, under Standing Order 54(2), that the National Trust Fund Bill be referred to a Select Committee, for the following reasons: Continue reading DAP proposes that National Trust Fund Bill he referred to Select Committee

DAP calls on Parliament to vote out any government requests for supplementary funds until the government has produced a satisfactory formula to honour its Gopeng by-election pledge of full ‘dollar-for-dollar’ cash refund to 588,000 co-operative depositors by latest March 1989

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in the Dewan Rakyat on Friday, July 3, 1987 on the 1986 and 1987 Supplementary Supply and Development Estimates

DAP calls on Parliament to vote out any government requests for supplementary funds until the government has produced a satisfactory formula to honour its Gopeng by-election pledge of full ‘dollar-for-dollar’ cash refund to 588,000 co-operative depositors by latest March 1989

From the government’s parliamentary performance at the current meeting so far, one could not be blamed for thinking that the Dewan Rakyat was called primarily to enabled the government to ask and get approval for supplementary operating and development estimates for 1986 and this year. Continue reading DAP calls on Parliament to vote out any government requests for supplementary funds until the government has produced a satisfactory formula to honour its Gopeng by-election pledge of full ‘dollar-for-dollar’ cash refund to 588,000 co-operative depositors by latest March 1989

Call on Lee Kim Sai to resign as Cabinet Minister if he betrays the MCA Gopeng by-election pledge of full cash refund to depositors by agreeing to Radifah Aziz’s proposal that not all the refund be by cash

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, to a meeting of Selangor DAP branch leaders held at No. 77, Jalan 20/9, Paramount Garden, PJ on Sunday, June 14 at 8 p.m

Call on Lee Kim Sai to resign as Cabinet Minister if he betrays the MCA Gopeng by-election pledge of full cash refund to depositors by agreeing to Radifah Aziz’s proposal that not all the refund be by cash

After Friday’s MCA Central Committee meeting, MCA Deputy President, Datuk Lee Kim Sai, said for the first time that the 588,000 co-operative depositors will not get full cash refund in its Gopeng by-election promise of ‘dollar-for-dollar’ refund by March 1989. Continue reading Call on Lee Kim Sai to resign as Cabinet Minister if he betrays the MCA Gopeng by-election pledge of full cash refund to depositors by agreeing to Radifah Aziz’s proposal that not all the refund be by cash

MCA’s promise of a full ‘dollar-for-dollar’ cash refund to 588,000 co-operative depositors by latest March 1989 is the MCA’s last chance to prove that it is a political party still deserving of belief, support and trust

by parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Thursday, June 11, 1987:

MCA’s promise of a full ‘dollar-for-dollar’ cash refund to 588,000 co-operative depositors by latest March 1989 is the MCA’s last chance to prove that it is a political party still deserving of belief, support and trust

The DAP, and the 588,000 co-operative depositors, are very disappointed by yesterday’s Cabinet meeting. After all the ‘big talk’ and ‘great promises’ by the MCA Ministers, the Cabinet had not only failed to take a policy decision to approve the principle of full cash refund to the 588,000 depositors, none of the four MCA Ministers dared to raise the co-operative issue in Cabinet. Continue reading MCA’s promise of a full ‘dollar-for-dollar’ cash refund to 588,000 co-operative depositors by latest March 1989 is the MCA’s last chance to prove that it is a political party still deserving of belief, support and trust

Public inquiry into the take-over of the 24 DTCs by Bank Negara and the receivers in the last 10 months to determine why their net assets value had fallen by some $600 million

Press Comments by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, after the opening of the Malacca DAP State Convention at Midtown Hotel, Malacca on Sunday, 7.6.1987:

Public inquiry into the take-over of the 24 DTCs by Bank Negara and the receivers in the last 10 months to determine why their net assets value had fallen by some $600 million

In the past few days, the Gerakan Deputy Agriculture Minister, Alex Lee, had been behaving as if he is the “official spokesman of both the Finance Minister, Daim Zainuddin, and the Bank Negara, on the $1.5 billion Co-operative Finance Scandal. This is why his statement on Monday that the Bank Negara now estimates that the total net asset value of the DTCs is only $300 million is so shocking and unbelievable – especially as the Bank Negara had not denied it for the past week. Continue reading Public inquiry into the take-over of the 24 DTCs by Bank Negara and the receivers in the last 10 months to determine why their net assets value had fallen by some $600 million

Urgent cable to MCA and Gerakan a Ministers to do their duty to 588,000 depositors by getting Cabinet on Wednesday to adopt the principle of full cash refund by latest March 1989

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tunjung, Lim Kit Siang, at the official opening of the Malacca State Convention 1987 on Sunday, 7.6.1987 at 10.a.m.

Urgent cable to MCA and Gerakan a Ministers to do their duty to 588,000 depositors by getting Cabinet on Wednesday to adopt the principle of full cash refund by latest March 1989

I have sent urgent cables to the four MCA Ministers, Datuk Dr. Ling Liong Sik, Lee Kim Sai, Chan Siang Sun and Ng Cheng Kiat and the Gerakan Minister, Datuk Dr Lim Keng Yaik to do their duty to the 588,000 co-operative depositors by getting the Cabinet on Wednesday, June 10, to adopt the principle of full cash refund to the depositors, including interest, by latest March 1989. Continue reading Urgent cable to MCA and Gerakan a Ministers to do their duty to 588,000 depositors by getting Cabinet on Wednesday to adopt the principle of full cash refund by latest March 1989

Reminder to Datuk Seri Dr. Mahathir Mohamed that a ‘clean, efficient and trustworthy’ government would not take 10 months to find a solution to the $1.5 billion co-operative finance crisis

By Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung Lim Kit Siang, in Petaling Jaya on Saturday, 6.6.1987:

Reminder to Datuk Seri Dr. Mahathir Mohamed that a ‘clean, efficient and trustworthy’ government would not take 10 months to find a solution to the $1.5 billion co-operative finance crisis.

The Prime Minster, Datuk Seri Dr. Mahathir Mohamed, said in Alor Star yesterday that the Government was looking for a solution to the problems besetting the 24 trouble deposit-taking co-operatives. Continue reading Reminder to Datuk Seri Dr. Mahathir Mohamed that a ‘clean, efficient and trustworthy’ government would not take 10 months to find a solution to the $1.5 billion co-operative finance crisis

If the Gerakan General Assembly this weekend is not prepared to take a firm and uncompromising stand that the Cabinet should decide on June 10 that the 588,000 co-operative depositors will get a full refund by March, 1989, then it is utterly irrelevant who wins or loses in the Gerakan party elections

By Parliamentary Opposition Leaders, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Friday, 5.6.1987:

If the Gerakan General Assembly this weekend is not prepared to take a firm and uncompromising stand that the Cabinet should decide on June 10 that the 588,000 co-operative depositors will get a full refund by March, 1989, then it is utterly irrelevant who wins or loses in the Gerakan party elections

The focus of the weekend’s Gerakan General Assembly is the Gerakan party elections and in particular the contest between Dr. Lim Keng Yaik – Kerk Choo Ting and Goh Cheng Teik – Khor Gark Kim, when it should be on the Gerakan’s record in Cabinet and Government on the 10- month co-operative finance scandal and the sufferings of the 588,000 co-operative depositors. Continue reading If the Gerakan General Assembly this weekend is not prepared to take a firm and uncompromising stand that the Cabinet should decide on June 10 that the 588,000 co-operative depositors will get a full refund by March, 1989, then it is utterly irrelevant who wins or loses in the Gerakan party elections

Alex Lee should stop the fiasco of meeting with Bank Negara Officials on the Cooperative issue when Bank Negara has not been authorised by the Cabinet to work out a dollar-for-dollar refund to depositors

By Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Thursday, 4.6.1987

Alex Lee should stop the fiasco of meeting with Bank Negara Officials on the Cooperative issue when Bank Negara has not been authorised by the Cabinet to work out a dollar-for-dollar refund to depositors.

Yesterday, Gerakan Deputy Agriculture Minister, Alex Lee, announced that Gerakan officials will meet Bank Negara officials for the “first detailed discussion” to bail-out the 24 troubled cooperatives. He even said MCA Ministers and leaders would be invited to the meeting. Continue reading Alex Lee should stop the fiasco of meeting with Bank Negara Officials on the Cooperative issue when Bank Negara has not been authorised by the Cabinet to work out a dollar-for-dollar refund to depositors

DAP to Anwar Ibrahim: Dollar-to-dollar refund to co-operative depositiors is not a question of threats or ultimatums, but one of justice and fairness!

By Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Penang on Monday 1.6.1987:

DAP to Anwar Ibrahim: Dollar-to-dollar refund to co-operative depositiors is not a question of threats or ultimatums, but one of justice and fairness!

UMNO Vice President and Education Minister, Anwar Ibrahim, said yesterday that the Cabinet had made 2 decision to help the DTCs but had let it to Bank Negara to work out the details. He said the Cabinet had discussed the DTCs problem in an amiable manner and will continue to deliberate on it, but it will not bow to threats or ultimatums when deciding on ways to help. Continue reading DAP to Anwar Ibrahim: Dollar-to-dollar refund to co-operative depositiors is not a question of threats or ultimatums, but one of justice and fairness!