Category: Co-Operative Finance Scandal

by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjong and Assemblyman for Kampong Kolam, Lim Kit Siang, in Petaling Jaya on Tuesday, 6.1.1987:

Call on Bank Negara to explain why it unilaterally decided to appoint receivers for the 23 co-operatives without consent or consultation with the directors, members and depositors of the co-operatives

Before Bank Negara proceed with its application to the High Court to appoint receivers for the 23 co-operatives, it must explain why it unilaterally decided on this action without consent or consultation with the directors, members and depositors of the co-operatives. Continue reading Call on Bank Negara to explain why it unilaterally decided to appoint receivers for the 23 co-operatives without consent or consultation with the directors, members and depositors of the co-operatives

Part II of Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjong and Assemblyman for Kampong Kolam, Lim Kit Siang, at the meeting of co-operative depositors organized by the DAP National Co-operatives Scandal Committee at Tien Hou Kong, Kuala Lumpur on Monday, January 5, 1987 at 8 p.m.

Understand that the Bank Negara Governor’s statement that nine co-operatives had reached agreement with their appointed financial institutions is incorrect

Bank Negara Governor, Datuk Jaffar Hussien, announced today that KOJADA is being de-frozen, while another nine deposit-taking co-operatives have reached agreement with their appointed financial institutions on arrangements to repay depositors of the DTCs. Continue reading Understand that the Bank Negara Governor’s statement that nine co-operatives had reached agreement with their appointed financial institutions is incorrect

Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjong and Assemblyman for Kampong Kolam, Lim Kit Siang, at the meeting of co-operative depositors organized by the DAP National Co-operatives Scandal Committee at Tien Hou Kong, Kuala Lumpur on Monday, January 5, 1987 at 8 p.m.

Call on Bank Negara to make public its proposals on the refund plans for each of the 23 co-operatives on appointment of receivership to convince depositors that the receivers will not be a new stone-wall to frustrate depositors to get back their life-savings

MCA Deputy Natkonal and Rural Development Minister and MCA Youth Secretary-General, Ng Cheng Kuai, said yesterday that the former MCA President. Tan Koon Swan, had asked him to convey his ‘Happy Chinese New Year’ wishes to the Malaysian Chinese when Ng Cheng Kuai visited Tan Koon Swan in Moon Crescent, Changi Prison in Singapore on 31st December l986. Continue reading Call on Bank Negara to make public its proposals on the refund plans for each of the 23 co-operatives on appointment of receivership to convince depositors that the receivers will not be a new stone-wall to frustrate depositors to get back their life-savings

by Parliament Opposition Leader, DAP Secretary-General, MP for Tanjung and Assemblyman for Kampong Kolam, Lim Kit Siang, in Petaling Jaya on Monday, 8th Dec. 1986:

Ghaffar Baba’s statement that none of the 588,000 depositors had come forward to state their views is most shocking and deplorable

The statement by the Deputy Prime Minister, Ghaffar Baba, that none of the 588,000 co-operatice depositors had come forward to state their views on the Government’s White Paper proposals on the 24 co-operatives, is most shocking and deplorable. Continue reading Ghaffar Baba’s statement that none of the 588,000 depositors had come forward to state their views is most shocking and deplorable

Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjung and Assemblyman for Kampung Kolam, Lim Kit Siang, at the Official Opening of the Penang DAP State Convention 1987 at Shangrila Hotel on Sunday, 16.11.1986 at 10 a.m.

DAP lawyers to study the possibility of using the Government for causing the $1.5 billion Co-operative Calamity affecting 588,000 depositors because of its negligence and failure to wipe out co-operative fraud and malpractices despite having information for past five years.

The $1.5 billion Co-operative Calamity, wiping out the life-savings and even ‘coffin-money’ of 588,000 depositors, is the latest in a long series of scandals and catastrophes of the Barisan Nasional Government in the past three years which had shattered public confidence in the government, the system and the country – whether by Malaysians themselves or by foreigners, impeding economic recovery and undermining nation-building. Continue reading DAP lawyers to study the possibility of using the Government for causing the $1.5 billion Co-operative Calamity affecting 588,000 depositors because of its negligence and failure to wipe out co-operative fraud and malpractices despite having information for past five years

Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjun and Assemblyman for Kampong Kolam, Lim Kit Siang, AT the DAP Public Protest Meeting against the Government White Paper on the 24 Co-operatives held at the Penang Chinese Town Hall on Sunday, Nov, 16, 1986 at 9p.m.

The Chinese community have the three voices of ‘cynicism, protest and condemnation’ because the MCA and MAC Youth had betrayed their with the $1.5 billion Co-operative Calamity.

In his speech as MCA Youth Leader at the MCA Youth General Assembly in Kuala Lumpur on Saturday, Datuk Kee Yong Wee said that from the Chinese press, there are only three voices of ‘cynicism protest and condemnation’, and very seldomthe call for ‘unity’ among the alaysian Chinese. Continue reading The Chinese community have the three voices of ‘cynicism, protest and condemnation’ because the MCA and MAC Youth had betrayed their with the $1.5 billion Co-operative Calamity

Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjung and Assemblyman for Kampong Kolam, Lim Kit Siang, at the ‘Protect the 588,000 Depositors of 24 Co-operatives Public November 14, 1986 at 8 p.m.

The Government must produce $600 million to bail out the 588,000 co-perative depositors as the Government is the biggest single cause for the Co-operative Finance Calamity BECAUSE of its negligence and failure to monitor the co-operatives and protect the depositors in the past five years

In the Government White Paper on the 24 deposit-taking co-operatives, the government said that it should not “ as a matter of principle underwrite each and every loss in institutions, be they companies, co-operatives or even statutory bodies.” The White Paper said the Government could not guarantee the deposits of the 24 co-operatives. Continue reading The Government must produce $600 million to bail out the 588,000 co-perative depositors