Category: Co-Operative Finance Scandal

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.

Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjung and Assemblyman for Kampong Kolam, Lim Kit Siang, at the first nation-wide mass meeting of co-operative depositors in Kuala Lumpur at Thean Hou Temple Hall, Kuala Lumpur on Sunday, 5.10.1986 at 8 pm.

The $1.6 billion Co-operative Financial Scandal is the result of the greed, dishonesty of errant co-operative directors and officials and the irresponsibility and negligence of Co-operative Department, Bank Negara and Ministry of Finance.

The DAP has decided to launch a nation-wide series of mass meetings for the 540,000 depositors of the 24 frozen co-operatives, so that the affected depsitors can let Cabinet, Parliament and the Government know their intense frustration and impatience at the protracted government delay to come out with a solution for the $1.6 billion Co-operative Finance scandal. Continue reading The $1.6 billion Co-operative Financial Scandal is the result of the greed, dishonesty of errant co-operative directors and officials and the irresponsibility and negligence of Co-operative Department, Bank Negara and Ministry of Finance

By Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjung and Assemblyman for Kampong Kolam, Lim Kit Siang, in Malacca on Friday, Oct. 3, 1986:

Call on 540,000 depositors of 24 frozen co-operatives to turn up in full force at the first national mass meeting organised by DAP in Kuala Lumpur on Sunday to show to the Government and the new Parliament that they have come to the end of their patience.

The DAP has decided to launch a nation-wide series of mass meetings on the 1.6 billion Co-operative Finance Scandal, starting with state-wide meetings before reaching out to every town and new village where there are people who have become victims of the co-operative finance scandal. Continue reading Call on 540,000 depositors of 24 frozen co-operatives to turn up in full force at the first national mass meeting organised by DAP in Kuala Lumpur on Sunday to show to the Government and the new Parliament that they have come to the end of their patience

Speech by Parliamentary Opposition Leader, Dap Secretary-General, MP for Tanjung and Assemblymen for Kampong Kolam, Lim Kit Siang, at the meeting of the DAP Co-Operatives scandal Committee held at DAP PJ Hqrs on Saturday, Sept.27, 1986 at 2 p.m.

DAP calls on the Government to provide an emergency interim $100 million rescue scheme to make partial pay-outs to needy depositors from Oct.8 to minimize hardships of the 540,000 depositors in the 24 co-operatives.

The establishment of the top-level Government Committee to find solution to the $1.6 billion Co-operative Finance Scandal is a great disappointment for the 540,000 depositors in the 24 affected co-operatives, for it means that the whole $1.6 billion Co-operative Finance Scandal is back to square one. Continue reading DAP calls on the Government to provide an emergency interim $100 million rescue scheme to make partial pay-outs to needy depositors from Oct.8 to minimize hardships of the 540,000 depositors in the 24 co-operatives

By Parliamentary Opposition Leader, DAP Secretary – General, MP for Tanjung and Assemblyman for Kampong Kolam, Lim Kit Siang, in Malacca on Friday, 26.9.1986:

DAP has no confidence in the six-man advisory committee for the high-powered government committed on the 24 co-operatives and calls for various rescue proposals for the 24 co-ops to be made public to the 540,000 depositors.

The 540,000 depositors were led by MCA and Gerakan leaders to believe that Deputy Prime Minister, Ghaffar Baba, would yesterday announce details of the government plan to protect the $1.6 billion deposits of the 540,000 depositors in the 24 co-operatives, but instead, Ghaffar Baba merely announced the setting up of another government committee to study the problem. Continue reading DAP has no confidence in the six-man advisory committee for the high-powered government committed on the 24 co-operatives and calls for various rescue proposals for the 24 co-ops to be made public to the 540,000 depositors