BMF and 1MDB–Two Wrongs don’t make it right


January 26, 2017

BMF and 1MDB–Two Wrongs don’t make it right because in the end the losers are Malaysian Taxpayers

by Susan Loone@www.malaysiakini.com

Original Title: DAP: BMF money didn’t go into Dr M’s account

Najib’s Mentor turned Tormentor–Two Wrongs don’t make it right

DAP veteran lawmaker Lim Kit Siang said the 1MDB controversy was much more serious than the declassified US Central Intelligence Agency (CIA) document which claimed that Mahathir Administration had links to the Bumiputera Malaysia Finance Ltd (BMF) scandal.

During a press conference in Penang today, Lim said the declassified documents offered nothing new and that he had said far more in the past on the issue through his press statements and his speeches in Parliament.

“The report did not say anything which I have not said before,” said Lim. “I have even debated the government report on the BMF scandal, but I am not even allowed to raise the 1MDB issue in Parliament, I may not be allowed to mention the word kleptocracy.”

Also at the press conference was DAP vice-president Ariffin Omar (photo), who recalled that a government report on the BMF scandal was made public.

In contrast, the Auditor-General’s Report on 1MDB was classified under the Official Secrets Act, he said.”Also, the CIA report never claimed that the money went into Mahathir’s personal bank accounts, unlike the 1MDB scandal,” he added.

BMF vs 1MDB

Among recently declassified CIA documents was a document which claimed that actions which resulted in BMF’s US$1 billion loss during the early 1980s was perpetrated by individuals who had links to UMNO, which was then helmed by Dr Mahathir Mohamad.

This was a major political issue at the time because BMF was a subsidiary of state-owned Bank Bumiputera Malaysia Bhd, and a BMF auditor Jalil Ibrahim was murdered in Hong Kong during the course of his investigations.The issue erupted during Mahathir’s second year as Prime Minister. On the other hand, the 1MDB controversy is the subject of money laundering investigations by several jurisdictions.

Singaporean authorities have convicted four individuals in connection with dubious transfers of 1MDB-related funds while Swiss authorities have sanctioned several banks over similar offences.

Related imageWe all knew this yet we Malaysians voted him and UMNO-BN

However, the most damning allegation was made by the US Department of Justice over claims that portion of 1MDB’s money made its way into the bank accounts of one “Malaysian Official 1” (MO1). It has been established that MO1 is Prime Minister Najib Abdul Razak.

9 thoughts on “BMF and 1MDB–Two Wrongs don’t make it right

  1. Defending Mahathir for BMF is too defensive move by DAP. Instead they should have asked if UMNO/BN or anyone else is justifying 1MDB and Najib wrong by raising the volume on BMF scandal? They are the ones who should have asked if a current wrong can be justify by the its critics own past wrong? That would have been more politically intellectual.

    The real story of BMF was that Mahathir did not take the money but covered it up because it would have weakened his political machine. Yes, there was murder, a billion then was HUGE, but in the end, its not the same thing as 1MDB and Najib. So its important to keep the two things apart.

  2. As the world becomes ever more integrated economically, culturally and politically, no domestic developments will be truly domestic ever again.

    Like it or hate it, our Malaysian politics will from now on forever be under the the influnce of foreign superpowers.

    This is in fact true even after our so-called “independance” 60 odd years ago, but it’ll be an even more “hands on” approach by those superpowers from now on.

  3. The Singapore court had have closed banks and convicted bankers who had laundered 1MDB funds. How come nobody had been brought to court for putting 1MDB funds into the accounts of somebody who claims he is not involved with 1MDB

  4. LKS said..” the declassified documents offered nothing new…”
    but what’s distressing new is, he is prepared to forego his principled reputation, stoop so low in sleeping in the same bed with the very person, TDM, whose main political/policy actions he had “condemned ” during his 22 years reign.

    ….And during which he (TDM) had been ultimately held responsible for all the scandals that follow, including BNM Forex Loss, Perwaja, …. not condoning Najib’s1MDB– altogether, costing the country hundreds of billion, trillion by today’s value.

    …..And during which, he (TDM) had disposed 4 DPMs, 1 PM and another( PM Najib ) he appointed, now, who he wants to dispose.

    .,…And during which he( TDM) had left behind a deeply entrenched culture of MACCP which largely had led the country to this dire state of affairs, WITHOUT the service of Quality Leaders.

    Yet, LKS and leaders from both sides, have NOT learned the lessons, as in BMF – the Mother of all Scandals that follow till this day.

    See more related stories to BMF @ www. klaunet.wordpress.com

  5. There is a world of difference between BMF and 1MDB scandal. BMF was investigated and debated in parliament and never went into personal account whereas 1MDB went into Najib personal account and never debated in parliament.

  6. All the people involved in the BMF are no longer around. Their stories have been buried with them people such as Lorrain Esme Osman and Nawawi Mat Awin. Only one is Ku Li who seems to have lost his tongue.

  7. @damainpodtong, Jeffrey Lim, bigjoe 99 , LKS and readers.

    1. There is No justification for BMF and All the Scandals that follow or 1MDB to have happened, because TDM or the power-that-be Could have prevented them in the first place.

    Money lost to the pockets of the unknown culprits insidiously or openly to MO1 account is still the MONEY LOST to OR STOLEN from the people.

    Those responsible were never thoroughly investigated or brought to books.

    It is about Trust Hypocrisy of political leaders from both sides. Eventually, the people and country had suffered untold miseries and pain .

    2. But since it had happened, the most Damaging differences are:

    a. BMF has become the Mother of all the Scandals that follow till this day.
    b. It had set the impetus for the entrenchment and the replication of the Culture of MACCP of Umnob leaders, who had largely got away without being punished .
    C. Which abovementioned are the main root causes that had led the country to this dire state of affairs.

  8. In my second posting above ,

    the last line,

    “……..www.klaunet.wordpress. com ”

    Should read ,

    ” ……..www. kllaunet.wordpress.com ”

    Error is regretted.

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