Where Has All of Malaysia’s RM456 billion Oil Money Gone
To....UMNOputra cronies?
Where Has All of Malaysia’s Oil Money Gone To?
Has anybody ever stopped to think and question this
very important question? I wrote a Bahasa Malaysia
I wrote a Bahasa Malaysia version on this issue.
And I received a comment in English that
touches the heart and soul of this topic:
Anonymous said...I am 40yrs old now. I have NEVER EVER seen
a single sen of Petronas's money for 40 years.
I believe as long as BN is still in power, I will
NEVER EVER see a single sen of Petronas's money for the
next 40 years.
My whole Malay version of this article quoted an example of
how Norway handled profits from their mining/oil industry.
Allow me to quote:
The Government Pension Fund - Global (Norwegian: Statens
pensjonsfond utland, SPU) is a fund into which the surplus
wealth produced by Norwegian petroleum income is deposited.
The fund changed name in January 2006
from its previous name The Petroleum Fund of Norway.
The fund is commonly referred to as The Petroleum Fund
(Norwegian: Oljefondet). As of the valuation in June 2007,
it was the largest pension fund in Europe and the fourth
largest in the world
[1], although it is not actually a pension fund as it derives its
financial backing from oil profits and not pension contributions.
As of 30 September 2009 its total value is NOR 2.549 trillion ($455Bn)
[2], holding 0.77 per cent of global equity equity markets.
[3] With 1.25 per cent of European stocks,
[4] it is said to be the largest stock owner in Europe.
[5] Despite the influx of oil money, Norway has not reduced their
taxes nor have they introduced subsidies or use the money for
white-elephants projects.
They have kept their oil profits for the future
generations of Norwegians (be it the total population of
Norway is not more than 5m lives).
WHAT HAS HAPPENED TO OUR OIL REVENUES?
From various reports (namely from Dr Mahathir himself in
one of his articles), we can sum up the total contribution
of Petronas to the government in these terms:
Tun Hussein Onn Period : RM 33 Billion
Dr Mahathir Period : RM 165 Billion
Pak Lah’s Period : RM 256 Billion
So an estimated total of RM 456 billion in terms of oil
revenue has been received by the Malaysian government from
Petronas since Petronas’s inception.
Now, the reason why the commenter above expresses his worry
is that to date, the people of Malaysia do not have the
faintest idea where the oil money has gone to. I mean, if I
was a Norwegian, and someone asks me where has Norway’s
oil money gone to, I can easily answer the oil money is
currently residing in Norway’s pension fund.
But, for a Malaysian, that is not an easy question to answer.
As the comment I quoted above shows, we Malaysians
has never really seen a single cent of Malaysia’s oil money.
In fact, we have to pay through our noses when we
fill up our cars at Petronas’s petrol stations.
I mean, for all the oil money Petronas makes, why couldn’t
they at least keep the Petronas Station toilets clean.
> < Is that too much to ask?
INDONESIAN EXPERIENCE
I also cited the Indonesian experience with oil money.
During their OPEC heydays, Suharto+family and his cronies
were enjoying life like no one knows. They were
They were drowned in money.
A veteran Indonesian oil-worker I know told me that
during the heydays, oil was found in INLAND INDONESIA.
They do not have to explore oil offshore back then.
They found oil within Indonesian land.
And all of the money was not spent where it counts i.e.
infrastructure, facilities, savings etc.
Suharto+family and his cornies robbed Indonesia’s oil
money blind. So during Indon’s heydays, we do not see many
highways, bridges, roads etc. Most of the oil money goes to
Suharto and his cronies pockets.
In order to keep the people subdued, Suharto subsidized
everything i.e. gasoline, food etc. But, even with the
subsidies, it didn’t account much to the total oil earning
of Indonesia because back then food and gasoline was cheap.
Trouble really starts when the oil money ran dry.
The oil drills are digging out air instead of the normal
black stuff.
So, no more money for subsidies and no more money for
their big pockets.
And sure enough 3 years later, Indonesians became more
jobless and more hungry than before. The oil money has run
out and the country is in a deep hole that they can never
climb out of.
In the aftermath of Suharto’s fall, there was massive starvation.
People were living in abject hardship. The oil money that
helped to keep people slightly above starvation is no more.
So, naturally, 50% of the people went below starvation level.
Food became very expensive and their money became devalued
so much. The result, close to 1 to 1.5 million girls/women
in Indonesia had to turn to prostitution just to stay alive.
Suffice to say, Indonesia is a GREAT example of how the oil
curse works.
ARE WE TO SUFFER THE SAME FATE?
UMNO and BN are no less of a thieve then their Suharto counterparts.
We Malaysians are also being robbed blind by UMNO.
The fact that UMNO having to remove subsidies, introducing the GST,
raising taxes here and there shows that OUR OIL MONEY HAS RAN OUT.
THE PARTY IS OVER.
And when the music stops, 99% of Malaysians will find out
that all of the oil money has never went their way at all.
It went into the pockets of UMNOPUTRA and their cronies.
Now, when the oil money has ran out, UMNO and BN has
decided to come and robbed us blind instead by taking money
out of our pockets. They cannot lower their standard of
living and the normal income they use to get by robbing our
oil money.
They now have to rob us for the loss they are suffering due
to dwindling oil revenues.
So, what are we to do now. Our daughters will end up
becoming prostitutes just to buy a kilo of rice in
the future. God forbids.
No one can accuse me of exaggerating when the real live
example is just across the Malacca Straits. Come over
Come over and you can witness for yourself.
The Curse of the Oil in real life.
Norway is more Islamic than Malaysia when it comes to oil money.
But will UMNO Mufti’s ever admit to that?
Tulang Besi
ps below is a quote from WIKIPEDIA on the Oil Money
controversy in Malaysia. Happy reading
Oil Revenue Payments to Malaysian Government on July 4, 2009
Petronas adviser Tun Dr Mahathir Mohamad asked what did the
government spend with the RM253.6 billion payment
from the national oil company over the past six years when
his successor Tun Abdullah Ahmad Badawi was prime Minister.
He said that Petronas has been paying dividends, taxes,
royalties and export duties to the government since 1976,
after it was set up as the national custodian for fossil fuels.
Petronas began by paying the government RM300 million in 1976,
rising to RM2 billion in 1981, when Mahathir assumed office.
The total from 1981 to 2003 was RM168.8 billion for the 22 yrs
that marked Dr Mahathir's tenure as the country's fourth PM.
10] Opposition leader Lim Kit Siang urged the BN Govt to open
its books on Petronas and give a full accounting of how
payments from the national oil company had been spent
since its inception. Lim said that previously Mahathir did
not raise any issues about the misuse of funds from Petronas,
set up in 1976 as the national oil company, to bail out
"dubious projects”. He pointed to the infamous
incident where RM2 billion was used to bailout
Mahathir's son Mirzan Mahathir’s shipping concern
Konsortium Perkapalan Bhd (KPB) in 1998 when KPB was
floundering in billion-ringgit debts with its share price
falling to RM3.78 by February 1998, a fraction of its
pre-financial crisis level of over RM17. He claimed that
there were other occasions under Dr Mahathir when
“Petronas was used as a national piggy bank” such as the
RM2.5 billion and RM1 billion bail-outs of Bank Bumiputra in
1986 and 1989, aiding MAS and Proton in their financial
struggles as well as to fund mega-projects such as the
Petronas Twin Towers and the shifting of the federal
administration to.
Posted by Tulang Besi