UMNO and MCA leaders should be explaining why Malaysia topped the world in per capita illicit capital outflows, losing RM888 billion in nine years from 2000 – 2008 as a result of corruption and misgovernance, instead of disseminating lies and falsehoods in the Tenang by-election in Johore.
It is five days since the Washington-based financial watchdog, Global Financial Integrity (GFI), reported that Malaysia is among the countries which registered the highest illicit financial outflows over a period of nine years in the last decade.
The five countries with the highest illicit financial outlays between 2000 and 2008 were:
1. China $2.18 trillion
2. Russia $427 billion
3. Mexico $416 billion
4. Saudi Arabia $302 billion
5. Malaysia $291 billion.
Capital outflows from Malaysia more than tripled from US$22.2 billion in 2000 to US$68.2 billion in 2008, totaling US$291 billion (or RM888 billion) in nine years between 2000 and 2008.
GFI warned that the massive and sharp increase of capital flight in Malaysia is “at a scale seen in few Asian countries”.
In per capita illicit outflows, Malaysia has the dubious distinction of topping the world – as seen from the following table (population figures for the other four countries based on CIA World Factbook 2010):
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Illicit capital outflows per head 2000-2008
China (pop 1.3b) — US$1,677
Russia (pop 140m) — US$3,007
Mexico (pop 111m) — US$3,749
Saudi Arabia (pop 28.6 m) — US$10,559
Malaysia (pop 27m) — US$10,780 (RM33,000 approx)
It is more than five days since the publication of the GFI report but there has been conspicuous silence from the government, apart from the lame excuse by the Prime Minister, Datuk Seri Najib Razak, who is also Finance Minister, passing the buck to the Bank Negara on Friday when he said that Bank Negara would provide “specific comments” on the GFI report on the RM888 billion illicit capital outflows in nine years from 2000 to 2008 because of corruption and misgovernance.
Instead of resorting to irresponsible politicking and “scare-and-fear” campaign in the Tenang by-election, Umno and MCA leaders should explain the loss of such astronomical sums which cripple national development by depriving the public coffer of tax revenues crucial for providing public goods like public security and high educational standards and drain capital needed for various investment projects, poverty alleviation and economic growth.
#1 by yhsiew on Monday, 24 January 2011 - 4:49 pm
It is frightening to see such astronomical sums of illicit outflows. I wonder which investor wants to come here to invest. Najib’s “New Economic Model” is dead before he launches it.
#2 by tak tahan on Monday, 24 January 2011 - 5:11 pm
If we don’t change the present government,more mumbo jumbo illicit moneys and talents will be shipped out by the ownesr of 888 planes.Super fast cyber optic will also be available on the way in the case of mayday.Scary man.No boundary and authority controls.We only can control by kick them out.
#3 by monsterball on Monday, 24 January 2011 - 5:11 pm
Najib will say…they are all rumours.. nonsense…no proof.
What must Malaysians say to him?
#4 by monsterball on Monday, 24 January 2011 - 5:23 pm
For more than 35 years Lim Kit Siang have been pestering for answers on events hapening in Malaysia that are important for all Malaysians to know the truths.
Forget about the past PMs..but starting from the time of Mahathir…poor LKS put into jail to shut his mouth. Dollah just ignored and went overseas to avoid answering and Najib is out to proof how pure and honest UMNO B party is with his life…no answers needed.
And when Anwar challenged Najib to have a debate on all issues…Najib declined and said let voters do the talking.
And so shall we..in 13th GE…not at by-elections…..although it will be nice..although it will be nice for Tenang and Malacca voters rise to the occasions to speak on all Malaysian’s behalf…which means a rejection to BN and no two ways about it.
Will Tenang voters have the guts to do the right thing unselfishly for once?
#5 by boh-liao on Monday, 24 January 2011 - 5:32 pm
Whooaoh, M’sia is #1, US$10,780 illicit capital outflow per head
NR, PM n Finance Minister, very proud of dat, will announce a public holiday 2 celebrate
Porno CSL n liar son will NOT n dare NOT touch on dis issue, only on gloves n sex
C’mon lah, who wants 2 shake CSL’s soiled hands without wearing gloves? Tsk, tsk …
But now his boss ORDERED/Mooed him, sit U ‘chow kow’ n STOP barking abt gloves
Go n bark abt kondom n how 2 cheat wife lor
With tail between his legs, d running k9 will whimper in pain in Tenang
#6 by monsterball on Monday, 24 January 2011 - 5:36 pm
illicit means unlawful..not allowed.
When have UMNO B been lawful and God fearing?
Yet…Najib is out to prove Anwar has illicit…you know what.
So can we conclude whether..illicit or not illicit.. depends on how the Govt. interpret it?
And when have we feel satisfied with the Govt. explanations?
Therefore…final conclusion…they explain or ignore..we all accept and shut up.
After all…voters put to govern the country as they like.
What are w complaining about?
CORRECT?
#7 by no181c on Tuesday, 25 January 2011 - 12:27 pm
Thanks KS for the revelation. I don’t think anyone from the government will reply – but it’s really good that you highlighted this issue.
The link to the report can be found at http://www.gfip.org/ (Acessed on Jan 25) for those who might be skeptical.
P.S. A job well done in Penang. Keep up the good work. Hope Penang people, regardless of race, will benefit from a good State government.
#8 by monsterball on Monday, 24 January 2011 - 5:43 pm
I mean CORRECT or not…cintanegara?
#9 by Godfather on Monday, 24 January 2011 - 6:06 pm
Explain ? How about these:
“The issue of illegal transfer of funds does not arise. Bank Negara is on top of this.”
“This is a Zionist plot hatched to discredit a legitimate government.”
“I have instructed the appropriate agencies to investigate this, and have given my full support.”
“Who ? What ? Me ?”
#10 by johnnypok on Monday, 24 January 2011 - 8:17 pm
TDM should explain the millions his family members hold in Singapore
#11 by tak tahan on Monday, 24 January 2011 - 9:13 pm
I think i should start praising our present government instead.The reason is we have been hearing or reading too much bad news till we condemn and condemn but to no effect.I am been a bit tired after following this political news recently but i won’t give up in order to rally behind PR.
#12 by yhsiew on Monday, 24 January 2011 - 10:13 pm
Can Wikileaks please shed light on the causes of this massive illicit capital outflows of RM888 billion?
#13 by tak tahan on Monday, 24 January 2011 - 10:30 pm
yhsiew,how much more you want it to leak.Most of them are over leaking in other more premier countries and umno goons are trying their best now to block the the slimy yak..sinbun?
#14 by negarawan on Monday, 24 January 2011 - 11:05 pm
The ill-gotten gains of UMNO politicians and their cronies form a large part of it. Of course, the UMNO wives also need the money for their overseas shopping sprees that run into the millions.
#15 by waterfrontcoolie on Monday, 24 January 2011 - 11:35 pm
CSL is happily celebrating giving away ang pows at Tenang. While we seek FDIs into the country, the mouse took away all our savings! The people in Tenang must wake up and ask themselves; [though the rest of the people around the nation would also ask the same]; why are we supporting such leadership? hey are no difference from those african leaders who bled their nations to the ground; of course they are our friends [South-South Friendship!] and we are follwing them. If at this juncure, people in Tenang are still pretending to be blind then they deserve the government they voted! One must realize, how deep must corruption has penetrated the society since it is taken as part of our life. Even religious leaders have accepted them as non-haram! Very soon, our grandchildren will accept this aspect of life as a habit for all to emulate!
#16 by Taxidriver on Monday, 24 January 2011 - 11:40 pm
These UMNOB/BN PEOPLE ARE NOT ONLY INVOLVED IN ILLICIT OUTFLOW OF $$$$$. THEY ARE ALSO INVOLVED IN ILLICIT OUTFLOW OF SOME OTHER THINGS. VERY SIA SUEY
#17 by ENDANGERED HORNBILL on Tuesday, 25 January 2011 - 12:28 am
Hello, BN politikus (BN rats) mesti cari makan (must find food), hoi!
That explains the gnawing effect on the Malaysian economy.
Besides, BN politikus needs the money to build their mansions in their seven heaven with their seven concubines and seven virgins.
#18 by tak tahan on Tuesday, 25 January 2011 - 1:05 am
Even CSL only farts in his home about national hero and heroin..”Najis’s first PM lady presented the award for 67 years old Datuk Lee so we should admire him too cause they are government ka ki lang.Ah You..kepala gua hin hin with this still downunder looking or so topup buddy,because you don’t see the stars we are looking seeng,is it or not..?A genius is like a piece of paper when flip flops just like the other stupid dum.Don’t try to be smart.
#19 by tak tahan on Tuesday, 25 January 2011 - 1:16 am
sorry again,should be.. the stars we are staring,do you or not?
#20 by waterfrontcoolie on Tuesday, 25 January 2011 - 8:23 am
We shall all wait from the wilkileaks after a certain banker in Switzerland had given them a disc siad to contain all those free flowing cash!!! let see how many Malaysians are there!
#21 by k1980 on Tuesday, 25 January 2011 - 10:09 am
Time to take 5…
This year we will experience 4 unusual dates, 2 are already done!….
1/1/11, 1/11/11, 11/1/11, 11/11/11 …
Now go figure this out…. take the last 2 digits of the year you were born plus the age you will be this year and it will be equal to 111… If it doesn’t, then you’re like Loh See Mah, about her age.
#22 by dawsheng on Tuesday, 25 January 2011 - 11:29 am
I don’t understand this illegal money outflow thing. What does it entails? Does it mean for what Malaysia is worth, that is the money in circulation, RM888 billion is illegally transferred to overseas? If this is the case, then I can see why there is still poverty in Malaysia, why there is inflation, why crime is rampant, and abuse of power so that the truth will never see light of day.
#23 by monsterball on Tuesday, 25 January 2011 - 12:11 pm
OK….just take a RM1 billion tender where 10% is reserved for “someone”.
The winner get the full RM1 billion paid by the Govt…but actually 10% is not his.
The one approving the tender get the winner to promise to transfer the 10% away from Malaysia.
Naturally…it involves balancing the books and smart crooked book keeping too…by a qualified Accountant.
Leaving that aside…the winner makes an investment…transfer or pay out to a false purchase….services..R&D ….use your imagination…to Telegraphic Transfer the 10% to his contact ..or so call.. purchasing agent…and that said amount is again going round the world…for a ride..before landing into the real pocket of the corrupted person….who in turn may also hold money in trust for a mastermind.
Go it?……hahahahahahahaha
#24 by monsterball on Tuesday, 25 January 2011 - 12:50 pm
It may mean 50% 0f RM1 billion…and not 10% …as UMNO B have hundreds of closed tenders with prices far exceeds normal retail prices….ignoring wholesale prices.
You see… when one is so corrupted and greedy…for money…no logic can be used..to understand why.
There is no why a drug addict wants more ganja.
It becomes an obsession…need and want.
Therefore the 50% of the tendered price with profits marked up by the tenderer…is still a good business if one to wins…agreeing to the 50% mark up commission insists by the authority.
Lets say a desk computer for school should be around RM1500 each may work out to be RM7500 each…and all these are so call secret documents….by our crooked government..to protect the one approval the tender.
And the winner must also be an UMNO B crony.
That’s why it is a closed tender…and nothing can be done about it…except vote the crooks out.
#25 by jus legitimum on Tuesday, 25 January 2011 - 1:30 pm
No wonder the cost of living now is fast rising but the income level of working people lag behind.All voters including those who have been deceived and misled by Umno,Perkasa and the big mouth racist mamak should wake up and cast out the bastardous gang of crooks in the coming GE.
#26 by dagen on Tuesday, 25 January 2011 - 1:32 pm
Lets try some assessment here.
10b job awarded.
10% commission goes to some umnoputra.
So job is now worth 9b.
But during job implementation politicians will beg for money and little napoleans will give all sorts of licensing / approval problems unless they are paid bribe.
Another 10% (bribe money) of original job value will dissapear.
So now job is worth 8b.
Assuming the project profit margin is 30%.
That means 3b profit can be expected.
Not bad.
Oops forgot about tax at 25% (simple calculation).
So after tax, net profit is only 2.25b.
And net profit after commission and bribe: 0.25b.
Heck!
Politicians took all the money doing little or no work.
Might as well up the contract value to 30b instead of 10b.
Lets negotiate. Closed-door rundingan. Chopkan “rashia” atas dokumen dan depan dahi. Kalau mau makan buka lah mulut besar besar. Sama sama orgy beramai ramai.
#27 by boh-liao on Tuesday, 25 January 2011 - 1:35 pm
N yet ppl like 2 generalise: Malays r not smart
Really? UmnoB Malays r banyak smart n cunning ooh
Esp MMK who figured out how 2 rob d entire nation n still loved by lots of rakyat
Closed tenders, OSA, ISA, control judiciary, AG, IGP, MACC – semua kow tim, ta pau
#28 by boh-liao on Tuesday, 25 January 2011 - 1:42 pm
Don’t forget, most mega jobs here
Started with say 10B job (B 4 billion, not blow, OK?), closed tender mah
Then jiak here, jiak there, sub-con here, sub-sub-con there, down 2 1.5b 4 d real job
Sure not enuf lah, stupid, then no worry mah, ask 4 supplementary $$$$
Budget inflated, now really like a blow job, budget keeps getting bigger n bigger
Sounds familiar right! N CSL n KTK said all OK, no problem, just problem with gloves, fu lat!
#29 by tak tahan on Tuesday, 25 January 2011 - 10:18 pm
Explain why Malaysia topped the world in per capita illicit capital outflows, losing RM888 billion as a result of corruption and misgovernance, instead of campaign of lies and falsehoods in Tenang by-electionpain by LKS
How to explain?Simply explain is even our 28 million most population are decent people as a earning living citizen but we have school of the most insatiable sharks.They have huge appetite and unlimited power.At this time no one can ever stop them or even mention their wrongdoing.We must kill these sharks alltogether hand hand as truly Malaysian.
#30 by monsterball on Wednesday, 26 January 2011 - 3:44 am
Non violence with disobedience is the best over a powerful corrupt dictatorship government.
Use your hands to mark “X” for PR parties in favour of change in Govt.
But if one is prepared to kill like Najib…applying and eye for and eye…or tit for tat..be sure to be first in line in walks and protests. They have guns…you have stones…good luck.
Remember Mahatma Gandhi’s wise words.
“An eye for an eye makes the whole world blind”
Just be prepared to die for the country and people is enough. No need hand in hand battles.
Do that…you are inviting Najib to declare Emergency Rule..which pleases him most to buy time….to 100% win a GE.
Right now….he talk lot of empty threats and provocations.
Let him do it….and see how powerful he is against People’s Power.
My personal opinion…he blows alot of hot foul air. He is powerless..so do not let him frighten you.
#31 by tak tahan on Wednesday, 26 January 2011 - 11:55 pm
No worry man.It’s all understood by us .The right time we are expecting is when we strike together.I know when it will be the right time..Kam siah
#32 by boh-liao on Thursday, 27 January 2011 - 9:48 am
Wake up, 9 years ago when our population number was low, the loss in terms of $$$$ per head was MUCH HIGHER than that calculated based on d present pop number of 27mil