Zaid on tycoon’s NEP remarks, Najib’s Monte Carlo vacation
(Harakahdaily) – Parti Keadilan Rakyat supreme council member Zaid Ibrahim yesterday rapped property tycoon Liew Kee Sin over his assertion that Malaysian Chinese businessmen fared well under the New Economic Policy, saying the only ones who benefited from the policy were a few tycoons closely connected to UMNO.
“Through this system (NEP) which was corrupted by UMNO leaders, there are quite a few Chinese who have made it very big because of the NEP. These include Vincent Tan, Francis Yeoh, the young 28-year-old Jho Low (Low Taek Jho) and Liew Kee Sin of SP Setia fame.
“How did they do it? We should know so that we can learn and so that other Chinese can emulate them,” Zaid said in a blog response.
Liew was quoted as telling the Chinese community that it was only pragmatic for Chinese companies to link up with Malay companies as business was all about profit, not politics.
“We’re in business. Our job is to make money,” he said.
Zaid, who is the former de facto Law minister, said Liew was a product of NEP because of his ‘right’ connection which brought him to his present wealth.
“He was an officer at a small merchant bank. But he knew how to move in the right circles. He befriended two lawyers – Rashid Manaf and Zaki Azmi (now the Chief Justice).
“Wasn’t SP Setia previously owned by SPK which was controlled by Mahathir’s friends Abdullah Ahmad (Kok Lanas) and Ramli Khushairi? And Liew became a shareholder with Rashid and Zaki? Didn’t they say that SPK used to belong to UMNO leaders and civil servants?
“Yes, Liew is a NEP success story,” said Zaid.
Earlier, DAP’s Petaling Jaya Utara member of parliament attacked Liew for his ‘hypocrisy’.
“(I) have no respect for Tan Sri businessmen who don’t care if the country goes to the dogs, as ‘our job is to make money’ and ‘profits’…no time for hypocritical Tan Sri businessmen who’ll bitch about the country in private, but beg to carry the balls of Umno in public,” Pua twitted.
‘Mahathir’s nephew’ identified
Zaid said in the same manner, Berjaya Corporation chief Vincent Tan and millionnaire party boy Taek Jho Lo were also products of NEP.
Zaid said Tan was able to convince then Prime Minister Dr Mahathir Mohamad to allow his gambling business to flourish, with Mahathir’s nephew, who headed national news agency Bernama then, as his partner.
The identity of Mahathir’s nephew referred by Zaid was immediately clarified by Ahmad Mustapha Hassan, who admitted that he was the person indirectly mentioned by Zaid in his blog.
Ahmad Mustapha went on to reveal a deal between him and Tan that he was promised for a return for 15 percent of the shares of Sports Toto for his services in the privatisation of Sports Toto.
“Without my initial input Sports Toto would not have gone Vincent’s way. How he has forgotten this and how he has gone on to renege on his promise to allocate 15 per cent of the shares of Sports Toto to me,” he was quoted as saying.
RM700 million up in thin air
On Jho Lo (left), Zaid said the 28-year old was present during the launching ceremony of 1Malaysia Development Fund by Prime Minister Najib Razak.
He added that Jho was vacationing with Najib in Monte Carlo last year and two weeks ago in St Tropez, showing that the young millionnaire too had the “right” connection with UMNO leaders.
Zaid said according to foreign reports, Jho managed to convince Najib’s administration to guarantee the 1Malaysia Development Fund by raising RM5 billion on a 30-year Islamic notes at coupon rate of 5.75%, which was 1.6% higher than what a normal debt sovereign risk of a country like Malaysia would give.
“Why pay the extra 1.6 to 1.7% on a RM5 billion loan over 30 years which means an extra interest payment of about RM2.4 billion?” he asked.
Zaid said speculation was rife among banking circles that the Fund’s annual accounts showed only RM4.3 billion of the RM5 billion remaining on its books.
“Wonder how that RM700 million was spent? There we are – Jho Low, another success story of NEP,” he quipped.
