Where has Umno’s wealth been hidden?
So, if officially Umno owns less than RM1 billion, and if unofficially Umno owns anything between RM500 billion to RM1 trillion, then where is the balance hidden? The RoS can account for less than RM1 billion. The cash confiscated from the Pavilion Residences was only RM160 million (which the police declared as only RM116.7 million). So where are hundreds of billions more?
NO HOLDS BARRED
Raja Petra Kamarudin
Officially, Umno’s wealth comes to less than RM1 billion. That is all that Umno owns, less than RM1 billion. Hence if the Registrar of Societies (RoS) deregisters Umno, this less than RM1 billion would be distributed and shared out amongst about three million Umno members and each member would receive RM300.
But then the fixed assets and investments would first need to be liquidated plus the cash that the police confiscated would need to be returned (PDRM says it was only RM116.7 million but Umno says it was RM160 million — so most likely the difference of RM43.3 million would never see the light of day until Amar Singh Ishar Singh retires and starts spending the money).
Amar Singh says the police confiscated only RM116.7 million but Umno says it was RM160 million
The point is, every man and his dog know that Umno has more than just a few hundred million ringgit. Books have been written about this since back in the 1990s and even back then, 20 or 30 years ago, the figure was already a staggering RM100-200 billion.
In fact, one member of the Council of Eminent Persons (CEP), Jomo Kwame Sundaram, is involved in these exposes. And in 1988, Tun Dr Mahathir Mohamad and Tun Daim Zainuddin set up the new system for Umno Baru where the party president, deputy president and treasurer would be Umno’s trustees and they would use proxies and nominees to hold Umno’s wealth under trust.
This is what I said in yesterday’s article, ‘Why are Umno and Malaysia so corrupt?’
So, how much is Umno worth? No one really knows, not even Umno itself. Tun Dr Mahathir Mohamad does not know. Tun Daim Zainuddin does not know. Najib Tun Razak does not know. Ahmad Zahid Hamidi does not know.
If I were asked to give an educated guess, I would put a figure of RM500 billion to RM1 trillion. But your guess is as good as mine. Someone told me Umno’s real wealth is between RM2-3 trillion but I really don’t know because even the party and its leaders do not know what it really is.
READ MORE HERE: Why Are Umno And Malaysia So Corrupt?
READ MORE HERE: Malaysia Sdn Bhd: Fox guarding the henhouse?
So, if officially Umno owns less than RM1 billion, and if unofficially Umno owns anything between RM500 billion to RM1 trillion, then where is the balance hidden? The RoS can account for less than RM1 billion. The cash confiscated from the Pavilion Residences was only RM160 million (which the police declared as only RM116.7 million). So where are hundreds of billions more?
The trustees, proxies and nominees are very happy that there is talk the RoS may deregister Umno. If that happens that means Umno will no longer exist and ‘the books can be closed’ on the matter of Umno’s real wealth. And many of those trustees, proxies and nominees are in Pakatan Harapan (so you know what this means, right?).
This is just like what happened to the Knights Templar in 1307. King Philip IV of France owed them so much money and could not afford to pay back. So, he closed down the movement, confiscated all their property, massacred all the leaders, and did not need to pay back the money he borrowed from them.
Now Umno is going to suffer that same fate.
