The untold story of Umno’s stolen assets

By Raja Petra Kamarudin Last updated Oct 31, 2024

For almost two decades from the 1980s to the 1990s, Umno went on a rape-and-plunder of the nation’s assets and built up an asset base of RM100 billion in just 20 years. Then the cash and assets suddenly disappeared. And today Umno is broke. Where did everything go?

NO HOLDS BARRED

Raja Petra Kamarudin

This week, 2,000 Umno delegates are attending the party’s annual assembly to discuss Umno’s future. They will debate their so-called struggle or perjuangan for God, King, Country and Bangsa. But what most of these delegates — and the 3.5 million members they allegedly represent (which in real terms, minus the ‘phantom’ members, is less than one million) — do not know is that Umno used to be worth RM100 billion but today is worth less than half a billion ringgit.

For almost two decades from the 1980s to the 1990s, Umno went on a rape-and-plunder of the nation’s assets and built up an asset base of RM100 billion in just 20 years. Then the cash and assets suddenly disappeared. And today Umno is broke. Where did everything go?

Mahathir, Anwar and Daim: the three masterminds behind the move to turn Umno into a RM100 billion business empire

When Umno Baru was formed in 1988 to replace the deregistered Umno of 1946, Tun Dr Mahathir Mohamad decided that Umno’s assets must no longer be held in the party’s name. They will park all these assets under the name of proxies and nominees, and the party president, deputy president, secretary-general and treasurer will be the party’s trustees. When Anwar Ibrahim became the Finance Minister in 1991, he took over as one of the trustees.

Part of the question regarding Umno’s hidden-and-lost assets is revealed in Halim Saad’s 11-page letter below. Halim, alongside dozens of others (Malays, Chinese and Indians), were frontmen for Umno. Everyone knew this. But what everyone did not know is what happened to those billions they were holding on behalf of Umno and why is Umno now broke?