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Tajudin Ramli settlement - Mahathir's legacy of losses lives on...

tajudin ramli mas 070910Recently, a past has quick cascaded in to a benefaction - or to be more specific, a Mahathir Mohamad past has cascaded in to a Najib Abdul Razak present.

Today a High Court in Kuala Lumpur bound Mar 5 to confirm either to finish a multi-billion ringgit authorised conflict in in between Malaysian Airlines (MAS) as well as Tajudin Ramli, by distinguished out MAS mega claims opposite Tajudin as well as his RM500 million counter-claim opposite a supervision as well as a national carrier.

Tajudin has been caught in a complicated array of costly suits, countersuits as well as appeals with assorted parties outset from his mess to use a billion ringgit loan he took to squeeze a vital seductiveness in MAS in 1994.
Tajudin was a senior manager chairperson of a airline from 1994 to 2001.

In 2002, MAS lodged a initial police inform opposite Tajuddin, accusing him of allegedly causing a flag conduit to humour waste in additional of RM8 billion.

According to a inform to a Anti-Corruption Agency, a vital writer to a record waste underneath Tajudin was a relocation of MASs load operation in Amsterdam as well as Frankfurt to a singular heart in Hahn, Germany, where a airline was forced to enter in to a difficult aircraft franchise stipulate with a company, which was after related to Tajudins family.

The new load heart operation had caused MAS to humour waste of in in between RM10 million as well as RM16 million a month before a plan was consummated after a supervision regained control of MAS in 2001.

The termination resulted in a RM300 million arbitration explain opposite MAS by a company.

MAS has had a violent past decade after a supervision bought back a airline from a f! ormer co rporate high-flyer during RM8 per share or about double a marketplace cost during a time. The airline was during a time saddled with a debt reported to be RM9.5 billion.

In 2009, Danaharta as well as dual of a subsidiaries won a RM589.143 million fit opposite Tajudin. The box arose after a tycoon borrowed RM1.792 billion from a organisation of syndicated lenders in1994 to squeeze a 32 per cent seductiveness in MAS.

However, from 1994 to 1998 he unsuccessful to use a strange loan, causing it to become a non-performing loan (NPL).

In 1998, Danaharta acquired a NPL from a lenders though Tajudin additionally unsuccessful to solve his debts to Danaharta until it was in default of RM1.41 billion as during Oct 8, 2001.

As partial of a allotment agreement, Tajudin was to compensate RM942 million in 4 instalments over three years as well as which he was available to set free his charged shares during a minimum cost per share.

Settlement agreement was terminated

Tajudin, however, defaulted in a payment of a quarterly seductiveness payable underneath a allotment agreement as well as upon Apr 27, 2002, a plaintiffs consummated a allotment agreement as well as demanded RM1.61 billion from him.

On Apr 29, 2002, Danaharta, together with a subsidiaries Danaharta Urus Sdn Bhd as well as Danaharta Managers Sdn Bhd, sole partial of a charged shares consisting entirely of Technology Resources Industries (TRI) shares during RM2.75 per share, ensuing in sum deduction of RM717.39 million.

As during December 31, 2005, a amount superb was RM589.14 million as well as upon May 11, 2006, Danaharta as well as a subsidiaries commenced action to recover a money. The national item management association won a box opposite Tajudin in 2009.

But a ex-MAS arch filed a opposite fit claiming RM13.46 billion from a small twenty-two parties as well as individuals.

Tajudin alleged, in his affidavit, which he was destined by former ! budding apportion Mahathir as well as former finance apportion Daim Zainudin in 1994 to buy a controlling seductiveness in MAS to bail out a government.

Tajudin had claimed which former premier Mahathir had made him buy MAS to help bail out Bank Negara after a central bank suffered large unfamiliar sell waste due partly to speculation in unfamiliar currency markets as a national use with an Overriding Agreement to indemnify him opposite any waste suffered.

Although Tajudins explain has been denied by Mahathir, a former budding ministers come-back has small credibility.

Last August, Putrajaya intervened as well as commenced action to put an finish to a controversial authorised conflict by grouping all suits opposite Tajudin to be dropped.

On Feb 14, Danaharta as well as Tajudin reached out-of-court settlement, a conditions of which sojourn confidential in in between a dual parties, where all suits regarding to a RM589.14 million which Tajudin was ordered to compensate to a organisation in 2009, would be forsaken as well as Tajudin agreed to withdraw a sum of twenty-seven appeals, eleven opposite Danaharta.

The question, either a RM580 million out-of-court renunciation of Tajudins debts is explanation which Malaysians today are still profitable for a RM100 billion monetary scandals perpetrated in a twenty-two years of Mahathir premiership, has been asked though not answered.

There is now a second question - either a allotment of a multi-billion ringgit litigation in in between MAS as well as Tajudin, with a distinguished out of their mutual claims opposite any other, would additionally be in effect of a same factors as well as forces ensuing in a supervision surrender of a RM580 million court judgment opposite Tajudin?

Revisiting a black hole

It is in truth time to revisit a RM100 billion black hole combined by Mahathirs monetary scandals in his twenty-two years of premiership, especially if a benefaction generati! on of Ma laysians are to compensate for a sins of Mahathir's past premiership.

NONEThere can be no better start to revisit Mahathir's monetary scandals in his twenty-two year as budding apportion than to refer to Chapter 6 Scandal, What Scandal? of Barry Wain's Malaysian Maverick - Mahathir Mohamad in Turbulent Times, which started with a following paragraphs:

Dr Mahathirs administration department took bureau in 1981 with a slogan bersih, cekap amanah - clean, efficient, trustworthy. Almost immediately, however, it became inextricable in monetary scandals which exploded with extraordinary regularity, a small of them indeed spectacular. A few were of an sequence of bulk which could have bankrupted many developing countries.

But pleasant Malaysia was easily included with healthy resources, particularly offshore hydrocarbon deposits, as well as ordered by a personality committed to rapid development. The expanding economy absorbed a startle of much of a dissipated wealth, as well as where necessary, a gaps left by a blank billions were plugged with a deduction of oil as well as gas exports.

Almost all a scandals involved a supervision directly, or senior officials as well as businessmen closely connected to UMNO. In a small cases, impropriety - either bootleg or merely brash was strictly authorised or condoned for an allegedly aloft purpose. Public funds were stolen in assorted ways, or simply poured in to a large black hole in a name of ventures which bordered upon a reckless, extraordinary or criminal.

The border of a waste - as well as in a small cases a approach a income left - was never entirely documented. Dr Mahathirs administration department in all did not hold Malaysians accountable for a monetary disasters, as well as often laid a blame upon others. By a early 1990s cynics remarked which it had been a great decade ! for bad behaviour, or a bad decade for great behaviour.

In this chapter, Barry Wain estimated which Mahathirs monetary scandals would have combined a large black hole of RM100 billion.

With a Mahathir past quick cascading in to a Najib present, either because of a MAS double bail-outs triggered by a 1992/3 RM30 billion Bank Negara forex scandal, they are all absolute reasons perfectionist full accounting for a RM100 billion black hole caused by Mahathirs monetary scandals of twenty-two years.- Lim Kit Siang, malaysiakini

One mess to cover another mess (part 1)

One mess to cover another mess (part 2)

Hutang RM580 juta Tajudin Ramli,siapa nak bayar?

Adakah penyelesaian di luar mahkamah berhubung hutang tokoh korporat Tan Sri Tajudin Ramli bernilai RM580 juta yang tidak perlu dibayarnya bererti semua rakyat Malaysia harus menanggung hutang itu?

Ketua Parlimen DAP Lim Kit Siang berkata, rakyat berhak mendapat jawapan Datuk Seri Najib Razak tentang hal itu kerana ia membayangkan rakyat Malaysialah yang perlu menanggung segala hutang akibat pelbagai skandal kewangan berjumlah RM100 bilion sepanjang twenty-two tahun pentadbiran Tun Dr Mahathir Mohamad sebagai Perdana Menteri.

Katanya, semakin ramai rakyat mempersoalkan masalah itu kerana kurangnya! ketelus an, perkakaunan, penjelasan atau butir-butir tentang hutang RM580 juta oleh Tajudin yang telah diselesaikan di luar mahkamah.

Adakah kerajaan Barisan Nasional telah mencapai satu lagi Rekod Buku Guinness dengan menjadi kerajaan pertama di dunia yang menyerah kalah tanpa menuntut hutang dan hak yang bernilai RM580 juta?

Siapakah yang akan kita percaya, Mahathir atau Tajudin, apabila masing-masing mempertahankan diri tentang bail out (menyelamatkan syarikat) Malaysia Airlines (MAS), katanya dalam satu kenyataan hari ini.

Kit Siang yang juga Ahli Parlimen Ipoh Timur berkata, Tajudin telah mendakwa melalui confirmation mahkamah bahawa Mahathir telah memaksanya membeli MAS untuk membantu menyelamatkan Bank Negara setelah bank pusat itu melakukan kesilapan dalam spekulasi matawang antarabangsa.

Katanya, Tajudin mendakwa bekas Perdana Menteri itu telah memaksanya berbuat demikian atas alasan khidmat negara dengan Perjanjian Overriding yang dapat membebaskan Tajudin daripada sebarang kerugian.

Sebaliknya, Kit Siang menambah, Mahathir pula telah menafikan dakwaan Tajudin.

Menurutnya, pihak-pihak yang yakin dengan dakwaan Tajudin telah mengemukakan empat alasan untuk mempertahankan kenyataan tokoh korporat itu, iaitu:

1. Mustahil Tajudin akan membuat kerja bodoh dengan membeli saham pada harga RM8 sedangkan harga jualan pada masa itu adalah RM3.50.

2. Tajudin hanya akan berani berbuat demikian jika ada jaminan beliau dilindungi oleh perjanjian major seperti yang didakwanya itu.

3. Dakwaan wujudnya perjanjian major dilihat sebagai benar apabila kerajaan kemudiannya telah membeli balik daripada Tajudin pada harga dua kali ganda daripada harga pasaran walau joke kerajaan tidak wajib berbuat demikian.

4. Afidavit adalah kenyataan bersumpah kepada mahkamah, dan sebarang kenyataan palsu dianggap sebagai pembohongan, dan ia adalah kesalahan yang boleh didakwa di mahkamah.

Kit Siang berkata, Najib sebagai Perdana ! Menteri sepatutnya tahu apa yang berlaku.

Beliau perlu menjelaskan kepada kita sama ada Mahathir atau Tajudin yang berbohong, dan sama ada Tajudin akan dikenakan dakwaan jenayah di mahkamah jika terbukti beliau berbohong dalam afidavitnya, ujar beliau.