Other strange deals to which the market reacted adversely include a
controversial one involving Renong and
the purchase by United Engineers, a subsidiary of Renong of an additional
stake in Renong itself. The Far
Eastern Economic Review states that "Though Renong is controlled by
tycoon Halim Saad, many believe he
holds those shares as a nominee for UMNO or its leaders -- which UMNO
treasurer Daim denies. No
Malaysian believes his denials.
The deal was particularly controversial because UEM received a waiver
from regulatory bodies that, in
effect, shortchanged Renong's minority shareholders. Insiders say Finance
Minister Anwar was out of the
loop on this rescue, and perhaps on others too. So, who is calling
the shots on the bailouts?" Whatever it is,
Renong is not out of the woods yet and is still in desperate need of
a rescue plan, as are many other
Malaysian corporations, connected as well as non-connected to the political
leadership.
Malaysians wait with bated breath to see who among the cronies will
be rescued next and whether public or
government funds will be used. Even the Employees’ Provident Fund (EPF)
coffers are said to have dried
up in a futile bid to shore up the collapsing stock market, when what
the EPF should have done naturally in a
falling and extremely volatile market would be to sit it out and wait
until the market has reached its lowest
level before buying in cheap. However, the EPF was reportedly acting
under instructions from the top and
wasted billions of ringgit in this manner. One can only hazard guesses
as to which cronies’ stocks they
bought into and are now forced to hold on to and the extent of the
"paper" losses they now bear.
There is a lot more that can be said, but so much for the disease (for the time being), now for the cure.
It is clear that the current riba or interest-based economic system
has failed, either because it is prone to
abuse whether by locals or foreigners or because it carries within
itself the seeds of inequity and injustice.
Malaysia’s whole political and economic system need a complete revamp.
Perhaps now is the time to really
implement an Islamic system of economy with all its values. In spite
of its avowed Islamic aims, the present
government has only indulged in tokenism when it comes to Islam and
will not implement anything really
Islamic, always citing Malaysia’s multiracial society as an excuse
as if Islam cannot take care of non-Muslim
interests.
There appears to be no other cure except replacement therapy. The cancer
has spread to wide and too
deep to heal by normal means. Mahathir, Daim and their whole coterie
of cronies must go. This evil empire
must be brought to an end. Malaysians do not have a choice, even if
GRR/PAS/DAP is the only alternative.
In a way, the economic crisis has given Malaysia a unique opportunity
to restructure its whole political,
economic and social system towards one of greater accountability, no
corruption, trusteeship, no excesses
or extravagance, more real social justice and not just talk, a truly
fearless and independent judiciary,
professional and efficient management, less hand-outs, better and more
equitable distribution of wealth, a
truly civil society. Malaysia can still show how to do things the right
way, the Reformasi way.
There can be no doubt. The writing is on the wall. The winds of change
are blowing. A new era is dawning.
The forces of evil are being dispersed. A kinder and gentler Malaysia
is here for the good of all Malaysians.
REFORMASI IS THE WAY OUT OF THE MALAYSIAN DILEMMA.
GOD SAVE MALAYSIA.<<<<
Regards,
J. Tugauw
Reformasi
A New Era is Near
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