Umno And The ‘Slush Fund’ Launched In 1988

 

All told it is estimated that Mahathir, Daim and Anwar syphoned out between RM100-200 billion. Only these three people know the real figure and where all that money has been hidden. This is actually the 1988 ‘slush fund’ that they are talking about. And all the Umno leaders past and present know about this.

NO HOLDS BARRED

Raja Petra Kamarudin

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There is a debate raging regarding Umno’s alleged ‘slush fund’, which is said to have been started by Tun Dr Mahathir Mohamad in 1988 and continued through Prime Ministers Tun Abdullah Ahmad Badawi and Najib Tun Razak (and which is being denied).

Umno per se does not have a slush fund — officially, of course. Unofficially, it does. And this is how the story goes.

If you can remember, back in 2015, when the RM2.6 billion 1MDB ‘stolen money’ story first surfaced, Mahathir said he does not understand why Najib needed RM2.6 billion to fund the 2013 general election. During his time, said Mahathir, he needed only RM1.5 billion.

Mahathir set up the slush fund in 1988 when Umno got deregistered

By his own admission, Mahathir confirmed that general elections cost Umno-Barisan Nasional RM1.5 billion. Najib then said the RM2.6 billion is not just for the general election but to fund political activities as well.

In other words, the RM1.5 billion for the general election was not denied. In fact, it was confirmed.

Okay, if it is true that the general election(s) cost RM1.5 billion — while, if including political activities, it comes to roughly RM3 billion — where does this money come from? Does the money come from Umno and does this RM3 billion appear in Umno’s audited accounts that are tabled for approval at the Umno Supreme Council meeting and the Annual General Assembly (and submitted to the RoS)?

No, it does not. The RM1.5 billion or RM3 billion does not show in Umno’s bank accounts or in its audited accounts. It is hidden from public view. Not only do the authorities not get to see it, the three million or so Umno members do not get to see it as well. And this is the reason why.

Before 1988 (the year this slush fund is alleged to have been set up) Umno’s financial activities were all above board. Tunku Abdul Rahman, Tun Razak Hussein and Tun Hussein Onn did not do things ‘underground’.

Then (in 1988) Umno was deregistered (at Mahathir’s behest) and Umno’s cash and assets got frozen. When Umno Baru was registered, they were not able to transfer Umno’s assets to Umno Baru. Hence, they had to ‘steal’ Umno’s cash and assets and park them under proxies, trustees and nominees.

The three Umno ‘trustees’ who syphoned out RM100-200 billion of Umno’s money

The three Umno trustees were Mahathir, Tun Daim Zainuddin and Anwar Ibrahim. These three trustees then appointed their cronies as proxies and nominees. Basically, Umno was fronted by three trustees who in turn put their cronies as their proxies and nominees. So, Umno’s wealth was hidden under two or three layers (sometimes more).

That was what Mahathir created in 1988 and Daim and Anwar were part of this scheme to hide Umno’s wealth and create a hidden slush fund.

Anwar was involved and was a party to this scheme. Billions are being parked in a German bank, which Anwar refuses to return to Umno. Mahathir and Daim also are holding on to another few billion.

All told it is estimated that Mahathir, Daim and Anwar syphoned out between RM100-200 billion. Only these three people know the real figure and where all that money has been hidden. This is actually the 1988 ‘slush fund’ that they are talking about. And all the Umno leaders past and present know about this.