Where Are Umno’s RM100 Billion Assets?

Today, Finance Twitter has revealed that Umno possesses about RM100 billion in assets (and cash). But it is all in the names of nominees, proxies and trustees (less than RM1 billion is in Umno’s name). What Finance Twitter did not mention is that these nominees, proxies and trustees report to Mahathir, not to Najib, and that the RM100 billion in assets was acquired during the time Mahathir was party leader and PM.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

“It was reported that UMNO once has assets totalling RM100 billion under proxies, trustees and nominees. UMNO president and its treasurer, who happens to be Zahid Hamidi and Tengku Adnan respectively, are a handful of leaders currently possessed the information of all the asset holders,” said pro-Pakatan Harapan Finance Twitter today.

Yes, what Finance Twitter reported is consistent with the many books that have been written on the matter. According to what was reported since way back in the 1990s, Umno began is corporatisation policy soon after Tun Dr Mahathir Mohamad took over as party President and Prime Minister in 1981.

This RM100 billion that has been mentioned so many times is what was acquired during Mahathir’s 22 years as party leader and PM. When Mahathir handed over the reins to Tun Abdullah Ahmad Badawi (Pak Lah) on 1st November 2003, it was NOT together with this RM100 billion.

However, as what Finance Twitter said, less than RM1 billion of this RM100 billion is in Umno’s name. The bulk of it, in fact, nearly all or it, are in the names of nominees, proxies and trustees.

Barry Wain revealed that during Mahathir’s time Umno was already worth RM100 billion

For the 2004 general election, Mahathir arranged for Pak Lah to receive RM2.5 billion in funding. Hence Pak Lah did not need to look for money elsewhere. But in the 2008 general election, Mahathir refused to release any money to Pak Lah. And that was why Umno and Barisan Nasional (BN) did not do too well in the 2008 general election. Mahathir had starved them of funds because he wanted Umno and BN to do badly so that Pak Lah could be ousted.

One year later, Pak Lah handed over to Najib Tun Razak but without any money, of course. The RM100 billion was still in the hands of nominees, proxies and trustees. And these people took orders from Mahathir, not from Pak Lah or Najib.

But Mahathir could not control Najib, just like he could not control Pak Lah before this. So, for the 2013 general election, Mahathir refused to release any funds to Najib. Mahathir told Najib if he wants the RM2.5 billion political cum election funds then it has to be on his (Mahathir’s) terms.

It seems even PWTC will soon be gone

Rather than kowtow to Mahathir (and accept the RM2.5 billion funding on Mahathir’s terms and conditions), Najib decided to seek funding elsewhere. And that was when the RM2.6 billion Arab money came in. In essence, Najib told Mahathir to go to hell and if he (Mahathir) refuses to release any funding then he (Najib) will go elsewhere to get it.

Hence the 2013 general election was funded entirely by Arab money. Not a single penny came from Mahathir. Mahathir realised if Najib remains “independent” and does not need him (Mahathir) for funding, then it would be very difficult to control Najib. That was when Mahathir decided to attack Najib and accuse him of stealing that RM2.6 billion from 1MDB.

Today, Finance Twitter has revealed that Umno possesses about RM100 billion in assets (and cash). But it is all in the names of nominees, proxies and trustees (less than RM1 billion is in Umno’s name). What Finance Twitter did not mention is that these nominees, proxies and trustees report to Mahathir, not to Najib, and that the RM100 billion in assets was acquired during the time Mahathir was party leader and PM.