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Musa Hitam criticized Tun Mahathir's warning that a Pakatan government would bankrupt Malaysia's economy. However, the document calls into question Musa Hitam's credentials based on his role in massive financial losses at Sime Darby during his chairmanship there. It also argues that under Anwar Ibrahim's proposed policies during the Asian Financial Crisis, Malaysia's economy would have suffered severely, but Tun Mahathir's leadership prevented this and transformed Malaysia's economy. The document suggests Musa Hitam is trying to ingratiate himself with Anwar Ibrahim and the opposition in hopes of a role in a potential future Pakatan government.
Musa Hitam criticized Tun Mahathir's warning that a Pakatan government would bankrupt Malaysia's economy. However, the document calls into question Musa Hitam's credentials based on his role in massive financial losses at Sime Darby during his chairmanship there. It also argues that under Anwar Ibrahim's proposed policies during the Asian Financial Crisis, Malaysia's economy would have suffered severely, but Tun Mahathir's leadership prevented this and transformed Malaysia's economy. The document suggests Musa Hitam is trying to ingratiate himself with Anwar Ibrahim and the opposition in hopes of a role in a potential future Pakatan government.
Musa Hitam criticized Tun Mahathir's warning that a Pakatan government would bankrupt Malaysia's economy. However, the document calls into question Musa Hitam's credentials based on his role in massive financial losses at Sime Darby during his chairmanship there. It also argues that under Anwar Ibrahim's proposed policies during the Asian Financial Crisis, Malaysia's economy would have suffered severely, but Tun Mahathir's leadership prevented this and transformed Malaysia's economy. The document suggests Musa Hitam is trying to ingratiate himself with Anwar Ibrahim and the opposition in hopes of a role in a potential future Pakatan government.
It was reported in the Malaysia Insider on March 13, 2013 that Musa Hitam opined that Malaysia will not become bankrupt if Pakatan Rakyat (PR) trumps the Barisan Nasional (BN) to take Putrajaya. The rationale for making such a statement was that,
If the opposition were to rule, they would not make foreign investors run away. They will not do so and bankrupt the economy.
Obviously, Musa Hitams statement was an indirect swipe at Tun Mahathir for warning Malaysians that a Pakatan Government would ruin the Malaysian economy.
There are many ways a country and or a company can be bankrupted.
Musa Hitam should know better as he had personal experience in this area of financial fiasco. He was appointed in 2007 the chairman of Synergy Drive Berhad, the entity which arose out of the newly formed merger between Sime Darby, Guthrie, and Golden Hope Plantations. But, the company subsequently reverted to its original name, Sime Darby Bhd.
It was under his watch as chairman of Sime Darby Bhd that the company suffered massive losses amounting to billions of ringgit. Following the financial fiasco in Sime Darby, most of the directors resigned to take collective responsibility even though the CEO was singled out for the mess and was charged in court. But, the Board of Directors was there to guide and monitor the company led by Musa Hitam himself.
But, he did not resign to assume a share of the responsibility. He only resigned much later. One would have thought that he should be the first to resign.
It is precisely that when wrong persons are at the helm that financial fiasco occurs. And when they continue to lead, more fiasco would result.
Now, Musa Hitam is not without experience. He was a former deputy Prime Minister and since his resignation has other experiences in the corporate field.
It is common knowledge that the Chairmanship of major GLCs are political appointments and given mainly to former senior civil servants and politicians. Such appointments are usually made with the blessings of the prime minister. If during his watch at Sime Darby, there was a major blunder resulting in multi- billion ringgit losses, what more at the national level if the wrong person is at the helm. I am sure Musa Hitam would agree that Anwar Ibrahim is a lesser leader when compared to him. And this proved to be true in the late 1990s.
Musa Hitam is not suffering from dementia so he should be able to recall that in the 1997/1998 Asian Financial Crisis, Anwar was the Finance Minister and had the country adopted his policies, which were essentially that of IMF and World Bank, Malaysia would have suffered irreparable harm to its economy and a whole generation of Bumiputera entrepreneurs would have been financially liquidated together with businessmen of other races. Tun Mahathir, the then Prime Minister had to contend with the systematic global campaign to malign our countrys efforts to plot our own path of recovery and not to follow the prescription offered by the IMF and World Bank. And as they say, the rest is history. With hindsight, the same critics that lambasted Tun Mahathir had to eat humble pie and admitted what Malaysia did was correct under the leadership of Tun Mahathir. Even Harvard University acknowledged the contribution of Tun Mahathir.
Musa Hitam tried helming Sime Darby but failed miserably. He could not emulate the successes of Tun Mahathir, the right man at the helm of the economy in 1997/1998. And, as a result we were spared a major financial debacle!!!!!! In 22 years of his premiership, Tun Mahathir transformed Malaysia and this has been acknowledged by world leaders. But, the same cannot be said of Musa Hitam.
I am sure Musa Hitam has not forgotten this important lesson in financial management. But, his misplaced ego is such that he cannot admit to the fact as he has a chip on his shoulder perceiving himself to be intellectually far superior to his peers. This, in essence is the reason for his political demise. He is a sore loser and cannot accept till today that he is far inferior in all aspects to Tun Mahathir.
In saying that a Pakatan government would not bankrupt the country, Musa Hitam is making a belated attempt to get into the good books of Anwar Ibrahim with a view that he may be given a role in such a government.
God forbid. Musa Hitam cannot even manage a company, but he wants a second chance to steer the direction of our country by pinning his hopes on a Pakatan victory. Such is his ambition and duplicity.
Mahathir Mohamad Was The Fourth Prime Minister of Malaysia, Holding Office From 1981 To 2003. He Improved The Economy and Was A Champion of Developing Nations