Where Government Spend Petronas Money ?

There is quiet interesting that our former Prime Minister Tun Mahathir is seems to be a good citizen when he asked what did the government spend with the sum RM 253.6 billion payment from Petronas for the past 6 years.

An argument which has been made by Mahathir is reasonable. Of course he knows that. As a Petronas advisors, he also has a responsibility about the very big money.

Maybe Mahathir also miss something about that matter. He should realize that during his administration, he had manipulized the Petronas money too. Every single cents was spend for help his family, cronies and other bail-out actions which related to government's company. We all knows that, Tun. You will face any circumstances "over there" due to whatever you did before.

Anyway, we also thanks to you over this matter. Please do whatever you thinks good for our lovely Malaysia. May Allah open your heart to "taubat nasuha".

Dr M : Where Did Petronas Money Go

KUALA LUMPUR, July 3 — Petronas adviser Tun Dr Mahathir Mohamad today asked what did the government spend with the RM253.6 billion payment from the national oil company over the past six years when his successor Tun Abdullah Ahmad Badawi was prime minister.

The former prime minister, a trenchant critic of Abdullah, wrote in his www.chedet.cc weblog that Petronas has been paying dividends, taxes, royalty and export duties to the government since 1976, after it was set up as the national custodian for fossil fuels.

"Where has the money gone to?" Dr Mahathir asked.

He said Petronas began by paying RM300 million in 1976, rising to RM2 billion in 1981, when he assumed office. The total from 1981 to 2003 was RM168.8 billion for the 22 years that marked Dr Mahathir's tenure as the country's fourth prime minister.

"From then onwards it increased from RM19 billion in 2004 to RM67.8 billion in 2009. The total for six years is RM253.6 billion," he said. It is not known if the figures were adjusted for foreign exchange fluctuations as oil is usually quoted in US dollars.

"I am sure the government had spent the money wisely. It would be interesting to know what the RM253.6 billion was spent on," said Dr Mahathir, who retired as prime minister in favour of Abdullah, who stepped down in early April.

His remarks today came after a June 25 announcement by Petronas that it had paid RM30 billion in dividends to the federal government for the financial year ended March 31, 2009.

The amount was despite a 14 per cent decline in net profit to RM52.5 billion due to lower crude oil prices and higher operating costs and included a special dividend of RM6 billion which was declared in the last calendar year. Petronas paid out RM24 billion in the previous financial year.

Apart from the dividends, Petronas — the country's only Fortune 500 company — also paid RM29.4 billion taxes, RM6.2 billion royalties and RM2.2 billion export duties for the last financial year, totalling RM67.8 billion to the federal government against RM56.8 billion in the previous year.

Source : themalaysianinsider