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Written by Lam Jian Wyn, The Edge

Tun Dr Mahathir Mohamad has raised questions over how the RM253.6 billion, which the federal government had received from Petroliam Nasional Bhd (Petronas) over the past six years, were spent.

The fourth Malaysian Prime Minister said in his blog chedet.co.cc on July 3 that the national oil company had been paying out in dividends since 1976 and that year, the government received RM300 million.

The amount increased to RM2 billion in 1981. By 2003, it paid RM15.6 billion to the Federal Government. The total from 1981 to 2003 was RM168.8 billion in 22 years.

“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.

“I am sure the Government had spent the money wisely. It would be interesting to know what the RM253.6 billion was spent on,” he said.

Dr Mahathir stepped down as PM in 2003 and his deputy, Tun Abdullah Ahmad Badawi took over as PM until early 2009.

Dr Mahathir remarks were related to 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. This was despite a 14% decline in net profit to RM52.5 billion due to lower crude oil prices and higher operating costs.

The RM30-billion payout included a special dividend of RM6 billion which was declared in the last calendar year. In FY08, Petronas paid out RM24 billion.

Apart from the dividends, Petronas also paid RM29.4 billion taxes, RM6.2 billion royalties and RM2.2 billion export duties in FY09. In total, Petronas contributed RM67.8 billion to the federal government, compared with RM56.8 billion in FY08.

Comments (21)

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written by Ken Liew, July 03, 2009 16:46:40

Dr. M as u before Sleeping beauty and Najis. Were 3 of u any different on spending petronas money?If % of those money are going in ur pocket sure you wont even whisper about it. Spending.thats all UMNO and BN knows. Thats why Malaysia is a SLOWEST Developing country.

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written by justice, July 03, 2009 16:48:48

Does it need a rocket scientist to tell you where the RM253.6 billion goes to?

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written by Trueandfair, July 03, 2009 16:54:24

I prefer to ask Tun Mahathir where did the (RM60billion (conservative number) x 22 years) = RM 1.32 TRILLION went instead ?? As far as I know, Petronas Twin Towers (2 billion), KLIA (2 billion), PLUS (we pay toll, so don't count), say half for civil service incl soldiers, police,.. (RM600 billion), MSC (10 billion), Proton (say RM10 billion), Bumiputra Commerce (RM10 billion), Warplanes (3billion) . There is still unanswered for RM400billion - RM100billion, not to split hairs.

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written by Bigjoe99, July 03, 2009 16:54:32

20 years in the govt and he can't figure out the basic math?

http://tonypua.********.com/2008/09/skyrocketing-operational-expenditure.html

At the same time, the govt tax revenue is NOT increasing?

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written by cantona7, July 03, 2009 16:54:53

From the highest up in the political foodchain down to the lowest, the Rakyat being mere recepient of your once-in-a-blue-moon 'generosity'.

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written by miwaki, July 03, 2009 16:56:55

Hang sati dalham,hang satu dalham,hang satu dalham dan gua 2000 dalham.Even P.Ramlee knew how our government spent the Petronas money,it is amazing that Mahathir did not know when he has done it before.

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written by Trueandfair, July 03, 2009 17:00:11

My numbers differ from Tun's coz he uses DIVIDENDS, I use the revenue generated pro-rata - as I don't believe in the Petronas dividend figures

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written by densemy, July 03, 2009 17:11:34

Is this what's known as "opening a can of worms"??

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written by jayenjr, July 03, 2009 17:15:46

BTW, since we're all in the mood to ask questions here re: Petronas' spending, can you pls tell us how much of Petronas money was used to bail out this joker below who made a mess of Konsortium Perkapalan during the 97 financial crisis?

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written by adan, July 03, 2009 17:28:35

We assume that - with a corrupted system of accountabilty -, 'give a billion and take a billion' is supposed to be ' balanced accounting.' There seems to be no other way to explain the 'missing' billions.

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written by Hakim Joe, July 03, 2009 17:43:35

One Ringgit for Me and One Ringgit for You.
And One Ringgit for Me and One Ringgit for You.
And One Million Ringgit for Me and One Ringgit for You.
And another Million Ringgit for Me and only One Ringgit for You.
And One Billion Ringgit for Me and One Ringgit for You.
And another Billion Ringgit for Me and only One Ringgit for You.
And yet another Billion Ringgit for Me and only One Ringgit for You...
And still another Billion Ringgit for Me and only One Ringgit for You.

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written by Tan Tan, July 03, 2009 18:28:47

Well, to be fair, Tun Mahathir did developed Malaysia using Petronas money.

If u all insisted that he is corrupted, then let it be. Honestly, since the begining of Malaysia, which rulling Prime Ministers or Ministers are not at least involve in mismanagement of public funds? We Malaysians always very forgiving and don't ask, don't confront and complain until mouth full of white foams mentality that contribute to this mismanagement getting worse.

The problem is since Mahathir is gone, lots of public money is missing and furthermore NO DEVELOPMENT! Things get more expensive. Government asking more money and no result or improve of services.

We all know this problem.

Basically, most of the Chinese new complain so much for F**K ! Before you complain about this shit and that shit, ask yourself these questions

a) are you a register voter?
b) did you go out and vote during election?
c) did you help your family & friends to be register voter and vote?

If there is one NO for the above questions

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written by jason, July 03, 2009 18:42:08

Come on TDM dont play play lah. You having been spending like mad like nobody business. Your mega projects, Twin towers, Putrajaya etc. cost hundred of billions.
If you include those amount skimmed off, probably another hundred billions, you will get the figures of 2-300 billion. During the 97/98 financial crisis, I still remember you trying to borrow money from LKY. If only you have managed our finances well, why would you have to borrow money from LKY or the IMF. You really hate this two fellas because they turned you down,dont you?. Now the missing Billions are probably used to fill the big hole that you left behind.

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written by abbey, July 03, 2009 18:58:18

Although I cannot fully account where or how RM253.5b was spent by Petronas, I can offer Tun M where part of that loot went to :
1. One corporate figure by the name of Mirzan took RM2b from Petronas to bail out his shipping/logistic company after defaulting on his loan obligations.

2. Another high flying ( read high diving ) corporate figure named Mokhzani took RM2b from Petronas to save his company from creditors.

3. Petronas spent more than RM3.5b to save BBMB arising from BMF bad loans to Carian Group. But Tun M justifies this bailout as ' good money chasing after bad money '

4. MAS, Proton, DRB Hicom and BMW-Sauber F1 Team together took billions from Petronas, not forgetting Petronas financing of Sepang F1 Race circuit and the development of Putrajaya.

The list is endless but I am allowing other readers the space to comment.

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written by C360, July 03, 2009 20:35:40

The BIGGEST SCANDAL of this country ... cumulated from all the other historical scandals being bailed out from this ... a result of failed executions & implementations of a warped thinking of policies and biased interests ...

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written by ABU SAYAB, July 03, 2009 20:48:47

Trueandfair,

Dr.M kept half of the loot in Swiss bank..

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written by InEffective, July 03, 2009 21:18:15

- bulding twins towers that Malaysians didn't benefit from except someone's self-esteem and ego.
- building palaces of injustice from imported marble.

and many other forms of petro-dollars siphoning, leakage, misappropriations,....

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written by junjun40, July 04, 2009 01:33:46

Pls add on to where our money gone to:

1. Collapse of the world tin prices London Metal Exchange resulting in massive losses in tin stock pile

2. The buying back at the same price of MAS shares from Tajuddin Ramli at a time when the airline was suffering massive losses

3. The favourable terms signed by the government with IPPs and PLUS

Readers, pls add to the list, to help other readers

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written by confuseus, July 04, 2009 09:44:17

Yet, MARA financially drying up ???
More details here @
http://masliberators2009.********.com/

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written by Xerxes, July 04, 2009 09:57:11

TDM, you created these Frankensteins in your 22 years in power. After having been bred on a diet of mega state funds, it is not easy for them to be weaned. Instead, without you around to take away your share, the rest are just like kids let loose in a candy store. They are running riot and grabbing what they could.

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written by apa jadi, July 04, 2009 10:28:50

1) 1981 ~ 2003, Petronas paid only RM168.8 billion in 22 years. Average 7.7/annum.
2) 2004 ~ 2009, Petronas paid Rm253.6 billion in 5 years. Average 50.7/annum.

Rising fuel pricing aside, what had you done in 22 years in getting Petronas to pay so little dividen? Could you make public all the Petronas accounts from 1981 tp 2009? Otherwise, no point talking about these figures.

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