Tun Dr. Mahathir started the flourish of billionaires through mega privatizations of public resources controlled by cronies. It was such a cozy arrangement: political leaders decide who gets what, and political parties get funded by them. If politicians got super rich in the process, they too got a share each in the spoils. Win-win situations indeed, until recessions set back the arrangements, which depended much on loans, and their plans fell apart. Golden boys like Halim Saad, Tajuddin Ramli, Wan Azmi and the like, fell from their lofty positions one by one.
The problem with having nominees is that the real owners of shares is kept secret. Though there are pre-signed documents for any eventuality, the nominees get to enjoy the status of successful super rich businessmen. Never mind if the shares were for so and so, the banks are more than happy to advance huge loans to them. Unexpected problems arose because of untimely deaths when children expect their shares according to official figures; or upon divorce, the wife claimed for half of what he officially owned.
We have seen how some documents signed by Halim Saad were unenforceable, and now those by Tajuddin Ramli are going to meet the same fate too. Isn't it obvious certain political leaders (past and/or present) are just covering their own asses? Is it any wonder foreign businessmen would insist on international court of law for settlement of any possible future disputes?
The problem with having nominees is that the real owners of shares is kept secret. Though there are pre-signed documents for any eventuality, the nominees get to enjoy the status of successful super rich businessmen. Never mind if the shares were for so and so, the banks are more than happy to advance huge loans to them. Unexpected problems arose because of untimely deaths when children expect their shares according to official figures; or upon divorce, the wife claimed for half of what he officially owned.
We have seen how some documents signed by Halim Saad were unenforceable, and now those by Tajuddin Ramli are going to meet the same fate too. Isn't it obvious certain political leaders (past and/or present) are just covering their own asses? Is it any wonder foreign businessmen would insist on international court of law for settlement of any possible future disputes?
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