Multi-Billion Scams

Is this because of system error or system dysfunction?

Over the years, there had been so many scams, all of which are multi-billions. It can't be the work of novices...

Maybe, it's because of weak leadership or in another view, it's about greed. It could have stem from the system design arising from political patronages and the rent-seeking system. After 30 years, the greed had been cultured and embeded into the system. It becomes part and parcel of their lives and of course, it is about get-rich-quick. The system had bred them, nurtured them, and protected them, so much so, that, they could deceive others and themselves too.

Raja Petra's Malaysia-today broke their back with the revelation of a US$50 billion scam in his article How Malaysia is borrowing USD50 billion without borrowing.

In fact, Raja Petra got hold of the factual evidences to proof that it wasn't just rumours. Thereafter, we hear it from MalaysiaKini, Jeff Ooi, Lim Kit Siang, Howsy, Ktemoc, and scores of many others.

In article's comment at Malaysia-today, one commenter had even done a research of the "financier" Roland Frank Bleyer who had several companies, one of which is Project Equity Services Group (PESG), whose address is Level 5, 44 Miller Street, North Sydney 2060 NSW, Australia. He reported that the receptionist at PESG was Bleyer's niece. Apparently, there are only 3 people (Robert Charles Power, Ian James Barden and Ian Charles Robinson) who had been fronting for Bleyer.

In fact, this guy, SBennit, provided various links and postings, one of which is Vietnamnet Bridge which posted the article titled: Aus-VietCham warns state off dodgy petrol dealer.

Australia-Vietnam Chamber of Commerce Chairman Bruce Dover has sent a letter to the Business Affairs Section of the Vietnamese Embassy in Australia warning against buying PESG petrol.

Another article Quatloos.com had this to say: [Quote] "Yes, I have "done business" with this "large corporation". Project Equity is simply a front company for Roland Bleyer who sold hair growth products in the eighties. He was caught stealing credit card numbers from US citizens he gathered from his website as noted in public record in documents of the Australian Supreme Court...." [Unquote]

Other articles are at p101.ezboard.com.

Many of us may have forgotten that in 2000, there was another scam of which US$5 billion worth of PUNB bond certificate dated Oct 13, 2000, purportedly guaranteed in the name of the government of Malaysia and was to be transacted in UK. Fortunately, the British banks were able to communicate with Bank Negara and exposes the scam. At that time, it was rumoured that the then finance minister, Daim Zainuddin had given his blessing to the issue of the PUNB bond certificate. There was no news thereafter, whether it is a cover-up or insufficient evidence.

Equally, in January 4, 2005, NST reported that Fake US Federal Reserve Bonds with a face value of US$875 billion (RM3.325 trillion) were seized from 3 West Malaysians at the Kota Kinabalu airport. On Dec 28, 2004, police had seized 6 boxes marked as US Federal Reserve Bonds. On 1st January 2005, another man, a Sabahan was held after a similar box was found in his possession at the same airport, where he was about to board a flight to Kuala Lumpur.

Billions? No, this is trillions!!!!

Is Malaysia becoming a haven for counterfeit and scams? Is it due to the political patronage system and the new habits of greed? It's the oligarchy... for we will not hear the last of such.