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Let the Malaysian Government eradicate money politics and institute campaign finance reform otherwise the practice of bailing out failed companies will continue to get out of hand.
Statement by Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for Kepong on a series of Malaysian corporate rescue. 16.1.2002.

 
The Malaysian Government has used tens of billions of ringgit to bail out troubled companies. For example, it uses billions to buy the controlling shares of our national carrier MAS, RM6.1 billion to purchase eight MAS aircrafts and other assets, RM3.8 billion to buy controlling shares of UEM and RM910 million to obtain Commerce Asset Holding Berhad, CAHB, shares from the New Straits Times group. An estimate shows that it could have used RM13 billion to rescue Bank Bumiputera in the last two decades.

Other governments such as that of U.S.A. have rescued ailing companies like putting money into airlines. If it is to help the public, such an action may be justifiable. Hence, the public must know whether the rescue attempt is for them or a selected few.

On the one hand, we like to know the truth about the failure of these
companies because we do not want it to be repeated. On the other hand, we are facing a blank wall. Why are the companies in trouble? Economic crisis? Mismangement? Or something else?

CAMPAIGN FINANCE

Whether it is party election, by-election or general election, some
political parties and candidates appear

to have unlimited sources of fund. But, money does not fall from the sky. One source is from corporations. Call it money politics, business politics, political business or influence-peddling. The Prime Minister Dato' Seri Dr Mahathir Mohamad and his deputy have referred to this matter. It is connected with campaign finance. This is complicated.

Since the Government is using public money to rescue these companies, the people must be told how their money is being used. Lim Kit Siang has proposed a Royal Commission of Enquiry to investigate the matter. This is reasonable.

Unregulated party donations by corporations, other organizations or
individuals are a major cause of money politics. It is difficult to
overcome. It may take years.

Campaign finance is and will be a big hindrance to parliamentary democracy. Apart from misusing government machinery and controlled media at the expense of the people, ruling parties have huge campaign funds from various sources. What do donors get in return? If unregulated donations are not stopped, there will not be fair elections in this country. We need reform of campaign finance.

Dr Tan Seng Giaw

 

 
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