This issue is fully explained in a book titled "Marc Rich and the Billion Dollars Scam". It is a black cover book, banned in M'sia but is available off the shelf in S'pore.
The last time I met a friend who was born after the Tin-bust, I asked him in jest,
“Do you know what Ipoh's famous for?”
He gave me a blank look. Anyway, not wasting any time, I told him, “Tin-lah.” “If
there is no tin, Ipoh wouldn’t be here. It would be just another Orang Asli
settlement. He squinted his eyes and responded, “Are you sure? I thought it was
Thanks to Barisan Nasional for single-handedly transforming Ipoh from a rich and
bustling Tin-City to a Ngar-Choy-Kai (Bean-Sprout with Chicken) industry. Ipoh
never recovered from this fatal stroke of incompetence and greed to corner the
World Tin Market. As a result of this, the once vibrant Tin Industry was totally
It all started with a shady Egyptian tin trader by the name of David Zaidner. He
worked for the commodities firm Marc Rich & Co in Switzerland. ( I'll ask my
children to remember their names!)
Actually, he first approached the Indonesian government thinking that they were stupid enough to buy his idea of cornering the tin market. But the Indonesians smelled a con job and had him kicked out of the country.
Next, he couldn't believe his lucky stars when his idea was accepted with
enthusiasm by our then brand-new Prime Minister, Tun Dr Mahathir. A plan was
quickly hatched to corner the World Tin market.
In December 1980, the state-owned Malaysian Mining Corp. Bhd(MMC). named Marc Rich
as its trading agent in a move that would shock the world commodities industry.
Secret large tin purchases were made on the London Metal Exchange and went
unabated throughout 1981, inducing a worldwide price increase. The strategy was
cheap and simple. Malaysia had to only pay a 10 percent deposit against three-
month's forward purchase contracts.
When the price of tin shot up in the world market, the Malaysian government
thought it had scored a huge victory. But unexpectedly, the price increase
attracted many world producers to increase tin production and even the United
States began selling from its strategic stockpiles to take advantage of the
Malaysian-induced price rises.
Subsequently, Malaysia amassed about 50,000 tons of tin and had no other choice but to keep buying just to keep prices up ( being "shot-squeezed" ). Production continued to soar and even unheard-of suppliers started to turn up to cash in on the high tin price. The world tin market went berserk and it crashed. (the Palm Oil market could face the same faith! - oh, maybe not, because FELDA/FELCRA are involved.)
Malaysia lost an estimated US$250 million on its failure to honour forward
contracts, and another local bank lost another US$1 billion in separate losses on
loans it had made covertly out of its Hong Kong subsidiary.
For five years Mahathir categorically denied that Malaysia had anything to do with
the plan but as outside pressure mounted, Mahathir finally revealed the details in
Marc Rich was finally indicted and arrested then extradited to the United States
and convicted of massive tax fraud.
Think of the billions of ringgit taken out of our economy in Perak when the tin
price went bust. Had Mahathir not meddled with the tin price, we wouldn't have
lost 30 years of Tin export income. Perak wouldn't have been relegated from one of
the richest states to a poor one like today.
Another good example akin to the Perak demise is Terengganu. If all the oil
royalties go to the people of Terengganu, Terengganu would be an advanced state at
par with Selangor. But unfortunately, these royalties go to the pockets of BN
politicians and cronies in the form of “Duit Esan”.
"To all our children,... you must all remember them by their names ! "
This material was lifted from:
A Billion Ringgit Tin Mining Industry to Nga-Choy-Kai Industry - By Choo Sing Chye
.Researched from Steven Schlossstein's book, Asia's New Little Dragons
Had Mahathir not meddled with the tin price, we wouldn't have lost 30 years of Tin export income. Perak wouldn't have been relegated from one of the richest ...
Sunday, February 20, 2011
Tun Dr Mahathir – abdicating his past unpleasant deeds?
By: Choo Sing Chye
For the past few months we have been seeing a seemingly similar pattern of white washing unpleasant deeds of the bygone era of Tun Dr Mahathir.
First it was the Papan Radioactive dump site issue then came the white washing of the Operation Lalang and now this – the abolition of ISA.
If one were to look carefully at these three issues, one could easily come to a conclusion that they hold a firm testimony of his desire to create an aura of innocence for himself.
In this article I wish to revisit some of Mahathir’s respond on the Papan radio active dump site issue (Star Online - 15 May 2010) which I believe is none other than yarn that is craftily spun.
Was he that reluctant and innocent at that time?
Definitely no! Here you will see why.
Mahathir: "In Malaysia, we do have nuclear waste which perhaps the public is not aware of . . .” "It is not radioactive but it is not good to handle. We had to bury it in Perak, deep in the ground… But the place is still not safe, and we have almost one square mile that is dangerous." (Star Online - 15 May 2010)
As always his style to show distaste at those who opposed him, he wittingly chose the “World Environment Day, 5th June 1984, to announce that his government would go ahead with the construction of the controversial radioactive waste dumpsite in Papan and that everything had been done to ensure the radioactive waste dump site was safe.” (1)
On top of this, he mockingly stressed that the government, “could not guarantee the safety of the people if they get in the area, dig the soil, bathe in it or throw it over their head.” (2)
One of his Cabinet Minister, Datuk Amar Stephen Yong, verging on absurdity alleged that “there is no way any radiation can affect anybody. People don’t really understand, but the government is concerned about their health and the environment.” (3)
Again with gusto, he defended the premier’s unattainable position by challenging critics of the proposed Papan nuclear dump to prove that it is hazardous to health and environment.” (4)
Mahathir: “(I) did not know exactly where in Perak the Amang (Thorium Hydroxide) was buried… We had to bury it in Perak, deep in the ground… Maybe it is a national secret but I know for a fact that we buried this activated material." (Star Online - 15 May 2010)
After a total rejection of the first nuclear dump site by the people of Papan and the surrounding areas, the government grudgingly decided to shift it to another new site.
In 1986 , the Perak Menteri Besar made an announcement that the nuclear waste site was to be shifted to a new place situated in the Kledang Hills 4.8 km from Papan and 3.2 km from Menglembu.
The new proposed site was approved by the CABINET before the Perak Menteri Besar made the announcement to the people. The site was selected by the Geological Survey Department, Minister of Health, Department of Environment and Puspati.
The proposed site should not be a secret to Mahathir because it was his Cabinet that approved the site in the first place with the endorsement of two very critical departments, the Geological Survey Department and PUSPATI. Moverover, the new site was explicitly announced by the Menteri Besar of Perak in the media.
But one mystery (not national secret) still lingers in the minds of people in Papan and Menglembu as to the question of the factory’s action to employ contractors to dump the radio active waste illegally?
Dr Sadao Ichikawa’s on his second visit to Ipoh on the 27th September 1986, found radio active Thorium Waste indiscriminately dumped around the areas not far from the factory with dangerously high radio active readings?
And worst, on further questioning by Dr Sadao Ichikawa, the factory contractor admitted that he and other contractors with their fleet of lorries had dumped (not buried) radio active Thorium Waste in places other than the proposed new site.
These illegal dumpings were fully reported by all the mainstream newspapers and as Dr Sadao Ichikawa and another Japanese journalist, Manami Susuki began to reveal more of this outrageous fact to the public and press, it became the talk of the nation – overnight it became an opened secret.
Apparently with all these manipulations of his past role, he hoped to tailor a new belief system for the purpose of imbedding his newly coined image of a reluctant and innocent actor in the Papan radio active dump site issue just as he had done in the Operation Lalang debacle and the abolition of ISA issue.
It is pointless to white wash a tarnished image, people still remember!
Here is one for you:
Evita, Argentina’s most famous First Lady who was once a prostitute. One day, when protesters taunted her while she was riding in an official car with an elderly Italian admiral, she turned to the admiral and said: “Do you hear that? They are calling me a whore.”
The old admiral turned and said: “Yes, I quite understand. I haven’t been to sea for 15 years and they still call me an admiral.” 5
1. Sahabat Alam Malaysia, “Papan Radioactive Waste Dump Controversy”
(Phoenix Press Sdn. Bhd.) Pg 76
5. “The World’s Greatest Sex and Scandals,” (Mackays of Chatham – 2001, 2002) Pg 329
Posted by Choo Sing Chye
NOW PAHANG PEOPLE WILL SUFFER AFTER THE CONTAMINATION OF GOLD MINE IN RAUB.....
SO, AS ABOVE ARTICLE CLEARLY SHOWN HOW FORMER DICTATOR/ DIKZAL(DIKTATOR ZALIM) EXPLAINED on the Papan radio active dump site issue .....
JUST AS OPERASI LALANG(OPS LALANG), THE FORMER DIKZAL SAID HE IS ANTI ISA AND DISAGREE TO ANY ACTION OF ISA.........
BUT, FORMER KEPOLZAL(KETUA POLIS ZALIM) HANIFF SAID HE AGREED TO USE ISA TO ARREST MANY CITIZENS AND PUT THEM IN KAMUNTING FOR YEARS.....
FOR HISTORIANS, ALL AGREED THAT OPS LALANG WAS A TERRIBLY CRUEL OPERATION AND UNDEMOCRATIC AND REGARDED AS TOP SHAMEFUL MATTER TO THE NATION SINCE INDEPENDENT!!!
PEOPLE NEED TO KNOW THE REAL HISTORY....THE HISTORY THAT SPEAKS THE TRUTH!!!