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How the gov't 'looted' up to US$100 bil
The multi-billion ringgit Port Klang Free Zone scandal may be big, but it is only the latest in a long line of scandals going back to the early 1980s.
Time magazine quoted Daniel Lian, a Southeast Asia economist at Morgan Stanley in Singapore, saying that the country might have lost “as much as US$100 billion since the early 1980s to corruption”.
The scandals listed below are only a small sample of the looting of the country's coffers:
In July of 1983, what was then the biggest banking scandal in world history erupted in Hong Kong, when it was discovered that Bumiputra Malaysia Finance (BMF), a unit of Bank Bumiputra Malaysia Bhd, had lost as much as US$1 billion which had been siphoned off by prominent public figures into private bank accounts.
Time magazine quoted Daniel Lian, a Southeast Asia economist at Morgan Stanley in Singapore, saying that the country might have lost “as much as US$100 billion since the early 1980s to corruption”.
The scandals listed below are only a small sample of the looting of the country's coffers:
In July of 1983, what was then the biggest banking scandal in world history erupted in Hong Kong, when it was discovered that Bumiputra Malaysia Finance (BMF), a unit of Bank Bumiputra Malaysia Bhd, had lost as much as US$1 billion which had been siphoned off by prominent public figures into private bank accounts.
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