Did Pak Lah drain Petronas?

Well if you read Mahathir’s post titled Where has the money gone to he makes a pretty compelling case that a lot of Petronas money did flow out during Pak Lah’s tenure.

Anyway a sumarry of the math is as follows.

Between 1976 and 2009 (current year) Petronas paid to the Government of Malaysia a total of RM426 billion. On  a simple average basis that works out to  RM 12.5 billion a year.

BUT, if we take 1976 – 2002 as Mahathir’s period, in that time Petronas paid out a total of Rm157.4 billion or  37% of the total payout, averaging RM5.8 billion a year.

In contrast, if we take 2003 – 2009 as Pak Lah’s period, Petronas paid out a total of RM 269.2 billion or 63% of Petronas total payout, averaging RM34.86 billion a year.

For Tun M, mentally I can account for where the money went – KLCC, Putrajaya, PKFZ, MAS (Tajuddin) etc. but for Pak Lah its quite hard to see where the money has gone asides form his brand new AIRBUS.  Surely we should be putting pressure on the PAC to see where all the money has gone.

Remember the oil spike last year and how the government pushed pump prices up.  Well I guess with all the money taken out from Petronas, there was none left to subsidize the petrol.

The next is to see what happened to Felda’s money….another super cash rich company that is now negative cash.