Tuesday, June 9, 2009

The Singapore Story And More

Hantu Laut

A letter from Eddy:

Bro, since you are talking about Singapore you might remember an economist from Morgan Stanley who in 2006 wrote a stinging email about Singapore.

Andy Xie, a Shanghai-born
economist who worked at Morgan Stanley for nine years, sent the e-mail
in 2006 to his colleagues after attending the International Monetary
Fund and World Bank annual meetings in the city state. The economist
questioned why Singapore was chosen to host the conference, and said
delegates "were competing with each other to praise Singapore as the
success story of globalization.''

``Actually, Singapore's success came mostly from being the money
laundering center for corrupt Indonesian businessmen and government
officials,'' Xie wrote in the e-mail. ``Indonesia has no money. So
Singapore isn't doing well. It goes on to say that Singapore is now
building casinos to attract(launder) corruption money from China."

OK bro enough of Singapore...the truth is something that Lee Kuan Yew
propaganda cannot suppress. His idea of a Malaysian Malaysia based on
his Chinese chauvinistic values would have destroyed Malaysia
multiracial harmony and balance if he had been given the chance, I
think Tunku made the right decision by throwing Singapore and Lee out
of the federation. He still have his ex political secretary Kit Siang
to do his bidding thru DAP though. It remains to be seen how DAP will
fare when Lim Kit Siang is no more in politics or public life as kit
Siang still rules DAP with an iron fist (any DAP leaders more popular
will be thrown out remember Lee Lam Thye). Look at Perak when he
refuses at first to attend the former MB Nizar appointment ceremony
when he said that rightly a DAP ADUN should be MB knowing full well
that Perak's constitution says that only a Malay can be MB. Look at
Guan Eng how Kit Siang maneuvered to have his son as Secretary General
and a Malacca based politician become a Penang MB.

Enough of my ramblings, hope you find it not so boring,



There is some truth in what Andy Xie said.The biggest chunk of money parked in Singapore came from Indonesia.These are mostly black money and under pricing done by Indonesian businessmen of their export proceeds and overpricing for imports into Indonesia.Most of the transactions were financed by Indonesian banks and that's why you hear of many bank failures in Indonesia.Some got ripped-off by greedy and unscrupulous bankers and businessmen.

Some Malaysian businessmen exporting to the island nation, though not as bad as Indonesians, also has a fair share of keeping some of their money in Singapore. Sabah and Sarawak businessmen prefer Hong Kong, another financial centre that don't ask many questions as long as you keep a legitimate business presence on the island.Big timber exporters used Hong Kong as their base for documentations.

The biggest timber company in the world now belong to Sarawakian.The recent trouble and rioting in Papua New Guinea against Malaysian and Chinese nationals flared up because of political corruptions and shoddy treatment the Papuans get from these foreigners.

As far as Singapore and Hong Kong are concerned these are legitimate businesses and do not consider it as money laundering but the losers are Indonesia and Malaysia, rightfully all the money should come back to the country.

To attract this kind of money the Singapore government introduced tax free interest on deposits kept in Singapore by non-residents.You can deposit in any major currency in the ACU (Asian Currency Unit) account and will not be taxed as long as you don't reside permanently in Singapore.

Singapore survives better with the inefficiency of its neighbours.An efficient and well-developed Indonesia and Malaysia is not good for Singapore's business, the two countries could be considered as the hinterland for Singapore.

I would still give a lot of credits to Lee Kuan Yew for the amazing transformation of Singapore and its economic growth, unrivalled any where for such a tiny nation.Our leaders can learn a lot from this man.

In the case of Lim Kit Siang I must add that his kind of chauvinism is worse than Lee Kuan Yew and unlike Lee, he is also a hypocrite when he said “It is a great irony that Najib is not aware or conscious that he is most guilty of the malady among the Barisan Nasional leaders he diagnosed yesterday,”

“If Najib had followed his own edict to constantly ‘feel the pulse of the people’, he would have realised that the biggest Achilles heel in the credibility, integrity and legitimacy of his premiership is the unethical, undemocratic, illegal and unconstitutional power grab in Perak,”

Najib was already in power and was only ascending to a higher level.When Anwar Ibrahim constantly denigrate the BN government and was trying to use even worse method to topple the government there was not even a whimper from Lim to object to what Anwar was trying to do.It was Karpal Singh who in no uncertain term told Anwar off.Only when they knew the plot was doomed to fail they meekly pretended to object.

I bet you, if Anwar had succeeded, Lim, all those in Pakatan including the 'holier than thou' PAS would be singing different tune ----- rejoicing to their hearts' content that they have done the right thing.

Lim should ask himself who is more power crazy in this case.A man who seeks power by unconventional means to topple a legitimate government and proudly announce it to the world or a man who used his discretion to accept lawmakers dissatisfied with the treatment they get from their political party.

There was no power grab. There was no gun put to the head of the assemblymen to force them to cross over.It was the assemblymen who walk over to the BN side and it would be stupid of Najib not to accept them.

Never underestimate the versatility of chameleons.

As a metaphor when a person is described as chameleon, the reference to the animal is generally a commentary on the person's ability to blend into various social situations, often to mean the person has no true values, or that he quickly abandons them in company if it's convenient to do so."Chameleons" are also people who can change their personality and appearance with ease, morphing into a seemingly different person, such as an accomplished actor or model.


Anonymous said...

Fair comments HL. Both LKY and LKS may not be spotless in philosophy and politics but one must look at their achievement and struggles.

For LKY, his achievement is astounding turning a resourceless tiny red dot into a dynamic international financial, trading and manufacturing powerhouse. All these achieved without amassing suspicious personal wealth.

For LKS, his consistant struggles to keep UMNO and BN in check is exemplarary and sacrificial. What has he gained personally in terms of wealth? Contrast this with some ruling politicians who are showing off their undignify and ugly unaccountable wealth strutting about in their show of power. Without LKS, I fear Malaysia would have become tin pot countries like some South American and African countries.

Karpal I admire. He is Mr consistant in his unwavering principles and have been calling a black kettle black if nothing else.

As for AI, I agree with you. I am uncomfortable with him. Perhaps Nizar or Husam of PAS are more suitable to lead our country with Zaid in the cabinet. PAS with the re-election of its deputy, I am watching with uncertainty. God save our country!


shahfudin said...


I am very grateful on you sharing this and your perspective on the national issues. Thank you.


SM said...


Eddy has a severe case of "Sour Grapes" Syndrome!
So far the only Malaysian Leader who comes close to LKY is probably TDM & even then he falls way short!