In its Interim Financial Report for Third-Quarter of 2017, Petronas presented its report that they have almost doubled its profit after tax (PAT) at 64% to RM10bil from RM6.10bil within 9 months period compared to last year’s performance. Significantly, Petronas cash in hand is about RM129.2 billion as at end of September 2017.
If compared to its performance in November 2016, Petronas cash was at RM121.5 billion and this was even higher than September 2013 with a total of RM113.6 billion during which oil price began to be unstable and fluctuated vigorously.
Mahathir started his anti-Najib campaign aggressively since 2015 and left Petronas in early 2016. Since then, not only Petronas cash is saved but growing continuously. As such, the cabinet decision to terminate his appointment as Petronas adviser is indeed accurate. Everyone knew what Mahathir had done to Petronas when he used it as a bank to save many of his cronies companies including his sons’ – Mirzan’s Konsortium Perkapalan and Mokhzani’s Sapura-Kencana Petroleum Bhd.
Opposition politician Syed Husin Ali who is also a close ally to PKR once quoted that; “Petronas has neither been fully transparent nor accountable with how it spends its money, especially in aiding and abetting Tun Mahathir to indulge in unproductive construction of mega projects, to bail out ailing crony companies and corporate figures, and to involve [itself] in excessive and wasteful spending on celebrations and conferences.”
Indeed 1MDB faced a cash flow situation in the past, with Petronas rich in cash, PM Najib could easily instruct them to bail-out 1MDB if he is too follow Mahathir’s tread. Nevertheless, PM Najib prefers Petronas to excel in their businesses and the government only leverages normal dividends.
With RM129 billion in cash and strong assets of RM600 billion, how possible will 1MDB long-term debts of RM25 billion could turn Malaysia into a bankrupt state? Or when Pakatan Harapan accused that the government is forced into introducing GST to settle 1MDB debts, are Petronas cash been touched?
Significantly, PM Najib is far better than Mahathir premiership when the latter has a lot to hide that not once he had made public to the monetary losses amounting to tens of billions of ringgit unaccounted for, and irretrievable.
Significantly, PM Najib is far better than Mahathir premiership when the latter has a lot to hide that not once he had made public to the monetary losses amounting to tens of billions of ringgit unaccounted for and irretrievable.
Malaysians must never forget, to name a few of Mahathir fallacies, there was the Forex lost for about RM30 billion, the Perwaja Steel scandal worth RM10 billion, Bank Bumi scandal wit RM10 billion gone and Maminco-Makuwasa Affair for RM1.6 Billion losses.
If PM Najib truly is a dictator, he would have done what Mahathir did before but he chooses to let Petronas and 1MDB run their own affairs.
What the people need to worry about now is what the Pakatan creates whether what they claim is true or false and perhaps, if they are actually attempting to obscure Mahathir’s past wrongdoings and including their own mistakes for opposing his administration as they are now in the same team.