Just a brief paragraph to rekindle the crime of the modern mafia, now hovering over Malaysia.
Perwaja was to be the centerpiece of a state-led industrialization drive Prime Minister Mahathir Mohamad began in the early 1980s. Today, it is Malaysia's most costly industrial failure and the biggest financial fiasco to befall Dr. Mahathir's 19-year-old administration.
It's been four years since Kuala Lumpur acknowledged that Perwaja was insolvent -- undermined by mismanagement, production woes, and a mountain of debt. At the time, the government said it would swallow Perwaja's 9.9 billion ringgit ($2.61 billion) in accumulated losses and other liabilities and start over. In a controversial move, Dr. Mahathir brought in a small local steel company -- Maju Holdings Sdn. Bhd. -- to acquire and rescue Perwaja. The new managers promised profit would soon follow.
Now sold off to China -stock log and barrel..who created this shit???
