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Sunday, September 18, 2022

Reminiscence the past - many not known of the genuine pariah.

 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???


Read more here