From Malaysiakini

Malaysia has squandered an estimated RM100 billion on financial scandals under the 22-year rule of Dr Mahathir Mohamad, according to a new book about the former prime minister.

According to Barry Wain, author of the soon-to-be launched ‘Malaysian Maverick: Mahathir Mohamad in Turbulent Times’, direct financial losses amounted to about RM50 billion.

This doubled once the invisible costs, such as unrecorded write-offs, were taken into account. The RM100 billion total loss was equivalent to US$40 billion at then prevailing exchange rates.

Barry, who is a former editor of the Asian Wall Street Journal, says most of the scams, which included a government attempt to manipulate the international tin price and gambling by Bank Negara on global currency markets, occurred in the 1980s. (more…)