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How Perwaja Steel fiasco caused Anwar-Mahathir blow-up
Free Malaysia Today
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10/6/2024
A forthcoming book says Anwar Ibrahim’s days as Dr Mahathir Mohamad’s protege were numbered after a newspaper report on Perwaja Steel.
Read More:
https://www.freemalaysiatoday.com/category/nation/2024/10/06/how-perwaja-steel-fiasco-caused-anwar-mahathir-blow-up/
Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.
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00:00
The Prawaja Steel fiasco, which caused billions in losses, led then-Prime Minister Dr. Mahathir
00:07
Mohammed to view his deputy Anwar Ibrahim as a clear and present danger, according to
00:12
journalist Leslie Lopez in his book, The Siege Within.
00:17
Their relationship deteriorated after the Asian Wall Street Journal ran a story in 1996
00:22
about Prawaja's massive losses.
00:25
Anwar stormed into Mahathir's office with a copy of the report, reminding him that the
00:29
government couldn't cover up the Prawaja fiasco, to which Mahathir accused him of leaking
00:34
it, a claim Anwar denied two months later.
00:37
In the following months, Mahathir's allies convinced him that Anwar was a threat.
00:43
Prawaja Steel, a symbol of Mahathir's industrialization policy, incurred $2.5 billion in losses by
00:50
1995.
00:51
In 2002, Mahathir had admitted that Prawaja's downfall was due to mismanagement and fraud.
00:57
Lopez writes that Anwar, viewed as a threat to Mahathir's political and economic system,
01:02
especially after opposing public bailouts from Mahathir's allies during the 1997 financial
01:07
crisis, had to be brought down at all costs to preserve Mahathir's Malaysia-incorporated
01:13
model.
01:14
Anwar was sacked in 1998, expelled from UMNO, arrested, and later convicted of corruption.
01:21
The Siege Within is currently on sale and can be purchased online at Kinokuniya, Litbooks
01:26
and Amazon Singapore.
Recommended
1:15
|
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