As early as 1970, it was estimated that more than 60 percent of
Malaysia's corporate assets were still owned by foreigners, and of those
non-Malaysian interests, two-thirds were still controlled by the British. In
the decades that followed, we never really achieved complete independence from
them. See, even though we have our own country, most of the local economy and
land is still held by the British, and all the profits and income earned by
hardworking Malaysians go into the pockets of the former colonialists.
Because of this, Dr. Mahathir had no qualms about opposing the British.
He pointed out things like the fact that the British had taken advantage of the
Chinese for their personal financial gain while at the same time ignoring the
needs of the Malays. By the time Margaret Thatcher came to power, bad diplomacy
between Malaysia and Britain had reached a new level. One example of this is
when Britain increased the cost of tuition for students, which affected up to
13,000 Malaysian students. Naturally, Dr. Mahathir responded by adopting a
policy called "Buy British Last," which made it difficult for British
imports to enter Malaysia (Nerve attack or nerve war). During that time period,
Guthrie was the most successful and oldest plantation enterprise wholly owned
by the British. As a result of the Tunku's willingness to cooperate with the
British and persuade them to invest in what was then known as Tanah Malaya, the
organization achieved much success in the early years after independence.
Instead, this meant that British companies owned most of the land in the
region, and the income earned from these holdings was sent back to the United
Kingdom. Regarding Guthrie, although Permodalan Nasional Berhad (PNB) owns
twenty-five percent of the company's shares, PNB is not given a seat on the
board of directors.
WHEN THE DAWN RAID HAPPENED?
As soon as the London stock exchange opened (9.00 a.m. London) ,
which was around four o'clock in the afternoon here (7 September 1981), the two
of them, representing PNB, began a massive process of buying up as many shares
from Guthrie as quickly and covertly as they could in order to avoid alerting
Guthrie's men in London. This was done in an effort to prevent Guthrie from
discovering what was going on. However, there were a significant number of
shares, so they enlisted the assistance of Genting Berhad, Bank Simpanan
Nasional, and Malaysia-Kuwait Bank in order to assist them in buying out
Guthrie. These three financial institutions collaborated in an effort to engage
in some traditional patriotic capitalism.
WHERE HAPPENED?
Even though all of Guthrie's assets are located in
Malaysia, all of its stock transactions take place on the London Stock
Exchange. Planned at the National Bank of Malaysia. involving 4 Country
including PNB (Malaysia), OCBC (Singapore), Kuwait Investment (Kuwait) and
London (England).
WHO IS THE MASTERMIND?
The
Prime Minister who decided to STEAL what was stolen. When Dr. Mahathir became
Prime Minister, he regarded Guthrie as a significant obstacle, and as a result,
he made the choice to reclaim what should properly belong to Malaysia.
Naturally, he was unable to complete the task on his alone, so he enlisted the
assistance of a few additional people.
The
first was Tun Ismail Mohamed Ali, a former Governor of Bank Negara and Chairman
of PNB at the time. Tan Sri Khalid Ibrahim was the second.
HOW DAWN RAID HAPPENED?
During
the dawn raid, Malaysia was not alone. In London, the firm N. M. Rothschild
& Sons persuaded M&G Investment to sell their shares to Malaysians,
while the brokering firm Rowe & Pitman ensured that the share transaction
went smoothly. When everyone is ready In Malaysia, Khalid Ibrahim must persuade
BSN, Genting, and KIG. Datuk Ismail travelled to Singapore to consummate the
deal with OCBC. While Rothschild, Rowe, and Pittman in the United Kingdom are
waiting for Malaysian approval to finalize the purchase from the M&G
company and some shops that have already consented.
The
plan is that all of these purchases must be made at the same time, must not be
instantly acknowledged by the media or market participants (to minimize price
surges), and must be successful transaction. They believed that Rowe and
Pittman, who purchased shares in British merchants equal to 11% (from 17%) of
M&G, would be sufficient to make the Malaysian government the majority
owner of Guthrie, albeit the number was still unknown at the time.
As
soon as the LSE counter opens at 4.00 pm Malaysian time, 9.00 am London time, a
simultaneous attack is launched. Shares of BSN, KIG, and Genting changed hands,
as did M&G, and a number of stock units belonging to small traders in the
United Kingdom were safely transferred to the Malaysian government.
In less than four hours, the Malaysian government boosted its
stake in Guthrie through PNB to 51%. This implicitly made PNB a big shareholder
in Guthrie's company, which was one of the British people's most proud
companies at the time.
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