Archive for January 30th, 2016

“It never rains but it pours” best describes Najib’s world-class twin mega-scandals and the serious multi-faceted Malaysian crisis today

Ever since the beginning of the new year, the Prime Minister and his advisers-propagandists have been hard at work to manufacture a mirage for Malaysians, that all is fine in Malaysia and the multitude of political, economic, good governance and nation-building crisis converging in the country are the mere publicity creations of Opposition politicians and anti-Barisan Nasional NGOs and electronic media which have no grounding in reality.

Hence the up-beat 2016 New Year Message by the Prime Minister, Datuk Seri Najib Razak that his world-class twin mega scandals have been resolved and no more issues in the country, which is supposed to be solidified by the Attorney-General, Tan Sri Mohamad Apandi Ali’s exoneration of Najib earlier this week of any crime or wrongdoing in the RM2.6 billion donation and RM42 million SRC International scandals.

But Najib’s “house of cards” that everything is fine in Malaysia started to tumble down immediately when the response to the Attorney-General’s exoneration of Najib, both locally and internationally, was one of shock, outrage and rejection resulting in an ongoing controversy as to whether Malaysia’s parliamentary democracy and constitution permitted an Attorney-General to act like a dictator with no regard to the fundamental precept of the Rule of Law that “every legal power must have legal limits”.

In the past 24 hours, the saying “It never rains but it pours” seems to best describe Najib’s world-class twin mega scandals and the serious multi-faceted Malaysian crisis today. Read the rest of this entry »


Why Malaysia’s 1MDB scandal is denting growth

Leslie Shaffer
29th January 2016

Thought the long-running political scandal over Malaysia’s deeply indebted sovereign fund was over?

It isn’t and the festering scandal is likely to weigh on the economy and may eventually spur a ratings downgrade, Oxford Economics says.

That’s bad news for Malaysia, which is already suffering from a slide in the price of commodities, an important chunk of the economy and a key source of revenue for the government. The currency has tumbled and the government’s debt levels have climbed, fueling investor concerns.

“Just as it appeared that the long-running scandal over state investment company 1MDB had been satisfactorily resolved, the issue has reignited with an appeal against the ruling exonerating the prime minister,” Christine Shields, lead economist at Oxford Economics, said in a note Friday. “The issue is a real worry as it is eroding confidence and contributing to risk aversion about the country.” Read the rest of this entry »