Malaysians, law will determine how 1MDB soap opera ends

Joe Samad Joe Samad Updated 5 years ago · Published on 13 Jul 2018 7:00AM · 9 Comments

THE long arm of the law has finally caught Najib Razak.

For many years, Malaysians have followed events unfolding in the 1Malaysia Development Bhd saga as if it were a soap opera. They were glued to every episode, and the twists and turns of the never-ending plots, from murder, submarines, witchcraft, plundering the country’s wealth, money laundering and the breaking down of institutions to the making of Hollywood movies, buying expensive artworks, wild rave parties, mega yachts, and the hoarding of cash, jewellery and watches.

The plot thickened every time. Nobody could write a better script of these unfolding events than the star-studded cast of Low Taek Jho, who is popularly known as Jho Low, Paris Hilton, Leonardo DiCaprio, Goldman Sachs, Tim Leisnner, who is the husband of fashion model and designer Kimora Lee, Prince Turki Abdullah, Arul Kanda Kandasamy, and of course, not forgetting Najib, his wife, Rosmah Mansor, and his stepson, Riza Aziz.

The 1MDB saga has put a black mark on Malaysia for a very long time. It’s like a spell was cast over the people and country by some witchery, and we were helplessly led to our doom by a Pied Piper. The whole country was drunk on a Kool-Aid concoction prepared by the inner circles of power.

Malaysians have spent so much time and energy and emotion trying to get to grips with what is fake and what is real. Some still have this incredulous belief that Najib is a victim. Some believe he is still chosen by God, and infallible. All I can say is – morons are born every day.

Most of us just want to forget these dark episodes of history and get on with our lives, but that’s not going to be the case. There are more revelations to come, and what we are seeing and hearing are merely the tip of the iceberg. The 1MDB soap opera will not go away. It will probably go down as the greatest “heist” in Malaysian history.

Malaysia has a long list of past financial scandals, but one case sticks in my mind. The younger generation would probably not know about the Bumiputra Malaysia Finance (BMF) case, the first major financial scandal in the 1980s.

Many people regarded the BMF case as the dirtiest involving Malaysians. There were stories of murder, espionage, corruption to the highest degree, and even associations with triads based in Hong Kong.

It was found that BMF, a subsidiary of Bank Bumiputra Malaysia Bhd (BBMB), had provided RM2.5 billion in loans to companies with a vague track record, including the Carrian Group based in Hong Kong.

The scandal involved the murder of BBMB senior auditor Jalil Ibrahim, who had been sent to Hong Kong to investigate the transactions, and Carrian’s bankruptcy. Jalil was found dead in a banana plantation in the New Territory, Hong Kong, with a bathrobe belt around the neck. The BMF case was investigated by the US’ CIA, and the classified report has since been released.

The government had to pump money to save BBMB from being closed. Dr Mahathir Mohamad repeatedly distanced himself from the scandal – which took place during his first turn at being prime minister – and referred to it as the business of a bank that is not affiliated with the government. The finance minister then was Tengku Razaleigh Tengku Hamzah.

Losses incurred in the crisis, including capital injections, ran into the billions. At the time, BBMB was Southeast Asia’s largest bank, and the Carrian collapse was the largest bankruptcy case in Hong Kong. A royal commission was established, but no one was prosecuted in Malaysia. In Hong Kong, a few executives were prosecuted. One of the key actors and, maybe, the fall guy in the scandal was BMF chairman Lorrain Esme Osman, who was jailed and lived in exile in London until his death in 2011. Reading the BMF story is like reading a thriller you don’t want to end.

For now, 1MDB will take centre stage. On the back of all the international evidence, including the recent discovery of the hoarding of ill-gotten loot in several locations, there will be more revelations to come.

From now on, the people of Malaysia and the law will write the future episodes, and I am sure they will win Oscars and international accolades.

The next Nobel Peace Prize should also be awarded to Malaysians from all walks of life who had to endure the sufferings of a broken nation. – July 13, 2018.

* Joe Samad has wide experience working for international companies and government GLC. He is interested in new technology applications in a shared economy and issues affecting the nation,  sharing his worldview across various media platforms.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.

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Comments

  • Among the many wrongs Tun M wants to make right. Don't worry Tun, we're with you on this one.

    Posted 5 years ago by Pak Yus · Reply

  • The 1MDB saga will reverberate for long time. And don't forget there are mini 1MDB problems. And the task of ridding the country of corruption will take a long time.

    Posted 5 years ago by Justice For All · Reply

  • Lots of #1MDB_copycat_crimes by the #everybody_is_doing_it criminal class like #surendra_ananth_grandfather_kidnap and #pathmini_terrorism to be revealed too.

    #spiritofponnamal

    Posted 5 years ago by Bala Pillai · Reply

  • Thailand's WildBoars in Flooded Cave Saga showed all the goodness in humanity to the World
    Malaysia's Wild Kleptocracy Flooding Malaysia Saga show all the evil & moronity of party to the World.

    Posted 5 years ago by Snowbite8281 shachu · Reply

  • We still await explanations by Jho Low, etc which can be crucial to our understanding of this 1MDB affair. Without it, and/or more, mere conjecture will not be acceptable to a court of law. Trial by media gives only side of the happenings, and can appear to be damaging to Najib, but it does not go to the root of the matter. Najib could still go free if there is a break in the chain of evidence, or if the proof is inconclusive. It could be a long drawn out case, unending even by the next general election due by 2023 if the case happens to go awry..

    Posted 5 years ago by MELVILLE JAYATHISSA · Reply

  • Najib is a victim of his own success as a kleptocrat all right.

    Posted 5 years ago by Roger 5201 · Reply

  • What we need are independent judges of integrity who are principled and cannot be bought with cash. Malaysia still has a long way to go before we get those rats, and this is a step in the right direction.

    Posted 5 years ago by Roger 5201 · Reply

  • What we need are independent judges of integrity who are principled and whose values cannot be bought with cash. Malaysia still has a long way to go before we get those rats, and this is a step in the right direction.

    Posted 5 years ago by Roger 5201 · Reply

  • Above all, Malaysians don't expect the money back any time soon. It may take decades to get it back, long after Najib has been judged in court. And the legal process against Najib in itself will extend beyond this present government's tenure. So just be patient and let the process take its course. What the revelations in court will hopefully bring, is clarity over who exactly instructed who to do what. Then Najib's supporters will have to face the cruel truth that their beloved leader took them for fools.

    Posted 5 years ago by Christine Xavier · Reply