Malaysia—ANC's role model country in death spiral

Stochos

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Improvements in Malaysian corporate governance have been slow and uneven. Hopes for an end to 46 years of affirmative action -- which benefits the Malay majority while sapping productivity and repelling foreign investors -- have been for naught. Efforts to weed out corruption and wean the economy off energy exports have been tepid.

Source: Malaysia suffers today because it didn't in 1990s

South Africa suffers today because it didn't in the 00s. SA used the boom in commodity prices to not take painful decisions and restructure the economy by making it more competitive. Which sector of the SA economy does not have rigged prices? FFS the price of bread was rigged! Instead there was an orgy of back slapping; praise for a non-economist finance minister. Instead of racial transformation on merit there was crony BEE deals for the connected ones like in Malaysia; which is lose-lose. The ANC replaced Afrikaaner nationalism with African nationalism.

Beleaguered Malaysian prime minister Najib Razak has effectively been cleared by the country’s anti-corruption body, following a financial controversy that has shaken the legitimacy of his government.

The Malaysian anti-corruption commission (MACC) announced that $US700m in accounts held by the prime minister had come from donors – not, as has been alleged, from the debt-laden state development fund, 1Malaysia Development Berhad (1MDB)

Malaysian prime minister had $700m of 'donations' in bank account – watchdog

Hmm anti-corruption agency clears PM...sound familiar?
 

Saajid

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You can hardly compare Malaysia to South Africa. While certain policies might resemble those in RSA, the two countries are worlds apart, economically, politically, socially, ethically, morally, geographically, and every other sphere you can think of. The 2 countries might as well be on 2 different planets.
 

Stochos

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You can hardly compare Malaysia to South Africa. While certain policies might resemble those in RSA, the two countries are worlds apart, economically, politically, socially, ethically, morally, geographically, and every other sphere you can think of. The 2 countries might as well be on 2 different planets.

BRK: They are actually on the same planet.
The affirmative action policies of Malaysia are quiet similar to South Africa's.
https://en.wikipedia.org/wiki/Malaysian_New_Economic_Policy#Policy_Benchmarks

It focused on transforming ownership to the majority via social engineering, affirmative action. This has led to incompetence in the public sector. This was on display when the MH370 disappeared. Their military is weak; and so is the SANDF.
 

grok

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which benefits the Malay majority while sapping productivity and repelling foreign investors

Sounds exactly like what is happening here..
 

Vrotappel

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You can hardly compare Malaysia to South Africa. While certain policies might resemble those in RSA, the two countries are worlds apart, economically, politically, socially, ethically, morally, geographically, and every other sphere you can think of. The 2 countries might as well be on 2 different planets.

Really? Just reading the quoted part makes me think of SA.
 

Stochos

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Calls for him to resign are being led by former prime minister Mahathir Mohamad, who plotted to oust another prime minister to install Mr Najib.

Writing on his blog, Dr Mahathir ridiculed suggestions that a Middle East donor would give $US700 million to Mr Najib to contest an election.

"This claim that Arabs donated billions (of ringgit) is what people describe as hogwash or bull---," Dr Mahathir said.

"Certainly I don't believe it and neither can the majority of Malaysians if we go by the comments on social media," he said. "The world has a good laugh."

Dr Mahathir said democracy is dead in the country he led for 22 years.

"It is dead because an elected leader chooses to subvert the institutions of government for sustaining himself," he said.

Malaysian minister can 'smell' plot to overthrow PM Najib Razak

Meanwhile currency is under attack.

View attachment 259104
 

Gordon_R

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Thread necro.

https://www.bbc.com/news/world-asia-44625007

Malaysian police have seized a trove of jewellery, handbags and cash worth up to $273m (£206m) from properties linked to former prime minister Najib Razak and his wife Rosmah Mansor.

A $1.6m gold and diamond necklace, 14 tiaras and 272 Hermes bags were taken as part of corruption investigations into state investment fund 1MDB.

Billions of dollars are unaccounted for from the fund, set up by Mr Najib.

He has been under investigation since his shock election loss in May.

Police describe the seizure of valuables as the biggest in Malaysian history.

Jewellery accounted for the biggest portion, with 12,000 items gathered - the most expensive being the $1.6m necklace.

A total of 567 handbags containing almost $30m in cash were also seized, along with 423 watches and 234 pairs of sunglasses, police say.

"We couldn't do the counting at the premises because the numbers were too huge," Amar Singh, head of the police commercial crime division, told a news conference.

He added that it had taken officials five weeks to count the items and calculate their value.

Over the years oformer first lady Ms Rosmah has come to be known for her indulgent shopping habits and love of branded goods.

She has been compared to former Philippines first lady Imelda Marcos, who was also known for her love of shoes and other luxury goods.

Corruption claims were a major cause of Mr Najib's election loss to his former ally Mahathir Mohammad.

Mr Najib was alleged to have pocketed $700m from the fund, a charge he has denied.

Since he lost the election, Mr Najib and his wife have been questioned by anti-graft investigators and he has been banned from leaving the country.
 

Nicodeamus

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Malaysia kicked singapore out after it got independence. Lee Kuan Yew cried on public television that day. Today the Singaporeans are laughing all the way.
 

konfab

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Authorities say billions of dollars were ultimately embezzled to buy art, property, a private jet and super-yacht - and even to help finance the Wolf of Wall Street film, starring Leonardo DiCaprio

That must have been someone's idea of a sick joke.
 

Flanders

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You can hardly compare Malaysia to South Africa.

Sure we can, Derek...

tumblr_mwlmflPlLr1qkfwf2o1_500.gif
 

surface

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Seems that they take corruption more seriously than the OP suggested:
Looks like they are ahead in this but I very much doubt if Zuptas used bank accounts. More likely Hawala which is near impossible to trace as it is in cash. One can always raid Nkandla "bunker" of course but you know how difficult that is going to be.

Tuesday's verdicts centred on 42 million ringgit ($10m, £7.7m) transferred from the fund to the then-prime minister's private accounts.
 

Pegasus

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Najib's defence team argued he was led to believe the funds in his accounts were donated by the Saudi royal family - rather than misappropriated from the state fund.

:unsure:
 
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