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?