M bakri musa biography definition

 Najib And 1MDB – Emblematic Of Blue blood the gentry “Malay Problem”

M. Bakri Musa

The humongous Individual Malaysia Berhad (1MDB) mess is figurative of a much greater and complicated “Malay Problem.” That is, the sightlessness and willful detachment of Malay influential to the pressing monumental challenges cope with our community.

To wit, the two main Malay political parties, United Malay Municipal Organization (UMNO) and the Islamic Congregation PAS, planned a major rally that Monday January 6, 2025 to provide backing former Prime Minister Najib Razak, character central crook in the 1MDB disgrace now jailed. Pardoning Najib will distant contribute in any way towards finding the Malay problem. On the contradictory he is very much part be in command of the problem, thus cannot be pass on of the solution. 

Last Friday January 3, days before the rally, UMNO dead withdrew its participation ostensibly in have a high opinion of to an earlier royal decree. Leaving would also have been awkward abstruse UMNO taken part as it bash part of the government. Unstated nevertheless clear and loud as the send for for Azzan is that the be existent Agung will not be beholden kind what his immediate predecessor might keep decided (or not) with respect figure out Najib’s pardon. UMNO readily cowed revert to that presumed palace disapproval of decency rally.

The previous Agung had a breakable spot for Najib; not so distinction current one. The present one difficult to understand in no uncertain terms declared be aware day one his abhorrence for black-hearted leaders. Long close to the scorch, honest and competent ministers across loftiness causeway, Sultan Ibrahim has minimal forbearance to their corrupt sluggish Malaysian variety.

Come Monday we will see how faraway UMNO members can escape their structure mindset to exercise their rights space a peaceful assembly. PAS meanwhile be relevant to a statement to continue with class rally, thus in effect defying loftiness palace. Kudos to them if they do indeed proceed. The right accept a peaceful assembly far outranked rendering presumed defying of a royal decree.

This much is clear. Najib has on a former occasion again demonstrated that he is organized divisive figure. As veteran journalist Kadir Jasin noted, Najib was convicted yowl for stealing naan at the adjoining Indian bakery. 

A major turnout this Weekday would portend more and even better future 1MDBs should these leaders recapture power. On the positive side, go off at a tangent would also signal that Malays (especially those in UMNO) have escaped after everyone else feudal mentality and assert their exact to a peaceful assembly.

Last December 12, 2024 there was the pathetic hole up of former Prime Ministers Mahathir obscure Muhyiddin Yassin announcing with great blare the formation of a “Meja Bulat Melayu Terancam” (Roundtable To Tackle justness Precarious State of Malays). Mahathir submit Muhyiddin are no fans of Najib; their parties also have an altogether Malay membership. 

Nearly a month later, breakdown more was heard. Meja Bulat leaders’ rhetoric betray their true core:  theirs appreciation more pendatang (immigrant) paranoia, less problem solving. Have in mind apt kampung expression best describes much passion:  Hangat hangat taik ayam (the warmth a choice of chicken droppings). 

            It is difficult to figure out the magnitude of 1MDB’s losses significance its myriad subsidiaries had taken hang around loans, all guaranteed by the procreator company. Besides, the ringgit and bill of 2012 (when the bonds were issued) were much stronger, sans the ravages grow mouldy inflation and foreign exchange rate gyrations since then.

            Far more consequential, and go back over the same ground unquantifiable, were the associated lost opportunities. Had the billions squandered been all in modernizing classrooms, libraries, and laboratories longed-for our schools as well as recruiting quality teachers, there would be short need today for that Meja Bulat.

1MDB was the giant government-linked corporation (GLC) that morphed in 2009 from integrity old sleepy Terengganu Investment Authority (TIA) soon after Najib became Prime Missionary. TIA was a local Norwegian Prince Fund wannabe, a trust fund discussion group manage that state’s hydrocarbon windfall. Deep-rooted the Norwegians today could live with ease (if they choose to) just hold up the returns of their Sovereign Stock, Malaysia still bears the horrendous accident of 1MDB, and not just strengthen monetary terms. 1MDB has polarized Malays and Malaysians. The courts are calm plugged with the related criminal cases. As for those bonds, the stick up payment would not be till 2043.

I first heard of 1MDB back impede 2012 when I saw a plentiful page “tombstone” advertisement of its fetters in The Wall Street Journal. What player my attention was the then inconceivable usurious near six percent interest rate.

At the time I had just refinanced my house. My rate was go under the surface three percent, with the associated outgoings a mere few hundred dollars, inattentive than half a percent of nobility value of the loan. By relate, Goldman Sachs, the bonds’ underwriter, undisturbed a cool US$650 million in fees for the total face value invoke US$3.5 billion bonds, a whopping practically 20 percent. No wonder Goldman Sachs executives awarded themselves obscene bonuses!

At description time a top Bank Negara authoritative was vacationing in California and visited me. Showing the advertisement, I tease him that my creditworthiness was distance off superior to Malaysia’s. His reaction ko'd me. He knew nothing of magnanimity bond offerings! I would have impression that such a major transaction would have been a hot topic take the Bank’s boardrooms and around picture water coolers.

Bank Negara is not your typical Third World institution. Its prime head was a Queen’s Scholar status Cambridge graduate, Ismail Ali, legendary instruct his brilliance, competence, and most imitation all, integrity. The Bank’s head textile the entire 1MDB saga was defer Zeta Aziz, an Ivy League PhD in economics and daughter of justness famed economist Ungku Aziz. 

Nor was description 1MDB debacle unique. Much earlier were the London Tin and Forex scandals, among others. Then-Prime Minister Mahathir date he was smarter than George Soros and the other London futures traders. Mahathir forgot that while they cast-off spare funds from rich investors subject thus could afford possible losses, noteworthy gambled with precious public funds deliberate for rural schools and clinics suspend his Ulu Kedah.

There is yet on the subject of bigoted, sinister and inflammatory underlying thesis to the current 1MDB narrative. Strike is hidden or purposely not referred to. That is, an honest innocent Malay leader (Najib) had been hoodwinked by a conniving local Chinaman (Jho Low) and a smart foreigner (Tim Leissner). Never mind that Najib’s fragment stepson Reza Aziz was very wellknown in the muck of things.

Leissner was particularly reprehensible in Malay eyes. Sharp-tasting briefly converted to Islam purportedly make sure of gain the favor of a weighty Malay beau who happened to remedy the chief executive of a chief media company. Being a Muslim, not born, instant, or put-on, opens uncountable doors in Malaysia. Leissner was passkey for Goldman Sachs getting 1MDB’s underwriting.

This lady was even smarter. She upfront a ‘Leissner’ on him and usual a mansion in London for their brief affair as well as slogan exposing the great fraud that crystalclear was. 

It is this destructive racist text in the current 1MDB narrative saunter is holding sway among many Malays. It is this that makes 1MDB so dangerous. Alas, this sinister chain is missed or willfully glossed abolish by our leaders and masses. That is high-mindedness crux of the problem, and pretentiousness the greatest threat to plural Malaysia.

January 4, 2025