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Saturday, December 24, 2016

FREE-FOR-ALL GLOBAL CORRUPTION: IF TRUMP LETS NAJIB OFF, 1MDB DEBACLE WILL TRIGGER COLLAPSE OF WORLD FINANCIAL SYSTEM

If not fully resolved soon, the saga of Malaysia’s 1MDB fiasco, the sovereign wealth fund of the nation, is set to trigger off the collapse of the world financial system. This is why it is imperative that the international community take on the beast of burden, the hard and complex task of conducting investigations into how 1MDB has gone to the brink of collapse under the leadership of Najib Tun Razak, the prime minister of Malaysia.
This is not a case of meddling or interfering in the domestic affairs of a country but a move to stave off a collapse of the world financial system all because of the mismanagement of 1MDB by Najib and his cronies. Guilty parties must be hauled up to face the music and the long arm of international law must go to work to apprehend all the culprits and rogues behind the scandal.
Malaysians have given up hope of local law enforcement authorities doing the job. By all accounts the Polis DiRaja Malaysia, the Attorney-General’s chambers, the Malaysian Anti-Corruption Commission and Bank Negara Malaysia have been toothless and clueless in investigations into the 1MDB scandal so far which has further infuriated the international community.
On going investigations
Bank Negara Malaysia or BNM is now better known as Bank No Money or BNM after having given the all clear signal to 1MDB as well as the PDRM, MACC and AG’s chambers while, surprisingly, there are on-going investigations being conducted in New York, London, Zurich, Singapore and Panama over Malaysian Public Official No. 1 who is alleged to have siphoned money from 1MDB to become the second-most corrupt political leader in the world.
There seems to be many unseen hands now going to work to collar the rogues and to dig deep into 1MDB to find out what actually went wrong and if there is criminal wrongdoing. These investigations have stepped up a few notches towards the end of 2016 as international regulatory bodies are deeply worried over the spin-off from the 1MDB saga.
It’s hard to see and say right now in which direction investigations are heading but while local law enforcement agencies have closed the files on any act of wrongdoing by 1MDB, international investigators have gone to work to assess the damage it has caused to the world financial system and what should be done to plug the loopholes through which money was pilfered from 1MDB.
The use of cunning ploys
It has been nearly two years ever since the 1MDB fiasco broke into the open by whistle-blowing site, Sarawak Report. But so far, while there has been a flurry of accusations hurled at Najib and his family and cronies, the Malaysian prime minister has made use of cunning ploys to ward off any incrimination so far and the observing followers are now waiting to see what happens to him when Donald Trump becomes the new U.S. president.
This is because the United States Department of Justice has filed a civil suit against Najib, his family and cronies to retrieve money that is supposed to have been stolen from 1MDB. While the United States is leading in opening investigation papers into 1MDB, no charge-sheet has so far manifested and it is really a diplomatic headache right now how to further go about solving the issue.
A certain impasse seems to have taken place for now but it is only a matter of time before efforts are coordinated in a more streamlined and strategic manner to be able to get to the bottom of the 1MDB story. There is a lull but there is as expected not going to be any let-up as a new team takes over at the helm of the US Department of Justice.
The outcome

The outcome of all these international investigative activity is set to witness marked changes in the domestic political landscape of Malaysia. It will certainly have wide-ranging repercussions as it will greatly affect the 14th GE which is scheduled to be held next year. This is why many political analysts are watching closely the moves by international investigative bodies abroad to see how the 1MDB saga will play out.
Unlike with local authorities, the international investigations are set to be more forceful and binding and it remains to be see what will happen as local law enforcement agencies have let off the hook and cleared all those involved in 1MDB of any wrongdoing. Whatever the final outcomes on 1MDB it looks as if Najib’s reputation and credibility has been tainted to the point the best thing he can do is to step down as the prime minister of Malaysia.
But it looks as if the Malaysian prime minister has aces up his sleeve and this is a reason why to expect him to bounce back to lead the Barisan Nasional (BN) government to a landslide win in the 14th GE is not beyond him as he has ably proven that he is no respecter of persons and is willing to get downright dirty in his ploys and tactics to cling on to power.
Christopher Fernandez
– MAILBAG

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