Is Malaysia on a fire sale? – J.D. Lovrenciear

The latest news outbreak that UAE’s International Investment Petroleum Company (Ipic) is now rushing to save Malaysia's official investment arm from the jaws of money lenders is even more frightening than all the past allegations, evidence and counterarguments we have been fed so far.

Malaysia’s Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah is even “pleased to announce” to the Cabinet this latest brokered deal.

The question is, how are we ordinary, caring, concerned citizens who have always stood steadfast to defend this land from as far back as the times of the raiding pirates to the colonial masters and the Japanese invasion, supposed to feel “pleased” at this sudden help offered by a foreign entity?

What assurances are there that our land is not being sold in bits and chunks to foreigners, all in the name of development, endless possibilities and a million promises?

Citizens are demanding crystal clear answers to several painful questions that they cradle feverishly in their bosom, all for the sake of Malaysia, today and tomorrow.

They want to know, would any “Samaritan” offer a whopping RM3.57 billion just to ward off chasing and jittery bankers out of pure charity and for free?

Yes, Bernama, the Malaysian national news agency, reports that 1Malaysia Development Bhd (1MDB) will provide the “Good Samaritan” lenders “with a number of financial assets”.

Now that also sends fevers upwards as citizens hold their breath wondering what those assets would be.

What knocks all sensible common sense out in cold blood is: why do we have to borrow so much to develop our country? The fact that we are now borrowing even more to pay off debtors is proof that our national liabilities are increasing.

Can you imagine what the fate and future of this tiny nation would be if the warnings of Warren Buffets on global financial health turn out to be true soon?

And having borrowed so much plus having “sold” to our own financial and investment institutions so far, we are now reduced to seeking more huge sums just to put the brakes on hounding lenders.

Now the fact is, nobody will give you such huge sums of money for free or out of sheer connections to the step-son of the prime minister of Malaysia.

There has to be collateral; there has to be some extraordinarily attractive returns on investment in order for a prudent investor to agree to part with his or her country's wealth, right?

Now, if 1MDB is the mother of all promises and gift-extraordinaire to all Malaysians, why in the first place does the Finance Ministry even think of tabling in Cabinet a rushed restructuring plan as saviour?

Ordinary, loyal, patriotic and concerned citizens will surely ask, is 1MDB in a mega-proportion sort of trouble now?

Likewise, Malaysia being a sovereign nation with a constitutional monarch and brother-rulers, will also be joining the concerned citizens' expressed concerns.

Are we pawning this nation’s assets into the palms of foreign parties, governments or investors who certainly are connected to their respective governments?

Indeed, it is very frightening as the days keep ticking by. And mind you, all these are happening when even our Cabinet members admit they do not understand all of 1MDB.

Even the chief of the Backbenchers Club has to summon the head of 1MDB for a discussion right into the “wee hours of the morning” in a private hotel to try to come to terms with this mysterious 1MDB, mind you.

What more us innocent citizens?

Now is there no one in this country who can help us citizens who only know how to question helplessly out of loyalty to nation, crown and citizens? Or shall we all change our tune to one of, “who cares as long as we can eat and go to sleep tonight”?

* J.D. Lovrenciear reads The Malaysian Insider.