What the case involving Soh Chee Wen tells us

 

When two Malaysians, Soh Chee Wen and Quah Su-Ling, were convicted by the Singapore High Court on May 5 for market manipulation and cheating offences, the comparison between Singapore and Malaysia couldn’t have been more damning.

The Singapore High Court’s decision was in stark contrast with the punishment meted out by Malaysian authorities against the officers of a public-listed company

Instead of a deterrent sentence, the Attorney-General’s Chambers decided to issue the maximum compound fines against four officers of public-listed Serba Dinamik. They had been charged on Dec 28, 2021 with providing false information about the oil and gas company to the stock exchange.

Showing firmness and decisiveness will prove that the Malaysian authorities are not afraid of dispensing justice. This is not the first time that punishment for those suspected of wrongdoing has left observers wondering why leniency has been shown in some cases.

Acquittals and discharges not amounting to acquittal of some high-profile individuals in the past have eroded public confidence and dented Malaysia’s reputation of dispensing justice without fear or favour. How are we going to attract investors if they do not know what is in store for them?

Look at the 1MDB scandal for example. As early as 2016, the US Department of Justice (DoJ) had warned of several red flags to show that Malaysians had been defrauded on an enormous scale.

Billions had been stolen from the sovereign wealth fund to acquire luxury items like a yacht, jewellery, artwork, homes, the rights to films, and other assets. People like Jho Low who stole from 1MDB led lavish lifestyles, all funded by Malaysian taxpayers.

While the US moved with speed, including the recent conviction of former Goldman Sachs banker Roger Ng, a Malaysian for his part in the scandal, several of the cases in Malaysia have been bogged down with delays.

Back to the case involving Soh Chee Wen and Quah Su-Ling. Is it any wonder that Singapore has a reputation for excellence and can call itself a first world nation, and be a market leader in financial institutions, whereas Malaysia is seen as a country where corruption and wrongdoing take centre stage?

While the Singaporean authorities will fiercely defend their reputation, it seems many of our leaders are hardly bothered about what others think - FMT

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.