How Malaysia’s Robber Barons Operate With Impunity
Robber barons control more than 30 percent of the Malaysian economy
Robber barons control more than 30 percent of the Malaysian economy
The objective of the New Economic Policy (NEP) was to put 30 percent of equity into the hands of Bumiputeras. Sadly, it didn’t achieve that, the NEP put 30 percent of the economy into the hands of the robber barons.
The 12th Malaysian Plan has been written to ensure a continuation of this trend. The advocation of setting up an aerospace cluster is just a thinly disguised plan to put more equity into the hands of the robber barons, who already control much of the media, telecommunications, transport, plantation, and other service industries.
The ailment of robber barons controlling sparse sectors of the economy is inefficiency. This holds back growth and equity, further concentrating wealth into the hands of a privileged few. There is a rent-seeker culture rather than an environment of innovation around business in the country.
With the robber baron class so integrated with the ruling classes, this sinister institution plaguing the Malaysian nation state and economy will be almost impossible to dismantle.
Even if the top corporations were taken out of the hands of the elite, it would take many years to clean up the agencies and ministries run by the minions who are profiteering without restraint. Even if the MACC wasn’t corrupt itself, it would need massive resources and incorruptible officers to sweep out Malaysia’s institutions of government. Without a strongly moral based education system to teach the next generation that corruption is evil and against every religion, the cause is a hopeless one.
The personal wealth of former prime minister Mahathir Mohamed’s children is rarely questioned, as are other former politicians. Mirzan, Mokhzani, Mukhriz, and Marina are all extremely wealthy with significant assets and seats on company boards. Other members of the extended family control listed companies in construction and hotels. Former prime minister Hajib Razak’s family has great wealth and involved across many businesses, and many former ministers and high ranking civil servants have substantial business interests.
The 12th Malaysian Plan has been written to ensure a continuation of this trend. The advocation of setting up an aerospace cluster is just a thinly disguised plan to put more equity into the hands of the robber barons, who already control much of the media, telecommunications, transport, plantation, and other service industries.
The ailment of robber barons controlling sparse sectors of the economy is inefficiency. This holds back growth and equity, further concentrating wealth into the hands of a privileged few. There is a rent-seeker culture rather than an environment of innovation around business in the country.
With the robber baron class so integrated with the ruling classes, this sinister institution plaguing the Malaysian nation state and economy will be almost impossible to dismantle.
Even if the top corporations were taken out of the hands of the elite, it would take many years to clean up the agencies and ministries run by the minions who are profiteering without restraint. Even if the MACC wasn’t corrupt itself, it would need massive resources and incorruptible officers to sweep out Malaysia’s institutions of government. Without a strongly moral based education system to teach the next generation that corruption is evil and against every religion, the cause is a hopeless one.
The personal wealth of former prime minister Mahathir Mohamed’s children is rarely questioned, as are other former politicians. Mirzan, Mokhzani, Mukhriz, and Marina are all extremely wealthy with significant assets and seats on company boards. Other members of the extended family control listed companies in construction and hotels. Former prime minister Hajib Razak’s family has great wealth and involved across many businesses, and many former ministers and high ranking civil servants have substantial business interests.
One can see the reluctance of the government to pursue any hints of corruption with impunity, as we see with the half-heartedness in the investigation of former Bank Negara Malaysia governor Zeti Akhtar Aziz. It’s amazing Malaysia is still placed 62 on the Transparency International Corruption Perceptions Index 2021. Expect Malaysia’s ranking to continue falling.
Originally published in the Eurasia Review 1st February 2022
Originally published in the Eurasia Review 1st February 2022
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