From Bmf To 1mdb

Bumiputra Malaysia Finance Limited (BMF) was a financial institution set up in Hong Kong at the end of 1977. Its parent bank was the Bank Bumiputra Malaysia Berhad (BBMB) which was established in 1965 with public funds to promote Bumiputera participation in the economy. In the 1980s, during Mahathir Mohamad’s administration, BMF lost M$2.5 billion, allegedly due to fraud and corruption, which could not be accounted for until today. After about 35 years, another similar colossal financial scandal was alleged to have taken place through 1Malaysia Development Berhad (1MDB). 1MDB is a development company set up by the Malaysian government in 2009, during Najib Razak’s administration, with a focus on the long-term economic development of the country. However, within about eight years, it has run up more than RM42 billion in debts and key figures are tainted by allegations of abuse of power and corruption. It is therefore timely to revisit the BMF case, to discuss and compare it with the present interest in the 1MDB case. This book will highlight the alleged fraud and corruption that took place in both cases – tracing the money trail, the problematic structure of both organisations, the political and social structure and environment in Malaysia during the occurrence of both scandals, and finally compare both cases, to provide an analysis of the social and political progress of Malaysia in the last three decades.

What is the future of Malaysia’s former dominant party, the United Malays National Organisation or UMNO? With the loss of government in the May 2018 General Election (GE14) after 61 years in government, the party faces a different, more uncertain future. It is grappling with its new role in the national political opposition and continued questions about the leadership of former prime minister Najib Tun Razak. This collection is an expanded edition of the original 2016, The End of UMNO? It includes the original five essays (including the foreword by current Foreign Minister in the Pakatan Harapan government and former UMNO Supreme Council member Saifuddin Abdullah), as well as new post-GE14 epilogue essays by each of the contributors – John Funston, Clive Kessler, James Chin and Bridget Welsh, all prominent and established scholars studying Malaysian politics. It also includes a new foreword by veteran UMNO leader, Tengku Razaleigh Hamzah, who contested for the party presidency in the June 2018 party elections. The contributors in this collection study developments in Malaysia’s dominant party, the United Malays National Organisation (UMNO) and discuss the question of whether UMNO is in fact at an end. The answers to its future lie in part with a better understanding of its past and present. The authors draw attention to issues of party identity, leadership, membership, governance, institutional change, party financing, internal divisions and its relations with different communities and the public at large. The new and expanded edition draws attention to the factors that contributed to UMNO’s loss of government in GE14 and potential steps ahead. Not only does this book fill an important gap in the scholarly research on UMNO, this book offers different perspectives on the party’s contemporary challenges. This book aims to contribute to understanding, broaden public debate and stimulate further research on arguably one of Malaysia’s most important political institutions.

This book covers historical experiences, contemporary practices, and comparative perspectives of policing and law enforcement in various parts of the world to provide reliable literature on international and comparative policing.

"As the world becomes increasingly globalized, a shared understanding of the various aspects of criminal justice becomes imperative. Drawing from countries across Africa, Asia and the Pacific, Europe, the Middle East, and the Western Hemisphere, this book is a go-to reference in comparative criminal justice studies"--

Malaysia was once on the cusp of becoming one of the ‘Asian Tigers’ as a result of the impressively high growth rates recorded in the early 1990s. From 1990 until 1997, the growth rate was above 9 percent per annum on average. This performance came to an end when the economy was struck by the 1997/98 Asian Financial Crisis, the worst economic crisis Malaysia has ever experienced since independence. Things eventually worsened with the onslaught of the 2008/09 Global Financial Crisis, which dragged the Malaysian economy yet into another round of a recession with the growth rate contracting at 1.5 percent in 2009. On hindsight, these two events, which have had a substantial impact on the state of the Malaysian economy, pointed to several urgent calls for economic reforms, such as the need to address structural weaknesses of the economy and to have a growth target which is both sustainable as well as inclusive. When Datuk Seri Najib Razak became the sixth Prime Minister of Malaysia from April 2009 until May 2018, it was clear that a new approach to economic development for Malaysia had to be crafted. Towards this end, he introduced the National Transformation Policy (NTP), so that the economy can be transformed into one that is of high-income and developed status by the year 2020. He also set a new vision for Malaysia, also known as the 2050 National Transformation, or TN50, which is meant to chart a new course for Malaysia to move into the second half of the 21st century. How successful is this transformational agenda? What are the other issues and challenges which need to be addressed? What important lessons can we learn from this transformational journey? This book is an attempt to address these specific questions by assessing Najib’s economic plans, policies, programmes and vision which evolved during the nine years of his term as the sixth Prime Minister of Malaysia.

The victory of the Pakatan Harapan (PH), or the Alliance of Hope on May 9, 2018 in the Malaysian 14th General Election (GE14) was not just stunning, but historic. Moreover, the second comeback of Tun Dr. Mahathir Mohamad as the seventh Prime Minister of Malaysia was indeed impressive. The results of the GE14 were clearly against the tide as many political pundits and analysts had predicted a win for the Barisan Nasional (BN) coalition with differences only in matters of margins. Similar to Malaysia’s 13th General Election (GE13), which was held on May 5, 2013, the main issue in the GE14 was also about the economy. The rise in cost of living was perhaps the mother of all issues which caused the downfall of the BN government for the first time since independence. Other crucial economic issues centered on alleged corruption practices and manifested through the 1Malaysia Development Berhad (1MDB) saga. As a new federal power for 22 months, the PH government had a daunting task not just to address economic issues mentioned above, but also the other alleged economic problems which they had highlighted in their election manifesto. On top of that, the PH government had the responsibility to maintain, if not to improve further what the BN government had done to the Malaysian economy in the past, of which World Bank economists described as a success story, “a very strong economy” and “growing towards a high-income.” Post-GE14, what is the state of the Malaysian economy and its direction? What are lessons that can be learned from the PH economic management? And with the Perikatan Nasional (PN) government succeeding the federal power in March 2020 in the midst of the Covid-19 pandemic, what are the pressing issues and what needs to be done moving forward especially in the context of the economic challenges arising from the pandemic and post-Covid-19 era? These are some critical questions which this book is trying to address. The book essentially argues for the need to give greater focus to economic issues above anything else by envisioning a new national vision and engineering a new wave of economic structural reforms primarily based on insights from the vast Malaysian economic history lessons

This open access book examines Malaysian politics using a linguistic perspective. It explores how language serves to (de)legitimise governance, and its subsequent policies and activities in Malaysia. Grounded in discourse studies, this edited volume presents research on the discourses produced by and on Barisan Nasional, Pakatan Harapan and Perikatan Nasional from 2008 to 2020, studying how political actors (de)legitimise their governance through discursive means. The thirteen original chapters select spoken, print and digital texts in English, Malay, Mandarin and Tamil, and deploy varied theoretical and methodological approaches. Their linguistic analysis unearths the language features and strategies that facilitate (de)legitimation. It shows how political actors shape the discursive representation and evaluation of multiple concerns in Malaysia. Consequently, Discursive Approaches to Politics in Malaysia: Legitimising Governance improves our understanding of contemporary Malaysian political discourse. It is of interest to graduates and researchers in the field of discourse studies, seeking to understand the discursive contours of politics in this developing Asian country.