By P Gunasegaram
Malaysiakini
Jul 15, 2015
QUESTION TIME For the past few months, the country has been gripped by the 1MDB scandal and mesmerised by all the stories and the allegations made. Meantime, the self-styled strategic development fund, with accumulated debts and payables of as high as RM46 billion, shows no tangible way out of the morass it is in.
Questions were raised as to why it should raise so much of borrowed money mainly to invest in dubious portfolios which it has not properly disclosed in its accounts or anywhere else. Combined with allegations made of money being siphoned off into accounts of businessman Jho Low, which have not been properly rebutted, it provided for a series of unsettling stories.
Even rating agencies’ ratings on Malaysia had to depend on how serious the problem at 1MDB was. To help stem the long slide in the ringgit, the central bank, Bank Negara Malaysia, had to come out publicly to state, although somewhat obliquely, that 1MDB did not pose a systemic risk to Malaysian banks, although some banks’ profitability could be affected.
And then came The Wall Street Journal (WSJ) shock report alleging that US$700 million (RM2.67 billion) were moved into Prime Minister Najib Abdul Razak’s bank accounts at AmIslamic Bank. No such allegation had ever been made against a Malaysian prime minister before.
Najib’s response was weak – the prime minister’s office only said that the prime minister has never taken any money for personal gain without specifically denying the allegations made in the journal. A letter by his lawyers to Dow Jones, the owners of the WSJ, confused rather than elucidated when it asked WSJ to clarify the report to say if it implied that the money came from 1MDB. The WSJ did not say that.
As the nation reeled from this shock announcement and the lack of zeal and specificity in refuting it, the riot at Low Yat happened. The authorities can cry out until they are blue in the face that the incident was not racial but they cannot deny in the face of video evidence that it had very strong racial overtones.
Such an incident happening in the heart of the city, the Golden Triangle area, barely a few hundred metres from the Kuala Lumpur police headquarters, is a severe indictment of the safety standards of our streets and public places which already have a bad reputation in terms of snatch and street crime.
KL residents are asking what this means for the future and what kind of precautions they should take when visiting public places while overseas visitors are querying if Kuala Lumpur is a safe place to visit. Continue reading “Some questions about the Low Yat riots”