If there ever is a need to be reminded that Malaysia is facing tough times ahead, look no further than the shocking news that Petronas is restructuring its workforce and laying off 1,000 employees within the next six months.
Hit by recent crude oil price slump, Petronas is cutting their 2016 dividend contribution to RM16 billion compared to RM26 billion in 2015.
Even so, Petronas has had to commit to cutting RM50 billion in capex and opex over the next four years.
Malaysia’s over reliance on petroleum based revenue is most worrying and presently beginning to show consequences.
The threat of crippling financial distress for Malaysia amidst the current global economic climate and crude oil glut is very real.
Bank Negara Malaysia Governor Tan Sri Zeti Akhtar Aziz’s had gone on record to say that domestic scandals are affecting Malaysia’s economy.
And that Malaysia’s economic recovery will hinge on a speedy resolution of the 1MDB fiasco and questions over the RM2.6 billion donation made to Prime Minister Datuk Seri Najib Razak’s private bank accounts.
This financial risk facing Malaysia was the subject in conversations I had with UK Minister of State at the Foreign and Commonwealth Office, Hugo Swire and Speaker of the House of Commons, John Bercow along with UK MPs Fiona Bruce, Jeremy Lefroy, John Glen, and Khalid Mahmood.
They were equally concerned with the imprisonment of former opposition leader Datuk Seri Anwar Ibrahim, who has spent in total period of ten years behind bars, and the long list of at least 20 members of parliament from Malaysia who are subject to harassment under Malaysian law – all thanks to their vocal stance against corruption in Malaysia.
In particular, my meeting with Prince Zeid Ra’ad Zeid Al-Hussein, the United Nations High Commissioner for Human Rights, merits a special mention as it showcases the United Nations’ ongoing concern on the current state of human rights in Malaysia, including the position taken by the UN Working Group on Arbitrary Detention regarding Anwar's immediate release.
I had first met the then High Commissioner of UNHCR Mary Robinson in the year 1999. It is sad to note the continuing crisis plaguing Malaysia since then and now.
The crisis facing Malaysia, symbolised through wanton neglect in addressing the allegations which is the subject of concern across continents will further embolden white collar criminals to run rampant across the globe.
Some claim that the allegations and investigations are merely an elaborate scheme to topple Najib’s ruling coalition.
Minister and Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi insists that the continuous discoveries published by internationally respected news media like the Wall Street Journal (WSJ) and the New York Post on the corruption and blatant fraud embroiling Najib and his personal bank accounts are simply products of a hidden agenda – hinting on further action against the WSJ by the Malaysian Communications and Multimedia Commission (MCMC).
Well now it can no longer be regarded as a media sensationalism.
The Swiss authorities have now weighed in on the 1MDB investigations.
Direct sources from Geneva have verified the Swiss Attorney General’s probe into “Suspicious money transfers linked to 1MDB going through Swiss financial institutions.”
Requests for cooperation from Malaysian authorities on this matter has yet to unearth any results.
The scale of this corruption scandal is alarming.
The Wall Street Journal’s (WSJ) most recent revelation states that deposits into Najib’s personal account totaled more than USD1 billion. With ongoing investigations in the US, Switzerland, Singapore, Hong Kong and Abu Dhabi, this is now a global scandal.
Malaysia can no longer regard the 1MDB scandal as a domestic affair and adopt a closed door policy in conducting investigations.
It is pitiful that Malaysian Attorney-General is making his best attempts at closing down investigations against the prime minister in relation to him receiving donations to his private bank acocunt allegedly linked to 1MDB funds.
Too many questions remain unanswered and too many people involved across the globe.
And there’s simply too much at risk for the Malaysian economy and her people.
This is not a case of airing our dirty laundry to the international audience.
The allegations against 1MDB is tantamount to globalized corruption.
There is no way Malaysian authorities can continue to delude ourselves that the 1MDB financial scandal – which reeks from its own collected debt amounting to US$11 billion – is over and done with.
It is high time Malaysia does its part to expose the intricate corrupt linkage across borders and regain our standing and credibility in the eyes of Malaysians and the rest of the world. – March 3, 2016.
* Nurul Izzah Anwar is Lembah Pantai MP and PKR's vice president.
* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.
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