Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts

Thursday, 11 January 2024

Higher the call, so is the fall!

Man On The Run (Documentary, Netflix; 2023)
Director: Cassius Michael Kim

We all know the drill. We have heard it all before. The Government started a novel project selling government bonds to buy oil fields in Central Asia. With the returns, the Government, via its subsidiary, 1MDB, would pour money into the country, which would help improve the living conditions of its citizens.

The trouble was that the same who applied for the money from the Government approved the loan, executed the loan, received the loan and received the returns were all the same person. Najib Razak is the 1MDB Chairman, Minister of Finance and the honourable Prime Minister of Malaysia. And there were no oilfields that were bought. Still, the whole exercise saw many people making loads of money, enjoying obscenely decadent parties, and the Malaysian taxpayers paying exorbitant amounts of money as interest to international players.

Even though the local journalists kept crying foul and were brave to publish the shenanigans, the powers that be managed to keep a tight lid. People in enforcement and investigation positions were hushed. A young prosecutor was even buried alive in a concrete can. Things only started moving when the US Department of Justice charged Goldman Sachs with foreign bribery.

With a provocative title like 'Man on the Run', I would like to find new scoops on Malaysia's most infamous fugitive, Jho Low. Nothing. He was nowhere to be found, without an interview or anything new about his whereabouts. With extensive narration from The Edge owner Ho Kay Tat, ex-MP Tony Pua, former AG Tommy Thomas, Clare Rewcastle of Sarawak Report and whistleblower Xavier Andre Justo, nothing new actually surfaced. Perhaps the most ridiculous interview was given by the big kahuna himself, Najib.

In an interview three months before his guilty verdict, he is comically seen lamenting the fact that he had been victimised. In a system where he is supposed to be protected, the system lets him down. He griped that the officials appointed to protect people like him did not do their job well. They, instead, should be the accused, not him. I thought Najib was losing the plot. He is not a monarch who inherits the post by birth. For heaven's sake, he is a leader of a democratically-elected government selected by the people to serve the people. The power that was wielded to him comes with specific responsibilities. A politician only lasts until the next election. Can he be so naive? Does he don the Emperor's clothes? Is he surrounded by sycophants who boated his ego so much that he thinks he need not be accountable? The whole 'speech' reeks of entitlement. Accountability and responsibility do not fall into the equation. It is mind-boggling to see so many who still think he is innocent and is a victim of political sleight of hand.

The whole imbroglio paints a very bleak picture of the Malaysian democratic process. It is as though we are a banana republic where law and order are only for show. The high-heeled can scoot off with millions right under everybody's noses. There is a glaring lack of checks and balances in the system. Too much legislative powers are given to the ruling party. The executive powers are too timid to carry out and enforce laws. The national coffers are made to be like the leaders' kitty. The judiciary arm and even the fourth estate are toothless.

The presentation needs to be more comprehensive in its coverage. Many of the key players and beneficiaries of 1MDB refused to be interviewed. That would include the self-proclaimed First Lady of Malaysia, Rosmah Mansur, representatives from Goldman Sachs, and the makers and cast of the movie 'Wolf of Wall Street', who were paid from proceeds of 1MDB.

Is this the watershed moment of Malaysian politics? Will its citizens awake from their slumber to ensure such blatant abuse of trust does not repeat? From the recent turn of events after the last elections, I seriously doubt it. Too many schisms and fractures have developed in the country, once earmarked as another Asian tiger. Look at it now. It is just a paper tiger lantern that could be engulfed by the fire ignited within its confines.




Sunday, 11 October 2020

Of integrity, coinage and inner devil of Man.

Naanayam (நாணயம், Tamil; Integrity/Coin, 2005)

It is ironic the very thing that makes one loses his integrity bears the very same name that gives confidence. In the Tamil language, நாணயம் (Naanayam - the title of the movie), could indicate either integrity or coins as well as currency. The root word tells it all; coin/currency works based on trust. Once someone loses his trust in the economy of a, say banana republic, its whole financial institution collapses.

There is no problem that a little moolah cannot solve, they say. In a Tamil saying, it is mentioned that even a corpse would open its mouth at the mention of money. There is no stronger bond than the love for money. Even motherly love can be bought over. At the same time, money unleashes all the evil feelings that have been suppressed over the million years of our civilisation and the code of conduct that evolved from it. At the sight or suggestion of easy money, all integrity goes out of the window. When wealth is small, Man is its master. Conversely, money becomes the Master to man when it is humungous.

This movie came to the limelight after passing of the legendary SPB. He plays a pivotal character in the film and his son, SPB Cheran is the producer.

The plot of the film is nothing new. We have seen the same theme in umpteen Hollywood offering in various twists and turn. Here, the storyline gets marinated with lots of masala and music to whet the local appetite. It is a forgettable feat but makes one realise that any full proof security system is as good as the last. Sometimes one wonders, like the makers of COVID vaccine who could have conjured up the Wuhan virus in the first place, perhaps the security firm break their own 'unbreakable' system to market their next product.

The desire to usurp wealth is so great that positive human virtues like integrity, honesty, loyalty and such just get thrown off the window. Money buys everything. The similar attraction must apply to hunger, power and erotic ambitions.

Ravi, an ambitious young man, has his future set when he helps a banker in trouble. The banker employs him and plans to use the young man's security proposal for his bank. Ravi thought everything was falling in place when he met a pretty journalist. The next thing he knew was that her ex-husband appears and makes a ruckus. The ex-husband ends up dead, and Ravi is blackmailed and accused of killing the ex-husband. Then starts the cat-and-mouse game for Ravi to find out what was going on and hence prove his innocence. 

“Be afraid. Be very afraid.”*