1997 crisis, Mahathir-Anwar feud and rise of ‘grand corruption’

Free Malaysia Today

A new book tells of the Asian Financial Crisis destroying the governing political-corporate elites, leading to the growth of a new political-GLC web.    Read More:   https://www.freemalaysiatoday.com/category/nation/2024/12/31/1997-crisis-mahathir-anwar-feud-and-rise-of-grand-corruption/    Laporan Lanjut:   https://www.freemalaysiatoday.com/category/bahasa/tempatan/2024/12/31/krisis-1997-sengketa-mahathir-anwar-dan-kebangkitan-rasuah-peringkat-tinggi/    Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.      Subscribe to our channel - http://bit.ly/2Qo08ry    ------------------------------------------------------------------------------------------------------------------------------------------------------  Check us out at https://www.freemalaysiatoday.com  Follow FMT on Facebook: https://bit.ly/49JJoo5  Follow FMT on Dailymotion: https://bit.ly/2WGITHM  Follow FMT on X: https://bit.ly/48zARSW   Follow FMT on Instagram: https://bit.ly/48Cq76h  Follow FMT on TikTok : https://bit.ly/3uKuQFp  Follow FMT Berita on TikTok: https://bit.ly/48vpnQG   Follow FMT Telegram - https://bit.ly/42VyzMX  Follow FMT LinkedIn - https://bit.ly/42YytEb  Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj  Follow FMT on WhatsApp: https://bit.ly/49GMbxW   ------------------------------------------------------------------------------------------------------------------------------------------------------  Download FMT News App:  Google Play – http://bit.ly/2YSuV46  App Store – https://apple.co/2HNH7gZ  Huawei AppGallery - https://bit.ly/2D2OpNP    #FMTNews  #AsianFinancialCrisis #GLCs #GrandCorruption

Transcript

00:00The late 1990s Asian financial crisis radically altered Malaysia's political business landscape,

00:08leading to the nationalization of assets owned by the politically connected, according to

00:12Edmund Terence Gomez in his book, Misgovernance, Grand Corruption in Malaysia.

00:17Gomez, an emeritus professor from University of Malaya, said that before the AFC, Malaysia's

00:23corporate sector was rife with political business ties managed by elites who leveraged government

00:29concessions. This intricate network was shattered by the AFC in 1997, resulting in debt and

00:35bankruptcy for UMNO-linked businessmen. This prompted bailouts at the huge expense of the

00:41government, which was heavily criticized within UMNO as a by-product of cronyism,

00:46collusion and nepotism. The criticism sparked the cataclysmic feud that saw then party president

00:54Dr. Mahathir Mohamad oust his deputy, Anwar Ibrahim, impacting the business influence of

00:59those aligned with Anwar. The aftermath saw numerous enterprises morph into government-linked

01:05companies. However, this shift allowed politicians to abuse these GLCs to serve their interests,

01:11fostering a new wave of corruption. Gomez reveals a burgeoning political GLC complex,

01:17where entrenched cronyism and nepotism continue to undermine public trust and exacerbate power

01:23abuses within Malaysia's vast GLC network. Misgovernance, grand corruption in Malaysia,

01:29is on sale at MPH and Kinokuniya, ES Lite, Tsutaya and Garabudaya bookshops.

01:35Dhanushwa Dureza, FMT News.

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Transcript

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