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METAMORPHOSIS

When the booty is taken in turn, property given in trust is treated as spoil, zakat is looked on as a fine, learning is acquired for other than religious purposes, a man obeys his wife and is unfilial towards his mother, brings his friend near and drives his father away, voices are raised in mosques, the most wicked member of a tribe becomes its ruler, the most worthless member of a people becomes its leader, a man is honored through fear of the evil he may do, singing girls and string instruments make their appearance, wines are drunk, and the last members of this people curse the first ones, look at that time for a violent wind, an earthquake, metamorphosis, pelting rain, and signs following one another like bits of a necklace falling one after the other when its string is cut.

Mohammad on the last days: reported by Abu Hurayrah Tirmaidhi, Shama’il, Mishkah al-Masabih, Chap. Fitnah.

MALAYSIA:  You have been warned!

What happens when the global economy inevitably reacts to the revelation that Malaysia is being run by a master thief and criminal, whose bank accounts are frozen world-wide and whose pet fund is billions of dollars in the red?

How will Malaysian business respond to a plunging ringgit, which this will inevitably trigger?  Suddenly, Najib’s cash will seem less helpful to his crony clients and business borrowers.

Malaysians will discover that their country has become an international scandal with a world record thief for a leader, taxes rocketing to bail him out and a plunging currency to boot.

So, although Najib thinks he can use all his concentrated powers to force black to be called white in the domestic media, the truth is that this Prime Minister has lost control. He can no longer steer events, even though he tells himself he can….. because the alternative is something he fears to contemplate.

In the real world on the other side of the looking glass from Malaysia, an entirely separate scenario is starting to unfold, which Najib Razak appears determined to ignore, in a triumph of wishful thinking over stark reality.

Najib and those around him have lost their judgement if they think Malaysia can defy the rest of the world economy, along with the global regulators and enforcers of law and order, simply to save the position of one man, who has been caught stealing vast sums from his own country.

Yet whilst he has cavorted around Sarawak the past few days, handing out cash, the Prime Minister cum Finance Minister has failed to issue one word about the fact that the instrument of this theft, 1MDB, has now gone into default.  A US$6 billion cross default looms large and he stays silent.

Add to that the demand yesterday from Bank Negara that 1MDB further repay the US$1.8 billion it deceptively ‘invested’ into PetroSaudi.

And to that the blood-curdlingly deadly investigations that are daily progressing in Singapore against the managers of BSI Bank, who processed the cash stolen through Good Star by Jho Low along with other key accounts for 1MDB, SRC and Aabar Investments PJS Limited.

Not only has the Singapore Commercial Affairs Department described this BSI investigation as the most complex cross-border money-laundering exercise they have ever undertaken, they have also highlighted the “staggering amounts of money” involved.

The rest of the world, Luxembourg, Abu Dhabi, Switzerland, the United States and a growing list of other investigating jurisdictions are all shocked too – and they clearly mean business given the actions and statements of recent weeks.  Now the wheels are in motion does Najib seriously think he can stop this process in a wider world, where he has no powers whatsoever?

This is money that was taken out of 1MDB and then laundered through a network of companies managed by Jho Low and later his accomplices from Aabar.  A great deal of this money went to Najib and his step-son’s Hollywood production company.

The details are complex and need to be teased out, but sooner rather than later players are going to be prosecuted and the money trail revealed.

Does Najib think he can escape the situation by continuing to say black is white in his looking glass bubble of Malaysia and handing out yet more of the stolen public cash to his client party fixers?

What happens when the global economy inevitably reacts to the revelation that Malaysia is being run by a master thief and criminal, whose bank accounts are frozen world-wide and whose pet fund is billions of dollars in the red?

How will Malaysian business respond to a plunging ringgit, which this will inevitably trigger?  Suddenly, Najib’s cash will seem less helpful to his crony clients and business borrowers.

Malaysians will discover that their country has become an international scandal with a world record thief for a leader, taxes rocketing to bail him out and a plunging currency to boot.

So, although Najib thinks he can use all his concentrated powers to force black to be called white in the domestic media, the truth is that this Prime Minister has lost control. He can no longer steer events, even though he tells himself he can….. because the alternative is something he fears to contemplate.

SARAWAK REPORT