Mahathir did not choose to establish the principles of transparent governance and financial supervision in the indigenous financial scandal in the early days of the stage, which brought a profound impact on the Malaysian political and economic model, and even the ruined system.Lin Jixiang, the leader of the Democratic Party who pursued the case that year, said that if this scandal was seriously handled, there may not be a subsequent case of one Malaysian company (1MDB).
The Hong Kong Film Golden Finger was recently released. In the early 1980s, the Jianing Group incident was a blueprint, which caused a lot of heated discussions in the Hong Kong media. In particular, people who had experienced the market manipulation of Chen Songqing had more complex memories.The Jianing Group eventually went bankrupt, causing many Hong Kong people to be damaged. However, the financial scandal involved in the indigenous banks in Malaysia, which directly impacted the Prime Minister Mahathir who had just came to power at the time.
Mahathir came to power in 1981, but the interests between indigenous finance and Jianing began in the late 1970s. Is Mahathir directly related to Jianing's huge loans?In the mid -to -late 1970s, Malaysia's financial Tsar was actually the Minister of Finance Lasari. The indigenous bank had a close relationship with Lasari. He was the chairman of the bank's board since 1969, until he joined the Pavilion in 1976 as the Minister of Finance.
In other words, Mahathir "inherited" this scandal at the time. He was in the UMNO party state system and could not cut it with it.Mahathir was 56 years old, but he was in power with the posture of UMNO's emerging leaders, trying to create a new era.He proposed the slogan of "integrity, efficiency and reliable", and also advocated that the leaders were examples, but in the 1970s and 1980s, the Malaysian government and business elites entered the market to make a profit when they entered the market in Hong Kong, causing embarrassment for the image he intentionally created.
Uighur Bank Financial Scandal
The indigenous bank is a state -owned institution. It is supervised by the Ministry of Finance and the Central Bank. It has exposed the disadvantages of financial governance and the disadvantages of financial governance, which has gradually felt political pressure.Therefore, the following year, Mahathir replaced Kamarul Ariffin, the executive chairman of the indigenous bank.Kamalu is a senior banker and has a close relationship with Lasari.Mahathir replaced his intention Nawawi Amin, supporting him to take secret operations to try to deal with the financial crisis of indigenous finance.
There is no public evidence that Mahathir is involved in Jianing's loan, but there must be an Umno party elite and senior indigenous banks involved in the case, including the abuse of power illegal borrowing.Mahathir's main error is that as the head of the government, he did not fully investigate and punish people involved. Instead, he chose to conceal the situation and subsequent influence of chaos.
In the late 1970s, Malaysia has implemented new economic policies for less than 10 years, but national capital has concentratedly supported the Malaysians. Therefore, the emerging Malaysian political and economic power gradually looked up and began to find rent -seeking.At that time, the Malaysian state had not yet entered the stage of industrial development, and the government finance began to improve because of the discovery of oil. It was not wealthy. Therefore, the scale of the Jianing incident was shaken at the time.
It is even more difficult for the UMNO Elite to explain that the establishment of indigenous banks in order to enhance the economic status of the Malay, but it issued huge loans to a Chinese real estate company in a Chinese real estate company.What's more, the huge sums of money in the indigenous financial loan in Hong Kong do not come from Hong Kong depositors, but from the deposit of the Malaysian people. Even the national oil companies have to pay funds, which naturally shocked the country.
Mahathir admits that this is caused by improper management under the pressure of opposition and overseas media.He pointed out that indigenous banks are managed by some high -level errors who are not familiar with the banking business. "They are not necessarily a liar, but they are quite incompetent." In the early 1980s, Mahathir was not as stable and domineering as people saw later.EssenceHe agreed to set up a project investigation team under the pressure of internal and external pressure, but opposed the appointment of the Royal Investigation Committee; the two were very different in statutory status and permissions.
Nevertheless, the chief investigator of the three -person project investigation team led the chief checker Ahmadinetin, persevered and hard to verify.However, the result has evolved into Mahathir in the next few years. In the next few years, he continued to have the angle with the investigation team he had set up.Ahminonin claims that the investigation faces resistance and cannot announce the report.Mahathir intends to limit the responsibility to the senior management of the bank and do not disclose any politicians. As a result, the two parties continue to shout and conflict, and finally expand the social impact of the case.
Concentrate on the conflict of power of the UMNO faction
In the early days of Mahathir, he did not choose to establish the principles of transparent governance and financial supervision in the indigenous financial scandal, which brought a profound impact on the Malaysian political and economic model, and even the ruined system.Lin Jixiang, the leader of the Democratic Party who pursued the case that year, said that if this scandal was seriously handled, there may not be a subsequent case of one Malaysian company (1MDB).
Former Prime Minister Najib's younger brother Nasir also pointed out in 2020 that although the Malaysian company case is the most extreme case, the first modern financial scandal of Malaysia is actually an indigenous financial incident.
The biggest agenda of Mahathir governed the country is to build the glory of Malay nationalism with modernization, and he did change to some extent.In the early days of ruling, he was unwilling to deal with the disadvantages of Umno's elites in the indigenous financial scandal, cracking down on the confidence of Malaysian society, and he also had the weakness of paranoia and unwilling to admit mistakes.
In the context of the unique party of the Witch's Unified Party, Mahathir achieved a strong goal of developing heavy industries, privatization, modern large infrastructure and other projects with a strong political will to achieve the goal of the status of Malay people in new economic policies.However, due to the lack of transparency, supervision and good governance in high -level party state power, many acts of rent -seeking, party and corruption were later derived.There is no clear and consistent procedure between the national capital and the personal servant relationship. It is necessary to rely on the relatives of political relations to determine the distribution of interests, and it also intensifies the conflict of power of the UMNO faction.
The Chen Songqing of Jianing is not only a single gold owner in indigenous finance. Some people in the Hong Kong financial industry believe that he is actually good at leverage, showing financial skills, and borrowing it.However, for Malaysia's senior levels, it has not been strictly reflected in this scandal in the past 40 years, and has still benefited from rent -seeking and sharing stolen.If such disadvantaged cases are required, it is necessary for system reform. At least to implement scattered power, increasing horizontal supervision, prime minister cannot serve as financial ministers, and improve the professional governance of government affiliated companies (GLCS).In the process of reorganization of the political and economic network, find the opportunity to hunt.
The author is director of the Malaysian Chinese News Agency Research Center
