(Also published on The Malaysian Insider)
Top marks for befuddling even highly-qualified Malaysians. PEMANDU released its annual report last month to an expected chorus of praise. An economist at a leading financial institution gushed that the ETP deserves an “A” for transformation. Our analysis however, finds that pretentious words and slick presentations, protestations of diligence and toil and selective representation of data obscure the true picture.
Continue reading “Dissecting the ETP Annual Report (Part 1) — Grade A+ for obfuscation!”
(Also published on The Malaysian Insider and Selangor Times)
Which is the biggest financial scandal in Malaysian history, someone recently asked me. Without hesitation, I replied, Port Klang Free Zone or PKFZ. This scandal could potentially end up costing the Malaysian taxpayer RM12.5 billion according to the PWC position review report. In real terms, the financial losses associated with PKFZ may be slightly less than the BMF scandal (RM2.5b in 1983), the Maminco scandal (RM1.6b, 1980s) and Perwaja (RM10b in accumulated losses, 1990s) but none of these scandals can challenge PKFZ in terms of financial creativity and the number of high profile politicians involved.
Continue reading “Book Review – PKFZ: A Nation’s Trust Betrayed”