Fallen Hopes: Malaysia

Written by Andrea Tan

Billion Dollar Whale, the #1 international bestseller on the infamous 1MDB scandal - the largest financial heist involving high-level Malaysian government officials and the Malaysian sovereign wealth fund plunged Malaysia into global headlines upon its release. Whilst this first struck me as a detailed account of the chronological series of events culminating in the world’s largest financial heist, the writers Tom Wright and Bradley Hope also include apt commentary on Malaysia’s current state on the global stage, with relation to its position in Southeast Asia.

One would find themselves whisked into a provocative world of big dollars, Hollywood A-list figures (think Leonardo DiCaprio, The Wolf of Wall Street, Miranda Kerr), Goldman Sachs and Saudi royals. I was particularly intrigued by the interweaving of people and names - this book reads almost like fiction at times. The personal accounts are vividly described, bearing testament to the vast amounts of information and first-hand evidence to the lucrative workings of the illegal financial schemes. Jho Low, the mastermind of the 1MDB scandal is portrayed as an Asian Gatsby on steroids - no spoilers. The display of opulence and wealth is profane and the series of events sacrilegious, conveying the magnitude to which the global financial system was tipped through this financial scandal.

Aside from the thrills of indulging in a comprehensive documentation of fraud, debauchery and dirty politics, I appreciated the writers’ efforts in bringing to light the basic frameworks of Malaysian politics and the historical grievances of our nation, which augmented the story-telling aspect. As a Malaysian, I found much relevance between the general narrative of the book and the socioeconomic state of Malaysia today. The writers provide fair and realistic narratives, drawing to race and ethnic issues (a massively sensitive topic in Malaysia) which serve as breeding grounds to cronyism and corruption - elements which allowed the transpiration of the events. To me, this book serves as a profound reminder of ethnic tensions as result of our historical grievances - a societal taboo undiscussed in our society today despite being a blatant issue. Interestingly, it also amplifies the inherent flaws in our bureaucratic institutions - while the illegal financial proceedings which were passed were largely due to corruption, Malaysian society’s culture of passivity and the lack of question of authority also played an underlying role.

In essence, this book serves as a harrowing reminder to the realities of cronyism and corruption and perhaps the bleak future of Malaysia. The deep-rooted political uncertainties and the state of our hampered development are no surprise. The fundamental issues that remain unaddressed will continue to hinder our growth and development, as we remain contender to our emerging neighbours.

For your further perusal:

Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood and the World (I have a copy if you’d like to borrow!)

Dirty Money on Netflix - The Man at the Top (Season 2, Episode 2)

‘New’ Malaysia: Four key challenges in the near term (Lowy Institute)

DISCLAIMER: The contents of this website are solely owned by the author of each article and does not represent the views of the Awareness Committee or the Editorial team.