The appearance of Malaysia's former prime minister, Najib Tun Razak, in court last week to face criminal charges was shocking to many. But it was not surprising.
Even before the May 9 election that saw the Barisan Nasional government lose power for the first time ever, the current (and former) prime minister, Dr Mahathir Mohamad, had tried to have Mr Najib prosecuted for alleged abuse of power. The day after the election, Dr Mahathir's son Mukhriz said that the new administration would take action against him, while the prime minister-in-waiting, Anwar Ibrahim, said "it will be very difficult for him to escape prison".
Political imperatives made it plain that the question was when, not if, Mr Najib was charged with wrongdoing in connection with 1MDB, the state investment fund from which the US Department of Justice alleges $4.5 billion was looted, and its subsidiary SRC International, from which the government claims RM42 million was wrongly transferred into Mr Najib’s bank account.
Mr Najib fiercely proclaims his innocence, but many Malaysians were impatient for his arrest. "People want to see heads roll," as one former ambassador said to me days after the historic polls.
Mr Najib, the son of the country's second prime minister and nephew of the third, once rode high in the opinion polls. But on the night of the election, when the scale of the catastrophe his coalition faced became clear – the BN vote dropped from 48 to 34 per cent – Mr Najib is said to have asked his advisers: "Do people really hate me that much?"
It was a poignant question. When Mr Najib first came to power in 2009, said the then CEO of a major bank, "he invited me to his office and explained at length his plans for the economy. I was hugely impressed."
By 2013 the picture was different. Mr Najib's political and economic reforms were going too far for the Malay ultras in his own party, but didn't go far enough for the opposition, which ridiculed – unfairly, I believe - his flagship national unity policy 1Malaysia as a PR operation.
He won that year's general election, although the BN lost the popular vote to the opposition coalition. That alliance later fell apart, and if Mr Najib had called snap polls after overwhelming victories in the Sarawak state election and two by-elections in 2016, he might have won.
By the time Malaysians came to vote this year, however, it was something that had begun to unravel in 2015 that snowballed into the issue that did for his premiership and may now cost him his liberty: 1MDB.
Stories alleging wild spending sprees using money from the fund began appearing that year, with The Wall Street Journal being particularly tenacious in following the trail.
Two allegations proved very damaging: the millions from SRC International that supposedly found their way into his personal account and the RM681 million he received that he has always maintained was a donation from Saudi Arabia's royal family. It didn't matter that the Saudi Foreign Minister confirmed that the gift was genuine. People simply didn't believe it.
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Read more from Sholto Byrnes:
A great triumph doesn't need to mean complete capitulation from North Korea
The rise of Islamophobia in Europe is being normalised by intellectuals
Far from a fantasist, Trump is a realist who accepts the world order is changing
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"That was it. After that I couldn't support him anymore," said the former bank CEO. It didn't help that Mr Najib threatened to sue the Journal but then never did. But by this point the nuances of anything related to 1MDB had ceased to be debated.
The partisan lines were strictly drawn up. The then opposition had determined that the clouds of suspicion around it could be used to bring Mr Najib’s government down, and any of its activities that were positive – assisting pilgrims to perform the hajj, for instance, or its role in developing two parcels of prime land in Kuala Lumpur – were simply dismissed, as were Mr Najib's considerable achievements both at home and in the international arena.
What really weaponised 1MDB was Dr Mahathir's return to active politics as head of the new opposition coalition; his actively linking 1MDB to the unpopular goods and services tax introduced in 2015 (he said the latter was to pay for the former's debts) and his constant accusations that Mr Najib was a thief – and worse.
Eventually, the attacks hit home. Posts on social media and on popular web portals make it clear that Mr Najib has already been found guilty in the court of public opinion – to the extent that anyone attempting a defence of the former PM’s record is liable to be shouted down. Regardless of the merits of the case, a lynch mob mentality has taken hold of a large number of Malaysians who are prepared to believe anything bad about Mr Najib, whether it has any grounding or not.
Even Lim Kit Siang, an elder statesman of the new government, has warned against perceptions that a “whole-scale witch-hunt” may be taking place against the former administration. This is dangerous. The integrity of Malaysia’s judiciary has been queried in the past. It is crucial that its objectivity is unquestioned in any trial involving Mr Najib. A climate in which the public will not accept that he could be found innocent is not helpful.
“Nobody wants to hear about all the good things he did,” lamented one of Mr Najib’s former aides a couple of weeks ago. Equally few are interested in remembering the less positive aspects of Dr Mahathir’s previous time in office.
Mr Najib – who insists the charges are politically motivated – is far from cowed, and describes the trial it as “the best opportunity for me to clear my name.” But it is in the interests of all Malaysians that it should be so, including members of the new government.
For it must be the truth and provable accusations, not politics and the emotional mood of the masses, that determines justice in Malaysia. If that constitutes a change from the past, it will be a welcome one.
Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies Malaysia
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Baftas 2020 winners
BEST FILM
- 1917 - Pippa Harris, Callum McDougall, Sam Mendes, Jayne-Ann Tenggren
- THE IRISHMAN - Robert De Niro, Jane Rosenthal, Martin Scorsese, Emma Tillinger Koskoff
- JOKER - Bradley Cooper, Todd Phillips, Emma Tillinger Koskoff
- ONCE UPON A TIME… IN HOLLYWOOD - David Heyman, Shannon McIntosh, Quentin Tarantino
- PARASITE - Bong Joon-ho, Kwak Sin-ae
DIRECTOR
- 1917 - Sam Mendes
- THE IRISHMAN - Martin Scorsese
- JOKER - Todd Phillips
- ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
- PARASITE - Bong Joon-ho
OUTSTANDING BRITISH FILM
- 1917 - Sam Mendes, Pippa Harris, Callum McDougall, Jayne-Ann Tenggren, Krysty Wilson-Cairns
- BAIT - Mark Jenkin, Kate Byers, Linn Waite
- FOR SAMA - Waad al-Kateab, Edward Watts
- ROCKETMAN - Dexter Fletcher, Adam Bohling, David Furnish, David Reid, Matthew Vaughn, Lee Hall
- SORRY WE MISSED YOU - Ken Loach, Rebecca O’Brien, Paul Laverty
- THE TWO POPES - Fernando Meirelles, Jonathan Eirich, Dan Lin, Tracey Seaward, Anthony McCarten
FILM NOT IN THE ENGLISH LANGUAGE
- THE FAREWELL - Lulu Wang, Daniele Melia
- FOR SAMA - Waad al-Kateab, Edward Watts
- PAIN AND GLORY - Pedro Almodóvar, Agustín Almodóvar
- PARASITE - Bong Joon-ho
- PORTRAIT OF A LADY ON FIRE - Céline Sciamma, Bénédicte Couvreur
LEADING ACTRESS
- JESSIE BUCKLEY - Wild Rose
- SCARLETT JOHANSSON - Marriage Story
- SAOIRSE RONAN - Little Women
- CHARLIZE THERON - Bombshell
- RENÉE ZELLWEGER - Judy
LEADING ACTOR
- LEONARDO DICAPRIO - Once Upon a Time… In Hollywood
- ADAM DRIVER - Marriage Story
- TARON EGERTON - Rocketman
- JOAQUIN PHOENIX - Joker
- JONATHAN PRYCE - The Two Popes
SUPPORTING ACTOR
- TOM HANKS - A Beautiful Day in the Neighborhood
- ANTHONY HOPKINS - The Two Popes
- AL PACINO - The Irishman
- JOE PESCI - The Irishman
- BRAD PITT - Once Upon a Time… in Hollywood
SUPPORTING ACTRESS
- LAURA DERN - Marriage Story
- SCARLETT JOHANSSON - Jojo Rabbit
- FLORENCE PUGH - Little Women
- MARGOT ROBBIE - Bombshell
- MARGOT ROBBIE - Once Upon a Time… in Hollywood
ADAPTED SCREENPLAY
- THE IRISHMAN - Steven Zaillian
- JOJO RABBIT - Taika Waititi
- JOKER - Todd Phillips, Scott Silver
- LITTLE WOMEN - Greta Gerwig
- THE TWO POPES - Anthony McCarten
ORIGINAL SCREENPLAY
- BOOKSMART - Susanna Fogel, Emily Halpern, Sarah Haskins, Katie Silberman
- KNIVES OUT - Rian Johnson
- MARRIAGE STORY - Noah Baumbach
- ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
- PARASITE - Han Jin Won, Bong Joon ho
DOCUMENTARY
- AMERICAN FACTORY - Steven Bognar, Julia Reichert
- APOLLO 11 - Todd Douglas Miller
- DIEGO MARADONA - Asif Kapadia
- FOR SAMA - Waad al-Kateab, Edward Watts
- THE GREAT HACK - Karim Amer, Jehane Noujaime
OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER
- BAIT - Mark Jenkin (Writer/Director), Kate Byers, Linn Waite (Producers)
- FOR SAMA - Waad al-Kateab (Director/Producer), Edward Watts (Director)
- MAIDEN - Alex Holmes (Director)
- ONLY YOU - Harry Wootliff (Writer/Director)
- RETABLO - Álvaro Delgado-Aparicio (Writer/Director)
ANIMATED FILM
- FROZEN 2 - Chris Buck, Jennifer Lee, Peter Del Vecho
- KLAUS - Sergio Pablos, Jinko Gotoh
- A SHAUN THE SHEEP MOVIE: FARMAGEDDON - Will Becher, Richard Phelan, Paul Kewley
- TOY STORY 4 - Josh Cooley, Mark Nielsen
CASTING
- JOKER - Shayna Markowitz
- MARRIAGE STORY - Douglas Aibel, Francine Maisler
- ONCE UPON A TIME… IN HOLLYWOOD - Victoria Thomas
- THE PERSONAL HISTORY OF DAVID COPPERFIELD - Sarah Crowe
- THE TWO POPES - Nina Gold
EE RISING STAR AWARD (voted for by the public)
- AWKWAFINA
- JACK LOWDEN
- KAITLYN DEVER
- KELVIN HARRISON JR.
- MICHEAL WARD
CINEMATOGRAPHY
- 1917 - Roger Deakins
- THE IRISHMAN - Rodrigo Prieto
- JOKER - Lawrence Sher
- LE MANS ’66 - Phedon Papamichael
- THE LIGHTHOUSE - Jarin Blaschke
EDITING
- THE IRISHMAN - Thelma Schoonmaker
- JOJO RABBIT - Tom Eagles
- JOKER - Jeff Groth
- LE MANS ’66 - Andrew Buckland, Michael McCusker
- ONCE UPON A TIME… IN HOLLYWOOD - Fred Raskin
COSTUME DESIGN
- THE IRISHMAN - Christopher Peterson, Sandy Powell
- JOJO RABBIT - Mayes C. Rubeo
- JUDY - Jany Temime
- LITTLE WOMEN - Jacqueline Durran
- ONCE UPON A TIME… IN HOLLYWOOD - Arianne Phillips
PRODUCTION DESIGN
- 1917 - Dennis Gassner, Lee Sandales
- THE IRISHMAN - Bob Shaw, Regina Graves
- JOJO RABBIT - Ra Vincent, Nora Sopková
- JOKER - Mark Friedberg, Kris Moran
- ONCE UPON A TIME… IN HOLLYWOOD - Barbara Ling, Nancy Haigh
SOUND
- 1917 - Scott Millan, Oliver Tarney, Rachael Tate, Mark Taylor, Stuart Wilson
- JOKER - Tod Maitland, Alan Robert Murray, Tom Ozanich, Dean Zupancic
- LE MANS ’66 - David Giammarco, Paul Massey, Steven A. Morrow, Donald Sylvester
- ROCKETMAN - Matthew Collinge, John Hayes, Mike Prestwood Smith, Danny Sheehan
- STAR WARS: THE RISE OF SKYWALKER - David Acord, Andy Nelson, Christopher Scarabosio, Stuart Wilson, Matthew Wood
ORIGINAL SCORE
- 1917 - Thomas Newman
- JOJO RABBIT - Michael Giacchino
- JOKER - Hildur Guđnadóttir
- LITTLE WOMEN - Alexandre Desplat
- STAR WARS: THE RISE OF SKYWALKER - John Williams
SPECIAL VISUAL EFFECTS
- 1917 - Greg Butler, Guillaume Rocheron, Dominic Tuohy
- AVENGERS: ENDGAME - Dan Deleeuw, Dan Sudick
- THE IRISHMAN - Leandro Estebecorena, Stephane Grabli, Pablo Helman
- THE LION KING - Andrew R. Jones, Robert Legato, Elliot Newman, Adam Valdez
- STAR WARS: THE RISE OF SKYWALKER - Roger Guyett, Paul Kavanagh, Neal Scanlan, Dominic Tuohy
MAKE UP & HAIR
- 1917 - Naomi Donne
- BOMBSHELL - Vivian Baker, Kazu Hiro, Anne Morgan
- JOKER - Kay Georgiou, Nicki Ledermann
- JUDY - Jeremy Woodhead
- ROCKETMAN - Lizzie Yianni Georgiou
BRITISH SHORT FILM
- AZAAR - Myriam Raja, Nathanael Baring
- GOLDFISH - Hector Dockrill, Harri Kamalanathan, Benedict Turnbull, Laura Dockrill
- KAMALI - Sasha Rainbow, Rosalind Croad
- LEARNING TO SKATEBOARD IN A WARZONE (IF YOU’RE A GIRL) - Carol Dysinger, Elena Andreicheva
- THE TRAP - Lena Headey, Anthony Fitzgerald
BRITISH SHORT ANIMATION
- GRANDAD WAS A ROMANTIC - Maryam Mohajer
- IN HER BOOTS - Kathrin Steinbacher
- THE MAGIC BOAT - Naaman Azh
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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