Latest Blogs Politics

“Malaysia Bankruptcy Day” that didn’t happen

SYED AKBAR ALI

Zaidi Azmi
Written by Zaidi Azmi

KUALA LUMPUR – July 11, 2016:  Prominent blogger Syed Akbar Ali has come under fire over his “prediction” that the Ministry of Finance (MoF) will be declared bankrupt today.

Syed Akbar wrote, a few months ago, in his ‘Outsyed The Box’ blog, that such will eventually be the fate of MoF if the result from London Court of International Arbitration (LCIA) works against the 1Malaysia Development Berhad’s (1MDB) favour.

Syed Akbar speculated that if LCIA found 1MDB to be guilty of the alleged malpractice then it, along with MoF, would probably have insufficient money to pay IPIC’s claims, hence the bankruptcy prediction.

He also mentioned that today was the deadline given by LCIA for 1MDB to respond to the controversial USD$6.5 billion (RM26 billion) claims from the Abu Dhabi-based International Petroleum Investment C0mpany (IPIC)

However, contrary to his, already-deleted MoF-will-be-declared-bankrupt-on-11th-June-2016 blog posting, the ministry today, as one Facebooker puts it, “has not yet gone kaput.”

Some of those who were happy that Syed Akbar’s prediction did not come to be even took the liberty of crafting sarcastic graphic that has the words “Happy Malaysia Bankruptcy Day” along with several birthday-themed party clip arts.

“Darn it. I forgot to shop for foods and my basic needs before today,” was the sarcastic post on the matter by Facebook user Jazzy Jeff.

“Good morning all. Today is July 11th and the day that PakaTun people say is the day that supposedly Malaysia’s MoF will be declared bankrupt by LCIA because of 1MDB. We wait for the announcement, but I can bet you that this will not come,” wrote Lim Sian See.

“I have been waiting for this historical day. July 11th 2016 should be included in our history text books so that our future generations will remember this day forever and ever,” wrote Hasmie Hashrul.

“Yawn. I am getting tired of explaining again and again about arbitration process and the consequences of a decision which is made arbitrarily. People, just accept the fact that it will not make a country bankrupt,” wrote Siti Farha Garieb.

The Mole had contacted Syed Akbar and according to him, those who trolled him misunderstood his blog posting.

He said that what he wrote was not a prediction, “it was merely a reminder of what could happen if 1MDB lost the case in LCIA.”

“Idiots. What I was trying to say was that such a thing can happen and the fact that MoF is dragged into arbitration along with 1MDB is bad enough for our country’s rating and image.

“I don’t know what their true intention is but I think they are trying to bury the issue but the bigger picture is that the country’s credibility and image will be negatively affected by this (going into arbitration),” he said.

He also quashed the contention that Malaysians should not be worried if 1MDB loses its case in LCIA simply because its verdict is not enforceable.

“Both sides had agreed to go to arbitration and if one side decided not to adhere to the result just because they lost the case…now that’s just unprofessional.

“And if that happens. The plaintiff of the arbitration (IPIC) can take the matter to court and use the ignored arbitration’s verdict as a strong evidence to implicate the defendant (1MDB and MoF) in court,” Syed Akbar added.

Comments

comments

About the author

Zaidi Azmi

Zaidi Azmi

Despite becoming The MOLE's journalist in 2014, he still has a hard time traversing the city. If he is not lost, this northern kampung boy can be found struggling to make some sense out of the Malaysian political sphere.