The Story Behind the Bmf Scandal

The Story behind the BMF Scandal Prevailing stereotypes of Malaysia as the least stooping country in non-Communist S discoverheast Asia, apart from Singapore, suffered grueling slander as the dimensions of the Bumiputra Malaysia Finance (BMF) poop have been gradually, exclusively perhaps not yet comp allowely, revealed. BMF, a subsidiary of the reputable jargon Bumiputra Malaysia, which operated in Hong Kong, suffered huge losses (approximately US$1 billion) when the spot market there collapsed in 1983, and it was disclosed that close to of BMFs pass off officials had accepted corrupt payments. Not hardly did the bank, after having delusive some of BMFs losses, have to be bailed out with consequent vituperate to the Malaysian economy, there were also semipolitical repercussions because of speculation that pop off Malaysian politicians might be implicated, which even affected elections for the high echelons of the dominant component, the United Malays subject area Organization (UMNO), of Malaysias ruling party, the Barisan Nasional. Tantalizingly, the blossom out horror story of the losses and of the names of some of those obligated increased the damaging impact, and gave rise to suspicions of a cover-up.

Above all, the scandal cast precariousness on the ability of Malays (whose economic facts of life and betterment was a major theme of the elaborate and far-reaching naked as a jaybird Economic Policy - NEP - dating from 1969) to manage fiscal enterprises with honesty, let alone with competence. It also raised the question if this was scantily the compass point of the iceberg. Were other sim ilar scandals about to come to the fore? ! This is not a theoretical paper in the common sense that it attempts to classify the BMF showcase in terms of one finely-differentiated description of corruption sort of than another: its emphasis is rather on relating the scandal to changes in the society, the economy and the polity. However, it should be remarked that the picture painted, in the beginning the scandal, of a Malaysia comparatively free of corruption was hardly accurate....If you call for to get a full essay, order it on our website: BestEssayCheap.com

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