Monday, 16 March 2020

Is RM2 Million Just Pocket Money?

The former Federal Territory Minister Datuk Seri Tengku Adnan Tengku Mansor, in his court case suggested that RM2 million was just “pocket money” for him. Then there is the late Jamaluddin Jarjis and his estate of RM2.1 billion. According to some, there are at least 200 Muslim brothers (and sisters) in Malaysia who are billionaires. However, these billionaires cannot disclose their wealth because it is questionably acquired.

According to Forbes, there are 17 Malaysian billionaires in terms of USD in net worth. There are more if Fortune 500 is measured in Malaysian Ringgit. Adding these 17 Malaysian business owners to the political warlords and you have more than 200 billionaires.

Then there is Nazifuddin, second son of ex-premier Najib Razak. Mr Nazifuddin was linked to a Get-Rich-Ponzi-Scheme called Ufun. In 2015, all hell broke loose when the Ufun Stores had allegedly swindled 120,000 people involving at least 38 billion Baht (USD1.13 billion, £720 million and RM4 billion) in Thailand. Is Najib’s net worth RM100 billion or more?

Against the above, Bank Negara Malaysia suggests the living wage as follows:

So is RM2 million pocket money?

Many small businesses have turnovers of just RM1-2 million and struggle to keep employment for 5-8 persons. We don’t mind accepting “pocket money” for a small change in our outlook, especially with Covid-19.

1. RM2mil is no small change, M Shanmugam, The Star, 7 Mar 2020
2. JJ’s RM2 billion fortune opens up a can of worms – Malaysia has at least 200 billionaires,
3. Robert Kuok retains top spot in Forbes Malaysia Rich List, The Star, 5 Mar 2020

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