Malaysia sliding down slippery slope, warns Credit Suisse

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Malaysia sliding down slippery slope, warns Credit Suisse after Ku Nan’s RM1m bribery case discharge

KUALA LUMPUR, Dec 9 ― Malaysia will suffer if corrupt political leaders and figures continue to walk free from corruption charges, warns the head of a multinational investment bank.

Credit Suisse Malaysia’s Managing Director and the Head of Equities Stephen Hagger said the recent downgrading of the country by American credits rating agency Fitch Ratings was such an example.

“Sadly the country will pay the price for this,” he said in a statement.

Hagger was referring to Fitch’s downgrade of Malaysia’s Long Term Foreign Currency Issuer Default Rating (IDR) to BBB plus from A minus, which began on Monday (December 7).

He cited the recent discharge not amounting to an acquittal of former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor in his RM1 million corruption trial on Monday after the public prosecutor dropped charges. 

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