Malaysian Tycoon Asks Government to Limit Political Wealth

In an effort to address corruption, tycoon Lee Kim Yew suggests that the Malaysian government enact a law that controls political wealth acquired through funding, says Free Malaysia Today. This proposition comes after the 14th general election held last 2018. The 2018 elections proved to be divisive in terms of concerns regarding corruption, cost of living and leadership, among others, according to Al Jazeera.

In order to monitor political wealth, this proposed law will entail that every political party should undergo financial audits biennially. The audits are slated to be conducted by the country’s Auditor General. According to reports by Free Malaysia Today, Lee says that parties with fortunes valued over RM 300 million will be obligated to return it to the country. Lee cites the United Malays National Organization (UMNO) and the Malaysian Chinese Association (MCA) as parties that have assets and wealth.

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Moreover, Lee says that the government should act to prevent corrupt politicians from abusing their public servant position to accumulate riches. Aside from the individual politician gaining fortunes from their positions, their parties also benefit from the corruption, adds Lee.

The tycoon hits politicians who only aim to get wealthy by saying that they should become businessmen if they want to be ‘very rich.’ He also says that the government and the people in position should be concerned in leading the country instead of treating it as a business. He highlights that public servants are paid using taxpayers’ money and that their efforts should be unbiased.

Meanwhile, non-government organizations are having difficulty raising funds for their non-profit work, while parties benefit from what Lee calls a ‘structure’ that is set to benefit them. The businessman says that the funding set by the Election Commission should be enough for campaigns.