Why the many raids and press conferences? The answer is simple and I will not need to write a long article about this. It is a diversionary tactic.
More than RM200 billion has disappeared from the stock market while an estimated RM40 billion of that has left the country. The majority of the market players, the Chinese, are keeping very quiet and do not dare grumble because they malu besar since 95-98% of them voted Pakatan Harapan. To grumble would mean they will be admitting they made a mistake voting for Pakatan.
So, the government needs a weapon of mass distraction and that is the reason for the daily raids, press conferences and media statements. They need to distract people from the fact that in less than 50 days Malaysia is going down the drain. The problem with spiral dives, as any pilot would tell you, is it is very difficult to recover from it and eventually you crash and burn.
Other than the Chinese, the big losers are EPF, PNB, LTAT, Tabung Haji, and many more government trust agencies. If this continues they will be hard-pressed to service their dividends. Malaysia’s stock market is about 130% of GDP and Malaysia’s GDP is about RM1.2 trillion. So we do not have far to go to go bankrupt.
If Tun Daim Zainuddin cannot come out with a workable plan within the next 50 days, the market is going to be RM500 billion poorer and the equivalent of 40% of Malaysia’s GDP is going to get wiped out. And it will take Mahathir only 100 days to destroy what took Najib nine years to build up.