Description

1MDB, a Malaysian state-owned corporation, has been at the centre of money laundering investigations internationally. Hailed as one of the largest kleptocracy investigations in history, questions arise as to how scandals of such magnitude occurred despite a seemingly strong corporate regulatory framework. My research examines the manner in which Malaysian state-owned corporations have used the corporate form to expropriate billions of dollars from the Malaysian people. It looks beyond the veneer of good governance initiatives and analyses how kleptocrats have exploited gaps in the regulatory framework and controlled mechanisms for the enforcement of corporate law to their advantage.

While 1MDB has received considerable international attention, it is arguably the tip of the iceberg. My research explores a lesser-known case of kleptocracy by former Chief Minister Taib Mahmud in the Malaysian state of Sarawak, a state rich in natural resources and inhabited by indigenous tribes. It considers the question of corporate accountability amidst the displacement of indigenous people from their traditional lands and human rights violations. Lessons are drawn from a comparative analysis of the governance of Singaporean state-owned corporations.

About The Speaker

Dr Vivien Chen is a lecturer at Monash Business School. Her PhD thesis examines Malaysian shareholder protection law. Prior to this, she has worked as research assistant at Melbourne Law School and lecturer at the University of Malaya, Kuala Lumpur. She has also advised on corporate and commercial matters as a solicitor at law firms in Kuala Lumpur.