It also coalesces with the Ramadan fasting period for Muslims.

During these times, I’m just thankful I can work from anywhere, including home.

I feel for you if you need to weather what will be unforgiving traffic on your way to work or back.

On Saturday, I pushed out an investigative piece unpacking the “hottest” penny stock right now, Velocity Capital.

This was the firm that made the Bloomberg exposes around the MACC and its chief Azam Baki.

The story is chart-heavy with a lot of nodes and links, or “spaghetti” as an acquaintance puts it. But it’s a good one (I’m biased).

Today’s Southeast covers:

• The region’s corruption scorecard;

• Where gulf petrodollars are concentrating;

• And the mutation of internet giant Grab.

Southeast is a weekly section where I track money and power in the region. In many ways this is somewhat a detox from purely Malaysian content but one that also helps me see the bigger picture.

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Transparency International released its 2025 Corruption Perceptions Index this week.

The global average dropped to 42 points, a new low for the past decade. Only five countries worldwide now score above 80, down from twelve a decade ago.

Read more

Typically, I’ll have a recap of some of the best stories from the month, something I’ll push out ASAP.

What better way to usher in February than with a quick review? So that’s for Sunday evening.

Southeast is a weekly section where I track money and power in the region. In many ways this is somewhat a detox from purely Malaysian content but one that also helps me see the bigger picture.

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Southeast Asia’s wealthiest are navigating a punishing convergence of shocks as 2026 gets off to a bruising start.

Here are some trends to make a chilled (I guess?) weekend Southeast read.

Indonesia and Malaysia take the cake today with more muted developments for the region’s families, though Thailand’s turning out to be pretty interesting in terms of succession planning.

Let’s get to it.

Read more

Five months ago, Bursa-listed construction giants IJM and Sunway were supposedly in potential merger talks per news portal Scoop.

Both firms shut down the rumours, claiming no such thing existed.

Fast forward to yesterday: Sunway is now proposing to take over IJM. In Malaysia, things move at warp speed when they want to.

We have the first Southeast of the year. Since this section has been running for a while, I’d like your input:

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Over the past week, the region’s most contentious story has been the corruption trial of former Indonesian education minister Nadiem Makarim, the Gojek co-founder turned Jokowi-era appointee.

Prosecutors claim he received kickbacks worth US$48 million tied to a US$125 million procurement deal for Google Chromebooks and servers for schools between 2019-2022.

Critics charge that the entire saga reeks of selective enforcement in a country where graft is endemic.

The trial kicked off on January 5 at Jakarta’s Corruption Court, where Nadiem’s defence filed objections that the court rejected, paving the way for a drawn-out battle.

Google itself has disputed prosecutors’ claims of collusion in overpricing or irregularities, calling the case’s foundation shaky at best.

Many have posted messages of support for Nadiem, especially in VC and tech circles given his role in building Gojek into a decacorn before pivoting to public service.

Supporters frame this as a witch hunt. Nadiem’s team has released a so-called white book detailing his side, insisting facts and data will dismantle the accusations.

But in Indonesia’s opaque justice system, that’s a tall order.

Read more

Yesterday, I listed out seven cronies, each from a different country and how some of these names are accumulating wealth, using their political links as a springboard.

Each country has some nuance. But all are connected towards the controversies they cause.

This time round, I’ll tie it up with a short predictive analysis. It’s definitely not good news. You don’t read this newsletter for that anyway.

But it also depends on how you treat it. For some, even the most adverse situations are opportunities.

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As we head into 2026, cronyism in Southeast Asia shows few signs of abating, with political dynasties, weak institutions, and economic pressures continuing to entrench elite networks.

This despite all the technological advances over the past few years, including AI and other developments that essentially lower the barrier to entry for just about anyone trying to make a buck or two online.

Democratic indicators are still flatlining.

Transparency International’s Corruption Perceptions Index for 2024, which was released early this year, underscored regional stagnation.

Singapore being the typical outlier, Malaysia remains in the middle while others tout slight improvements, but not equivalent to a major breakthrough.

Even major regional economies like Indonesia, Thailand and the Philippines didn’t show much progress.

The trifecta of unfulfilled anti-corruption pledges, climate vulnerabilities and authoritarian trends have come to mark Asia-Pacific in general, and these are expected to get worse.

Here are some of my predictions for 2026:

Read more

Today’s newsletter covers the cronies on my list that made headlines and deals this year, and are expected to continue benefiting in 2026.

I cover a list from Indonesia to Malaysia to Myanmar.

These names aren’t exhaustive, for sure, but perhaps a working list of politically exposed people who’ll continue to influence policy, politics and business in their respective countries.

Southeast is a weekly section where I track money and power in the region. In many ways this is somewhat a detox from purely Malaysian content but one that also helps me see the bigger picture.

The Malaysianist runs on subscriptions. Fuel up with a monthly, annual or founding member plan.

P.S. The founding member tier doesn’t have a ceiling; you can go as high as you want — it’s the ultimate supporter badge.

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As this is a lengthy one that covers seven cronies seven countries, let’s cut to the chase and begin with Indonesia.

Read more

The next two newsletters will be back to Malaysia business and we do have quite a bit happening on that front, including updates for Backchannel, a VC/PE deals tracker.

That section debuted last Saturday 👇🏾

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In the late 1960s, as Indonesia clawed out of Sukarno’s chaos, a young Malaysian trader named Robert Kuok aligned with the rising Suharto regime.

Like his peers — ethnic Chinese cukong1 funding Javanese strongmen — Kuok traded capital for concessions: tax breaks, land grants, and market access under Indonesia’s “new order” foreign investment law.

Kuok built flour mills, hotels, and, eventually, Wilmar International – the palm oil giant with a market capitalisation of approximately US$15 billion that ranks among the world’s largest processors and traders of the commodity.

This quid pro quo lasted Suharto’s 31-year rule, turning outsiders into kingmakers.

That era ended this year, following two ongoing court cases in two different countries.

Read more

It’s been a while since I’ve tuned out of local affairs to look at what’s going on around in Southeast Asia.

Two developments in today’s issue: the power play at Indonesian giant GoTo, and Temasek’s strategic VC retreat.

Different countries, but we have a pattern emerging.

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Indonesia’s biggest consumer internet group is now the subject of merger talks with another regional behemoth, Grab.

Over the past week, two developments made headlines.

Read more

Today’s brief covers two things:

• A redux of that kooky Network School (NS) project, now with an Israeli twist.

• Fortune-hunting in Timor-Leste.

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Let’s start with Network School (NS). I’ve written about this before, but it’s back in the feeds thanks to a video by Nuseir Yassin, better known as Nas Daily.

Yassin made his name with viral, cringey videos fuelled by toxic positivity. This time, he pushed NS.1

He’s Israeli. So how did he enter Malaysia, not once but twice?

Read more

Southeast is a weekly strand in The Malaysianist exploring money and power at a regional level.

Anything and anyone is fair game, from VCs to politically exposed people to state-owned institutions.

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During the first week of October, Singapore-based venture firm Golden Gate Ventures (GGV) organised an invite-only F1 Founders Rally.

It was a three-day networking programme timed to the Singapore Grand Prix, bringing together founders, investors and corporate leaders, with sessions including a limited-partner/investor track (LPs are the fund’s own investors) and race-weekend gatherings.

Some investors in GGV’s funds were unimpressed, questioning the firm’s priorities and saying the optics were poor.

Read more

I missed a Southeast edition last week, so I’m making up for lost time.

It’s still Indonesia, since the hottest conversation I’m having right now is about the country’s slush sovereign wealth fund, Danantara.

With the way things are moving over there, it’s not surprising that some are invoking 1MDB vibes.

So much so that contacts in Jakarta are hoping the noise doesn’t culminate in accusations of Arab donation money flowing into President Prabowo Subianto’s bank accounts, or those of his Cabinet members for that matter.

This was a clear jibe at Malaysia’s convicted “hero”, former PM Najib Razak.

The biggest story this week has to be a purported list of tycoons pledging support for Danantara’s Patriot Bonds.

Indonesian media were all over it. Danantara claimed the leaked list wasn’t an official release, yet the SWF stopped short of confirming any names, or calling it outright false.

Today’s newsletter is data-heavy. I’ve reproduced the list of alleged backers with quick commentary.

But I went a step further. I’ve also done an analysis of the tycoons’ interconnectedness and their ties to Prabowo and his Cabinet members.

And, for the first time, I’ve produced a social network analysis. It’s a work in progress that took three iterations.

First, I had to painstakingly collate the data. Then I had major help from a tech guy and a graphic artist to repurpose the map for newsletter fit.

I definitely missed some nodes, but I’ll just publish first. If not, nothing moves.

Southeast is a weekly edition on The Malaysianist, where I unpack money and power at the regional level.

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Danantara, an amalgamation of 844 state-owned enterprises (SOEs), is one of two major financial tools at Prabowo’s disposal. The other being the Ibu Kota Negara (Nusantara) project.

The key point here is that Prabowo sits at the centre of a network of Indonesia’s wealthiest tycoons.

Through the bonds and Nusantara, the Indonesian president is securing financial and political support, offering access and influence in return.

The tycoons with the strongest ties are bound by support for the bonds, campaign loyalty, and sector alignment, particularly in energy and infrastructure.

Prabowo’s Cabinet line-up further amplifies these connections, but public scrutiny and funding challenges loom large.

Is Danantara just piling on more debt to service old obligations, with any excess channelled into flashy projects?

That isn’t far-fetched — since just like 1MDB, a lot of the control rests in executive hands — but it’s still too early to tell.

So let’s get to the list and Danantara’s billionaire backers:

Read more

Of course, with Southeast I aim high (no pun intended, given it’s about the “cannabis king”).

Southeast is a weekly section for all subscribers of The Malaysianist that tracks money and power.

It’s a hamster wheel an experiment — one that I’m enjoying (I think?) — to gauge regional appetite for adversarial content.

A friend asked whether it was worth pursuing Southeast since it pulls me away from Malaysia. After some discussion, it’s clear it’s still very early days.

But one trend is emerging, and I’m curious to see if it holds: 90% of subscribers sign up for a paid plan through a Southeast-related post.

Of course, as we all know, the opposite applies when it comes to Malaysian content — 90% are free sign-ups, which then whittle away once they realise there’s no free content here on this tiny corner of the internet.

Such is life, and I can’t complain much. I’ll be back to my bread and butter — Malaysia coverage — in the next newsletter.

But I’m hoping to push out a more colourful founder’s report at year-end, since I’ve been tinkering a lot and have gone through one too many close shaves (I’m bald already!) working on this full time.

Since I’m on the topic, a quick recap of the BIG price update coming your way:

And as always, the usual ICYMIs, from royalty to VCs:

You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.

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I’ll split this newsletter into two parts: first, a recap of the events around Anutin’s appointment as PM and, second, the business links surrounding him and key cabinet members (there’s a graph in the story).

Let’s get to it.

Anutin’s appointment as prime minister came after the Thai king endorsed his cabinet, following the court-ordered removal of his predecessor over ethics violations and public anger at a deadly border clash with Cambodia.

The reshuffle marks a turning point for Thai politics, with Anutin — a long-time heavyweight and heir to a construction empire — now heading a cabinet that mixes seasoned operators with non-politicians.

The line-up, expected to be sworn in soon, comes at a time when citizens are demanding accountability amid simmering regional tensions.

This in turn puts pressure on Anutin’s government to restore stability at home and credibility abroad.

Anutin’s rise in September capped months of turmoil in Thailand’s volatile political landscape.

Paetongtarn Shinawatra, daughter of former PM Thaksin, was removed by the Constitutional Court on August 29 for ethics violations tied to a leaked June call with Cambodia’s Hun Sen.

Her actions were deemed to have undermined national interests in the border dispute, triggering the coalition’s collapse.

Anutin’s party, the conservative Bhumjaithai, withdrew from government citing outrage over Paetongtarn’s conduct.

In a week of frantic deal-making, Anutin outmanoeuvred Pheu Thai’s candidate, veteran Chaikasem Nitisiri, by securing a surprise alliance with the progressive People’s Party (143 seats).

The coalition demanded reforms including elections within four months and a referendum on replacing the 2014 military-era constitution with one drafted by elected representatives.

On September 5, parliament voted 311–179 in his favour, well above the 247 required. This was a major blow to the Shinawatra dynasty. Thaksin fled to Dubai hours before the vote amid looming court cases.

He is now incarcerated, serving a one-year term with no immediate appeals reported, for failing to properly serve an earlier eight-year sentence related to corruption and abuse-of-power convictions from his time as prime minister (2001–2006).

Two days later, King Maha Vajiralongkorn formally endorsed Anutin in a ceremony at Bhumjaithai headquarters.

He was sworn in soon after, unveiling a cabinet of technocrats tasked with restoring confidence in the economy — forecast to grow by only 1.8% — and managing the tense relationship with Cambodia.

Anutin is Thailand’s third prime minister in two years since the 2023 election, leading a minority coalition of Bhumjaithai and smaller parties reliant on opposition tolerance.

Bangkok-based analysts tell me Anutin is seen as a temporary “middleman” fix to avert stalemate or coup, but warn his tenure risks revenge politics against Pheu Thai and will test his ability to manage overlapping crises.

Anutin’s 35-member cabinet is a mix of political insiders from Bhumjaithai (16 posts) and external technocrats for economic and diplomatic roles.

I’ve picked out key cabinet members, their roles, and documented business connections with help from regional contacts.

Read more

Yes, I know, we’ve been awash with public holidays. But I’m not complaining. I get to sleep in while this ships out.

Who am I kidding? Sleeping in? The kid will faithfully terrorise me out of bed in no time.

Today’s Southeast tackles two topics: Singapore’s squeezed businesses and a Q&A on Indonesia’s power brokers redrawing the fiscal map.

Also, a reminder: prices go up October 1. If you’ve been on the fence, now’s the best time to hop aboard The Malaysianist with a founding member or annual subscription.

Read more here 👇🏾

You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.

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Singapore has seen an uptick in business closures and layoffs this year, particularly in F&B, tech, finance, logistics, and aviation.

It’s the usual suspects: high operational costs, rising wage demands, weaker consumer spending, and global trade disruptions (such as potential US tariffs hitting exports).

Read more

For today’s Southeast, I debated between Indonesia and Thailand but settled on the former.

I’ll close this edition with a look at Temasek’s leadership shuffle. There’s been plenty of commentary, but I’ll cut through the noise and flag what actually matters especially for private equity and venture capital.

🔥 Subscription prices go up October 1. Now’s the best time to upgrade to a founding membership or lock in an annual at current rates.

Details here 👇🏽

You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.

I run monthly and annual subscriptions. There’s also the atas or founding member tier where you get all the perks of an annual subscription and more, such as an annual or founder’s report and insight into how this little corner of the internet fared throughout the year.

💡 The founding member tier is a sliding one, meaning it starts at US$60/year and you can raise it as high as you want — in case you want to give more, which I welcome anytime.

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Nadiem Makarim is in the crosshairs. Some are defending him, claiming him to be a victim of the country’s dog-eat-dog political landscape due to his penchant for reformist politics.

Others are saying there’s merit to the charges levelled against the wunderkind of Jokowi’s Cabinet.

Nadiem is famously known as the co-founder of Gojek and Indonesia’s former education, culture, research and technology minister (2019-2024).

He is under investigation in a major corruption case tied to a Chromebook procurement programme during his time in office.

His arrest and charge has sent shockwaves through Indonesia’s business community.

Sources in Jakarta and observers closely watching the fiasco unfold tell me that it’s quite surprising for a few reasons.

Read more

🚨Perhaps the biggest announcement is that prices are going up effective October 1. But this is the best time to either upgrade your subscription or hop on board at the current price. More details below 👇🏽

You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.

I run monthly and annual subscriptions. There’s also the atas or founding member tier where you get all the perks of an annual subscription and more, such as an annual or founder’s report and insight into how this little corner of the internet fared throughout the year.

🚨 The founding member tier is a sliding one, meaning it starts at US$60/year and you can raise it as high as you want — in case you want to give more, which I welcome anytime.

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Group subscriptions are on the table, if you’re mulling over purchases for your organisation or for family members.

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Kevin Brockland runs Indelible Ventures, an early-stage VC fund with a regional lens.

He’s one of the more accessible VCs in this part of the world: opinionated, media-friendly, and firmly in the trenches.

From his base in Kuala Lumpur, Kevin hunts for deals across Malaysia, Thailand, and the Philippines.

The last time we spoke, he was still looking to write his first cheque in Thailand, arguably one of the region’s more politically volatile markets.

With Southeast keeping tabs on cross-border shifts, I caught up with Kevin for a quick dive into what it takes to navigate a relatively new frontier.

Read more

MVP (minimum viable product) coming in hot. The first issue of Southeast dives into:

🇮🇩 Indonesia’s sovereign wealth fund Danantara under the spotlight
🇻🇳 Braking the VinFast hype
🇲🇾🇸🇬 Second-generation besties in Johor and Singapore
🇹🇭 Thaksin’s shady financier

I’m planning to turn Southeast into a weekly regional edition for all newsletter subscribers. I may slot it on Sundays, depending on the news flow.

In many ways, this is me testing interest as cheaply as possible — without spinning up a standalone publication just yet.

If it sticks, then… I suppose I’ll need to have that conversation with a few more people than just myself.

While I’m at it, if you’ve got tips or leads, feel free to drop me an email: emmanuel [at] themalaysianist.com.

You’re reading a paid version of The Malaysianist, a newsletter on money and power by writer and journalist Emmanuel Samarathisa.

I run monthly and annual subscriptions. There’s also the atas or founding member tier where you get all the perks of an annual subscription and more, such as an annual or founder’s report and insight into how this little corner of the internet fared throughout the year.

🚨 The founding member tier is a sliding one, meaning it starts at US$60/year and you can raise it as high as you want — in case you want to give more, which I welcome anytime.

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Group subscriptions are on the table, if you’re mulling over purchases for your organisation or for family members.

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Indonesia’s second sovereign wealth fund (SWF), Danantara, has been moving slowly but steadily, placing bets and entering deals with the country’s elites and state-owned enterprises.

Hardly unusual behaviour for an SWF in this region, though its early moves risk cementing familiar stereotypes.

Read more