For some reason, Johari is the go-to for media. The banter is that he fashions himself as the Malaysian Rupert Murdoch. I have covered him in detail in past stories.

You could say that every major media house and media owner — save for me (I’m a nobody with a deadbeat car and a subscriber pool too small to bother) — have been tempted to approach him.

Aside from Media Prima, he owns another widely read portal Free Malaysia Today.

Even 500 Global managing partner Khailee Ng brought Johari in as a major shareholder in his personal media venture Lumi News in 2021.

Stories here 👇🏾 and these are available for all subscribers:

This time round, I’m going to post something for founding members.

Brainjam is a space for founding members where I post loose notes and other musings that do not make the cut for a full-on newsletter.

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This one is an attempt to answer the perennial question of whether Media Prima — despite its reach and assets — can be a vehicle of influence for Johari, his party Umno, or even Cabinet colleagues aligned to his interests.

This is, of course, an analysis and a topical one since election talk is picking up. And it’ll be based on data from the firm’s 2025 annual report and financials for the first half of 2026.

The only difference is that I’m putting on a political lens to a business that’s very political in nature. As it should be, I guess?

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This time round, I’ll be covering the highly choreographed playbook that this tight circle of stock market operators have run repeatedly, across multiple listed companies.

Brainjam is a space for founding members where I post loose notes and other musings that do not make the cut for a full-on newsletter.

If you’re still on the fence, no worries.

The section is a mainstay and (for want of a better word) a value-add for subscribers who decide to take that leap of faith in purchasing the highest tier of the newsletter.

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Yesterday, a News, ideas and everything in between edition was sent out to all subscribers, and covered a wide range of subjects, from governance concerns around a famous PE investor to nasi lemak. I kid you not.

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This being the year of the horse and all, I guess it’s time for some of us to quit horsing around… badumtsss.

Since it’s the holidays, I’m going to push out a B-side to Saturday’s newsletter.

Brainjam is a space for founding members where I post loose notes and other musings that do not make the cut for a full-on newsletter.

If you’re still on the fence, no worries.

The section is a mainstay and (for want of a better word) a value-add for subscribers who decide to take that leap of faith in purchasing the highest tier of the newsletter.

Subscribe now

This one’s a big chart connecting everyone and every event mentioned in the previous investigative newsletter on MACC chief commissioner Azam Baki’s shareholding in penny stock Velocity Capital Partner.

The last edition had six charts, broken up thematically. This one’s merged, which is how I originally conceptualised it.

Naturally, this exercise yielded some important lessons. Three patterns stood out.

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This is a Brainjam edition, a space for founding members where I post loose notes and other musings that do not make the cut for a full-on newsletter.

If you’re still on the fence, no worries.

The section is a mainstay and (for want of a better word) a value-add for subscribers who decide to take that leap of faith in purchasing the highest tier of the newsletter.

Tomorrow, I have quite the story on all this for everyone, complete with charts. So do keep your eyes peeled for that.

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Let’s start with MACC chief commissioner Azam Baki’s ability to purchase shares. I won’t regurgitate the scandal here.

For backgrounders, these will bring you up to speed:

[p/s: Azam’s covered in the second story, guys. Don’t worry, Tengku Zafrul’s comeback machine is the lead and has nothing to do with the MACC chief’s stock market punting. That, too, is a fun read, by the way.]

So let’s break it down.

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First, an interesting ICYMI:

Brainjam is a space for founding members where I publish loose notes, unstructured datasets and anything that won’t pass muster as a standalone newsletter.

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Invoke Solutions remains best known as the data platform once controlled by PKR leader Rafizi Ramli.

This was his chief claim to entrepreneurial credentials before he became economy minister in December 2022.

Rafizi branded himself a startup founder, flexing Invoke as proof of concept.

Corporate records, however, paint a different picture: a venture tightly synced to political timing, election-cycle windfalls, and a model that crumbled once its politically connected founder exited.

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But I’m pushing this out because it’s timely.

Brainjam is a space for founding members where I publish loose notes, unstructured datasets and anything that won’t pass muster as a standalone newsletter.

Past topics include VC investments across three Khazanah MDs and stories I didn’t file even though I had access to confidential documents (oh, yeah).

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When Singapore’s Temasek announced its retreat from early-stage venture capital last year, it left a regional funding vacuum.

This leaves Khazanah, through its VC arm Jelawang Capital, positioned to fill that gap.

The question is whether Malaysia’s sovereign wealth fund possesses the structure and mindset required for the role.

February’s Public Accounts Committee (PAC) proceedings featured testimony from Managing Director Amirul Feisal Wan Zahir and Chief Investment Officer Hisham Hamdan.

The sessions weren’t merely a forensic examination of the FashionValet failure. I’ve covered that elsewhere.

Instead, they exposed fundamental contradictions in how a national institution approaches high-risk, early-stage investing: defensive posturing, survivorship bias, and governance gaps that seem to point to lessons unlearnt.

As Khazanah seeks to become Southeast Asia’s alternative VC anchor, these contradictions matter.

Because you can’t build an ecosystem without institutional discipline (and a lot of money).

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This will be the first among other roles PM Anwar Ibrahim designates for him.

He’s yet to be appointed special adviser on economics and trade, or maybe there’s no longer a need, given the Mida role. Either way, it’s the easiest to implement.

Today’s newsletter is inspired by work I did between 2019 and 2020.

Post-GE14 was an extraordinary time to be a business journalist because there were leaks, and I was in the thick of it.

There was the Malaysia Airlines-AirAsia deal that fell through. I was writing for Focus Malaysia then, and that bunch of stories earned me some infamy fame... and a police report.

But there were others I didn’t get to write about that, in hindsight, would have made equally thrilling stories.

Back then I was part of the herd, always chasing headlines, never taking a step back to pick something that could have landed harder.

This time, I retrace the documents relating to a highway acquisition bid and that concerning a Razak (not Najib, for sure).

First, Monday’s ICYMI for all subscribers:

Today’s story is one for founding members. A Brainjam piece. It’s Khazanah Nasional-lite but not the one I want to push. That’s one still baking.

Brainjam is a space for founding members where I publish loose notes, unstructured datasets and anything that won’t pass muster as a standalone newsletter.

Upgrading is easy. On the fence? No worries. Brainjam is a mainstay.

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I forgot about this entire episode until businessman Abu Sahid Mohamed made news recently over the long-delayed Maju Expressway extension (MEX II).

He now faces multiple charges over the first MEX highway and stares at the prospect of bankruptcy over the incomplete second one.

The government yesterday said that RM449 million is required to complete MEX II. Someone will surely have to bail out the project.

When I had the opportunity to write about Malaysia Airlines-AirAsia, I actually had to pick and choose from a tranche of documents.

Talk about Hunger Games for scoops.

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I have been writing about Khazanah Nasional for a while now that I decided to crunch a whole bunch of data I have — from 2019 to 2024 — to see what I could pick out for content.

Few organisations have experienced such violent strategic whiplash as Khazanah in the annals of Malaysian institutional memory. Its VC adventures are not spared either.

Good news is I have enough for a series. So this is the first one. My so-called Khazanah files (laughs).

Today’s Brainjam takes a look at Khazanah’s VC performance through the lens of its three most recent MDs: Azman Mokhtar (2004-2018), Shahril Ridza Ridzuan (2018-2021) and Amirul Feisal (2021-present).

Brainjam is a space for founding members where I publish loose notes, unstructured datasets and anything that won’t pass muster as a standalone newsletter.

Upgrading is easy. On the fence? No worries. Brainjam is a mainstay.

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The key thing to note, when it comes to dissecting Khazanah, is that the sovereign wealth fund is governed by a board with the prime minister as chairman.

How Khazanah reacts is a reflection of policy priorities at an executive level.

For specialist work like VC investments, the Khazanah managing director (MD) typically proposes the high-level strategy to the board for approval.

While each MD promised transformation, each delivered different results with varying degrees of successes and failures.

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I’m not one to get excited over these things — we’ll leave it to the mainstream media unless there are relevant bits and pieces worth mentioning — so it’s business as usual here.

First, yesterday’s news break that went out for all paying subscribers, in case you missed it:

Today’s newsletter follows up on Monday’s piece, where Aerodyne directors Kamarulazman Muhamed and Azita Azizan were named in a suit as personal guarantors over a RM25 million loan.

Since this is a post-newsletter note for founding members, I’ll unpack two things this Sunday: a factbox on Aerodyne, the country’s drone-services provider, including the millions in government-linked money poured into the firm.

And a primer on Order 14, the famous legal term in the court papers.

Brainjam is a space for founding members where I publish loose notes, unstructured datasets and anything that won’t pass muster as a standalone newsletter.

Upgrading is easy. On the fence? No worries. Brainjam is a mainstay.

Subscribe now

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If you are on the fence, no worries. The section is a mainstay, but this is perhaps the best time to upgrade or hop aboard the newsletter as rates go up October 1.

More on the price hike here 👇🏽

📋 Programming note: The next two issues will cover Southeast and News, Ideas & Everything in Between. Which one lands first depends on which I wrap up sooner.

Keep an eye out for both. I’ve got you covered for the long weekend.

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.

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By now, you’ve probably used some form of AI to complete a task or two.

I’m not going to wade into whether you should outsource your clumsy copy to AI in the hope of sounding like Ernest Hemingway or the next hotshot trader on Bursa.

Neither am I going to fuss over how you use AI to look or sound smart. I know some journalists are trying to do some mental gymnastics with guidelines and such.

Not sure what that’s going to do when we fail to do real work – that is holding the powerful to account.

I’ll spare you this rant for the end of the newsletter where I talk about the future of the newsroom (including mine) in the age of AI.

First, I’ll get to the meat of the article: what some of my peers in the AI space are doing and thinking.

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Ominous sign for our national AI policy?

Also, I’ve put out a public call on LinkedIn for tips and leads. I’m slowly (operative word here) expanding The Malaysianist to cover regional stories.

In many ways, this is me proving out a minimum viable product (MVP). But, hey, maybe it’s time to take on Southeast Asia while… still somewhat making ends meet covering Malaysia. Ha!

Today’s a Brainjam issue. It’s been a while since I posted one for founding members.

Brainjam is a grab-bag for founding members: part filler, part fun. Expect everything from unstructured notes to political rambles.

If you’re still on the fence, no worries. You can hop on anytime.

This one’s timely: it covers Khazanah’s top brass at the Public Accounts Committee sessions, where they explained the sovereign wealth fund’s domestic investments, including the infamous FashionValet.

The next edition will be back to regular programming for all subscribers: a News, ideas and everything issue or the regional MVP.

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.

Subscribe now

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

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What to make of the PAC’s 103-page report on Khazanah’s domestic investments?

Two of Khazanah’s officials — MD Amirul Feisal Wan Zahir and CIO Hisham Hamdan — were brought in to explain how the sovereign wealth fund approaches investments, particularly in VC and startups.

The trigger was the implosion of e-commerce platform FashionValet last year.

But the hearing was soft. If you want the basics, sure. But the PAC never really pressed the Khazanah officials. In fact, it came across more like chummy chatter.

I’ll dive into some of the details and the gaps in the newsletter, but first, the TLDR:

FashionValet was founded in 2010 by influencer Vivy Yusof and her husband Fadzarudin Shah.

The firm leaned heavily on Vivy’s personal brand, especially through in-house labels dUCk and Lilit.

Despite six consecutive years of losses, Khazanah invested US$7 million (RM27 million) in 2018, buoyed by rapid revenue growth and the presence of overseas backers such as Japan’s Zozotown and US-based Elixir Capital.

By 2022, accumulated losses had ballooned to RM127 million. Khazanah exited in 2024, writing off RM24 million.

The company’s woes burst into the open after a parliamentary reply last year sparked backlash.

Soon after, the MACC charged Vivy and Fadza with criminal breach of trust over RM8 million. The couple denied the charges.

That scandal then drew in the PAC, prompting questions to Amirul and Hisham.

During the PAC hearing, they defended the investment as a standard e-commerce play, the sort of venture that typically burns cash in its scaling years, like Grab or Shopee.

The collapse, they argued, stemmed from costly physical stores and the pandemic.

Still, Amirul described FashionValet as an “icon-driven” model, overly dependent on its founder’s image.

This made the company “highly vulnerable to volatile public sentiment and reputational shocks, including cancel culture”.1

Both men also stressed Khazanah’s diversified approach to startups, where a handful of winners are expected to offset the inevitable flops.

Now to the crux of the issue — what wasn’t discussed but should have been:

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