'Kleptocracy': A new word for us with staggering implications

These countries suffered under the personal rule of kleptocrats, who were corrupted, implemented inefficient economic policies and used deceit and fraud to line their pockets with illegal proceeds.

Simply, 'klepto' means "thief" and 'cracy' means "rule". Therefore, literally "kleptocracy" means 'rule by thieves'.

It is a term applied to a government which has the following characteristics:-

a) A rule of government of any possible kind, which those in power exploit and steal national resources;

b) Those in power use their power and official position for personal gain or to steal from the people, and seek to stay in power through corruption, collusion and nepotism;

c) A government dominated by unethical leaders who pretend to be honest, when in reality there is rampant greed and involvement in corruption;

d) Imposition of a massive tax or other financial burden on the public and enterprises;

e) Treating country's treasury as though it were their own bank account;

f) Exploitation of the wealth of the public and uses the proceeds for their own use or glorification including spending funds on luxury or unnecessary projects which sometimes even leads to more illegal commissions being paid;

g) A government leader practising cronyism and nepotism by awarding prime contracts and civil service posts to relatives or personal friends rather than giving them to competent and qualified candidates; projects are created at policy level with the main reason of being able to funnel money out of the treasury, with little viability or necessity of the projects, thereby depriving the people and country of resources which are truly needed such as housing, schools, hospitals and kampung roads.

In its court action filed under laws relating to USA's Kleptocracy Asset Recovery Initiative ("KARI") the US Department of Justice has sought the seizure of valuable assets of up to USD1 billion owned by various individuals alleged to have been purchased from monies "stolen" from 1MDB. The rationale of KARI is to prevent corrupt leaders practising kleptocracy from enjoying the fruits of their corrupt acts.

History is replete with stories of what happens to corrupt leaders. Eventually, most corrupt leaders were ousted, arrested, prosecuted or sentenced to prison. Worst of all, their spouses, children, grandchildren and families suffered and were humiliated for generations.