SUBANG JAYA: The scandal surrounding 1Malaysia Development Bhd (1MDB) is an example of leadership crisis caused by greed, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.
She said such instances could also be seen in the United States’ Enron fiasco and the Deepwater Horizon incident in the Gulf of Mexico.
“The world has seen many crises and scandals that revealed the disastrous consequences of leadership failure. In the US, we had the Enron fiasco, the subprime crisis and close to home we have the 1MDB scandal.
“In all of these failures, there were regulations in place, governance mechanisms and reporting systems.
“Yet, they all failed because all of those individuals behind these crises stopped listening to their conscience and succumbed to greed,” Dr Wan Azizah said in her speech to launch the Asean Corporate Responsibility and Sustainability Summit 2018 today.- New Straits Times