☕️ Classic playbook: Taking MC, when meeting MACC

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The US Department of Justice (DOJ) has agreed to return 12 artworks worth over USD30 mil (RM121.8 mil) as part of the recovery of assets linked to 1MDB via former associate Jasmine Loo. The artworks are currently in the DOJ’s custody and are being held by auction houses Christie’s and Sotheby’s in the US. There is even a piece by Pablo Picasso, specifically L’Ecuyère et les clowns, which was painted in 1961. The recovery follows two meetings between the MACC, the FBI, and the DOJ in early Dec. Check out the artworks here.

On other expensive things, the highest amount ever paid for a Chanel bag is USD152,000 (RM617,119), with the bag sold at a Christie’s auction. This was more than ten times the low estimate of USD15,000 at the online auction. The bag was made in 2014, with runway silver and black lambskin leather in the shape of a shopping basket. However, the record for the most expensive handbag ever sold is Hermès’ original Birkin bag, worn by Jane Birkin herself, which sold for USD10.1 mil. According to a McKinsey report, the second-hand fashion and luxury market is expected to reach USD317 bil by 2027 and is growing three times as fast as the firsthand market. Several second-hand luxury retailers have also recorded double-digit revenue growth this year. See the bag here. Meanwhile, here’s a list of luxury handbags most likely to be faked.

Over in Paris, at the Louvre Museum, a water leak damaged about 400 rare books in the Egyptian antiquities department. However, the museum’s deputy administrator stated that no precious books were lost. The leak was reportedly due to poor pipe conditions. The department had been looking for funds to protect the collection from such risks for a long time without success. The piping issue was known for years by museum administration, with repairs scheduled for Sept 2026. Guess the museum liked the Changi Jewel so much it wanted its own.

3. IN MALAYSIA 🇲🇾

Paying lawmakers and the law
Perlis MB takes salary cut: Newly appointed Perlis MB Abu Bakar Hamzah has announced a voluntary RM3,000 monthly pay cut to help ease the state government’s financial pressure, while also urging incoming state executive council members to reduce their salaries by RM1,500 a month. The decision has renewed public attention on how much elected leaders actually earn. At the federal level, Members of Parliament receive a basic salary of RM16,000 a month, with allowances that can push total monthly income to around RM25,700. State assemblymen earn varying amounts depending on the state, with Perlis among the lowest at about RM6,000 a month, although allowances can significantly increase take-home pay.

First pay rise in over a decade for judges: While some elected leaders are opting for pay reductions, the judiciary is set to receive its first salary revision in more than ten years. Judges from the High Court, Court of Appeal and Federal Court will see a 30% pay rise starting Jan 2026, following amendments to the Judges’ Remuneration Act and formal approval by the YDPA. PM Anwar said the increase recognises the judiciary’s long service without annual increments since 2015, as well as restrictions preventing judges from holding other jobs or running businesses. Under the new rates, the Chief Justice’s monthly salary will rise to RM46,800, while the President of the Court of Appeal will earn RM40,950. The Chief Judge of Malaya and the Chief Judge of Sabah and Sarawak will both receive RM39,650.
View table: Top judges’ salaries from Jan 2026

Supercars and sudden hospitalisations in corruption cases
RM5 mil and supercar bribe: Malaysia’s anti-corruption watchdog has stepped up multiple high-profile probes, starting with the recording of a statement from a former minister suspected of receiving about RM5 mil in bribes and a luxury supercar in investigations linked to billboard projects and land transfers. Sources said the cash allegedly came from a property developer while the supercar was linked to a billboard company. Investigators also found land originally gazetted for surau construction had been transferred to a proxy firm.

Suspect in ICU: A senior military officer under scrutiny for suspicious large cash flows into his bank accounts has been hospitalised in intensive care since Dec 28. The officer was due to give a statement on the day he was admitted. Classic playbook. Taking MC when meeting MACC. MACC officers carried out late-night searches at the Defence Ministry and the officer’s official residence, seizing high-value luxury items such as watches and handbags believed to be linked to the case. While no cash was found, the probe has widened to examine alleged irregularities in Army procurement projects. MACC also confirmed that six bank accounts linked to the suspect and family members have been seized under Section 17 of the Act.

RM1.38 bil lawsuit over sukuk losses: Meanwhile, a major civil lawsuit involving the Maju group has seen 14 plaintiffs seeking to lift the corporate veil of several companies, including MEX II Sdn Bhd and Maju Holdings. The plaintiffs are pursuing RM1.38 bil in claims linked to losses from sukuk investments, alongside interest, delayed payment compensation and damages. Court filings seek to trace and use assets owned by Tan Sri Abu Sahid Mohamed, his family and related companies, to settle the debts. Remember learning that sendirian berhad separates the owners and company as two distinct entities? That’s corporate veil - a legal concept that separates the company from the shareholder, meaning that shareholders are generally protected from being liable for actions undertaken at the company level.

Dr No?
A growing debate over the use of the title Dr has prompted private doctors and medical groups to call for clearer rules and stronger enforcement, particularly as unregistered individuals become more visible in commercial health spaces. The Federation of Private Medical Practitioners’ Associations Malaysia noted that while the Medical Act 1971 prohibits unregistered practitioners from misrepresenting themselves, more clarity is needed regarding advertising and social media. Its president, Dr Shanmuganathan Ganeson, said the concern is not restricting academic recognition but protecting the public, as most people associate Dr with clinical training and patient safety. This followed a Malaysian Medical Council statement on Dec 23 clarifying that medical graduates may use the title even if not registered, prompted by questions about Youth and Sports Minister Dr Taufiq Johari.

Durian ‘runtuh’ drug bust
Police uncovered a heavily fortified methamphetamine laboratory hidden deep inside a durian orchard in a remote area of Teluk Bahang, Balik Pulau, following intelligence-led operations carried out over two days. The raids led to the seizure of 1,188kg of methamphetamine valued at RM37.89 mil, believed to be intended for the international market. Bukit Aman Narcotics Crime Investigation Department director Comm Datuk Hussein Omar Khan said the syndicate chose a secluded hillside with abandoned buildings to hide large-scale drug processing. The site was protected by multiple layers of fencing, reinforced doors and continuous CCTV monitoring, while electricity was illegally tapped to power imported processing equipment. Three foreign men, aged between 32 and 38 and believed to be trained chemists, were arrested during the first raid at a condominium in George Town, where 26kg of drugs were seized. A local man suspected to be the coordinator died after falling from the fifth floor during the same operation. Further raids uncovered more drugs at an industrial site and the main laboratory at the orchard, including powder, crystal and liquid forms. If you have read this far and belong to Gen Y/millennial, we know what you are thinking:

4. AROUND THE WORLD 🌎

War, what is it good for?
Thailand-Cambodia ceasefire threatened by alleged Cambodian drone incursion
Short-lived. The Thai army accused Cambodia of violating a newly signed ceasefire agreement on Monday by flying more than 250 drones over Thai territory. The Thai army claimed the drones intruded into Thailand’s sovereign territory, and that such an action constitutes “provocation and a violation of measures aimed at reducing tensions”. The ceasefire agreement went into effect last Saturday, which would have seen the two nations agreeing to cease hostilities, freeze troop movements, and cooperate on demining efforts and combating cybercrime. Also part of the agreement is allowing civilians living in border areas to return home as soon as possible, while Thailand was to return 18 Cambodian soldiers captured in Jul within 72 hours. While both sides have agreed to investigate and resolve the incident immediately, the Thai army is reconsidering its decision to release the 18 soldiers, depending on the situation and the behaviour observed.

China launches largest war games around Taiwan
The ‘Justice Mission 2025’ exercises showcased Beijing’s ability to cut off Taiwan from outside support in a conflict, with troops, warships, fighter jets, and artillery conducting live-fire and simulated strikes on land and sea targets, along with drills to blockade Taiwan’s main ports. The live-fire exercises will continue across a record seven zones designated by China’s Maritime Safety Administration, making the drills the largest to date by total coverage and in areas closer to Taiwan than previous exercises. The war games, which forced flight cancellations and affected international travel, started 11 days after the US announced USD11.1 bil (RM45.07 bil) in arms sales to Taiwan, the largest ever weapons package for the island. This drew protests and warnings from China’s defence ministry and military. Here’s a timeline of China’s war games around Taiwan since the island’s formation as an independent nation.

Nepal could see former rapper becoming PM 
Former rapper-turned-Kathmandu mayor Balendra Shah has formed an alliance with the Rastriya Swatantra Party, led by Rabi Lamichhane. The alliance will challenge the older parties, which have dominated Nepal’s politics for over three decades. Under the agreement, the 35-year-old mayor, who goes by Balen, will become the prime minister if the party wins the upcoming elections on Mar 5, 2026. However, Lamichhane will remain the party chief. Both have vowed to address the demands raised during the youth-led protests against widespread corruption in Sept. An analyst stated that the move to bring on Balen was a smart and strategic one, as it would also draw young voters away from the traditional political parties.

Is your job safe in 2026? Godfather of AI warns of new wave of AI job losses next year
Computer scientist Geoffrey Hinton, also known as ‘the godfather of AI’, stated that AI will have the capabilities to replace many jobs in 2026, with advancements in the technology increasingly putting some white-collar jobs at risk. One example he gave was that, in a few years, AI will be able to do software engineering projects that are months long, with very few people needed. As it is, AI has already moved from ‘a minute’s worth of coding’ to ‘whole projects that are like an hour long’. He likened the AI shift to the industrial revolution, but also expressed concerns that AI has advanced faster than he expected, particularly in its ability to reason and deceive people.

However, economists believe AI could increase hiring in 2026, particularly for entry-level jobs. A report by advisory firm Teneo also showed that 58% of over 350 CEOs surveyed plan to add senior leadership roles. Companies are also stepping up hiring in engineering and AI-focused positions, with many existing roles getting redesigned as routine tasks become automated. But right, entry-level jobs are the easiest to replace with AI.

Money matters
Coupang offers over USD1 bil in compensation for data breach victims
South Korea’s biggest online retailer will be offering compensation worth more than USD1 bil (RM4.06 bil) to all customers affected by South Korea’s biggest-ever data breach. The compensation will come in the form of vouchers worth up to KRW50,000 (RM141.35) to each of its 33.7 mil customers who were compromised by the breach. The vouchers include KRW5,000 applicable to all Coupang products, KRW5,000 for the firm’s food delivery service, KRW20,000 for its travel products, and KRW20,000 for Coupang’s luxury beauty shopping platform R.LUX. In an update to the company’s investigation, Coupang said it had identified a former employee who allegedly accessed the personal data of 33 mil accounts. Circular penalty - pay a fine in the form of vouchers so the victims will spend on its platform. ‘Heads I win, tails you lose’ kind of situation.

VinFast-linked EV taxi operator GSM eyes USD3 bil valuation in HK IPO
The taxi operator and Grab-competitor, part of the Vingroup stable of companies, is looking to list in Hong Kong in what could be the first-ever Vietnamese IPO in the Hong Kong market. The firm is targeting a valuation of USD2 bil (RM8.12 bil) to USD3 bil, with the IPO potentially taking place in late 2026 to early 2027. Vingroup confirmed the IPO plan, but said specifics on timing and the market would be announced later. It also stated that the valuation of GSM is expected to far exceed USD3 bil. If successful, a Hong Kong listing would fund GSM’s regional growth, strengthen its position in Southeast Asia’s competitive market, and ease financial pressures on Vingroup. It would also be the group’s second overseas listing, with the first being EV maker VinFast’s Nasdaq IPO in 2023.

5. FOR YOUR EYES 📺

Money reflection as the year goes out

1. As you plan to start and restart your investing journey, watch this video. It’s not about knowing what is PE ratio, CAPM, beta, alpha etc. - it’s about knowing your emotions and expectations. Your investment strategy is based on who you are and what you want - not based on what your friends achieved. Personal finance is more personal than finance.

2. Half of skilled Malaysian workers earned below RM4,679 per month (DOSM:2024).

3. Sun Tzu’s Art of War becomes a lot more interesting when seen from a financial and economic perspective. US Army General Omar Bradley once said, “Amateurs study strategy; professionals study logistics”.

   Can’t embed, so visit here to watch.