The Economist: With no clear replacements, Najib looks set to stay in power
(Malay Mail Online) – Prime Minister Datuk Seri Najib Razak is likely to remain in charge despite growing calls for his resignation over the 1 Malaysia Development Board (1MDB) financial scandal, largely due to the lack of “obvious substitutes”, The Economist has said.
In an analysis published two days ago, the London-based publication said it is unlikely that Najib, who is also Umno president, will vacate his post as he has managed to retain at least surface support from his party.
The Economist noted that there is potential in deputy Prime Minister and Umno deputy President Tan Sri Muhyiddin Yassin and his cousin and Defence Minister Datuk Seri Hishammuddin Hussein — who is also an Umno vice-president — to take over the helm.
“But neither man seems any more likely than Mr Najib to find the vim required to rejuvenate Umno, which has grown quarrelsome and complacent after six decades in power — and which, in stemming its ebbing popularity, has taken to exploiting old fears among ethnic Malays that their prospects are threatened by Malaysia’s Chinese and Indian minorities,” it said in an article titled Soldiering on.
Najib is facing intense backlash over the conduct of the state-owned 1MDB, which reportedly chalked up RM42 billion in debts and saddled with allegations of dubious deals that critics claim have carved out a significant chunk out of public coffers.
Earlier this month, US-based daily Wall Street Journal, citing documents from Malaysian investigators currently scrutinising the troubled 1MDB’s financials, claimed that a money trail showed that US$700 million (RM2.6 billion) were moved among government agencies, banks and companies before it ended up in what is believed to be the personal accounts of Najib.
The bulk of the money was said to have been transferred shortly before the 13th general elections in May 2013, where the ruling coalition Barisan Nasional (BN) managed to hold on to power despite losing the popular vote.
But Najib has insisted that he has never taken any money for “personal gain” and accused former prime minister Tun Dr Mahathir Mohamad of conspiring with foreign media outlets against him.
The Economist said the controversy will erode Najib’s standing among Malaysians even if his name is cleared, leading to a situation where it would be hard to “imagine Umno sticking by him until the next generation”.
But the business publication also noted that there were rumours of Najib weighing a reshuffling of Cabinet, in what is believed may be a bid to “silence” his critics and dissent.
The prime minister also has a fractured opposition working to his advantage, especially in the absence of opposition icon Datuk Seri Anwar Ibrahim who is currently serving a five-year jail term for sodomy.
“If he (Najib) can blast through this crisis his opponents may well wonder what, if anything, will bring him down,” it said.
