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Monday, June 8, 2015

NAJIB FORCED TO ACCEDE TO MUHYIDDIN: All eyes on PM succession plan, with 1MDB board poised to quit en bloc

NAJIB FORCED TO ACCEDE TO MUHYIDDIN: All eyes on PM succession plan, with 1MDB board poised to quit en bloc
KUALA LUMPUR — It looks like Deputy Prime Minister Muhyiddin Yassin, who made public a video that sent tremors across his Umno party, has won the battle of wills against his boss Prime Minister Najib Razak.
According to The Edge Financial Daily, the board of 1Malaysia Development Berhad (1MDB) will be made to step down as early as next month. Quoting sources, the newspaper said the move was a prelude to wind down the troubled investment firm, created by Najib who is also Finance Minister.
Sources also said the quit plan may also include those in 1MDB’s advisory board, which Prime Minister Datuk Seri Najib Razak heads.
1MDB’s board members includes chairman Tan Sri Lodin Wok Kamaruddin, Datuk Shahrol Azral Ibrahim Halmi, who was formerly the firm’s chief executive, Tan Sri Ismee Ismail, Tan Sri Ong Gim Huat and Ashvin J. Valiram.
“This will happen in July or August,” the paper quoted the sources as saying.
Muhyiddin set to be the next PM, succession plan on the cards?
If true, then Muhyiddin is poised to take over from Najib as the next Prime Minister of Malaysia, so long as kingmaker Mahathir Mohamad agrees.
Mahathir, a former Umno president and ex prime miniser, has waged a fierce battle to dislodge Najib and his ambitious wife Rosmah Mansor, publicly condemning the duo as being unfit to lead the country and blaming them for the financial and social mess the country has undeniably sunk into. Mahathir has also demanded that Najib comes clean on an alleged RM28 billion that has gone missing from the 1MDB's books.
The 68-year-old Muhyiddin is seen Mahathir's choice to replace Najib. Described by many as a plodding and even lazy leader, Muhyiddin won praises for going against his boss and calling for transparency over the alleged 1MDB financial shenanigans.
In Muhyiddin's controversial video, which recorded a recent speech he made to an Umno audience, he minced no words, calling for the entire 1MDB board to be sacked and the police called in to investigate possible corruption and embezzlement.
Soon after, without naming anyone, the 61-year-old Najib issued an ultimatum to his Cabinet to quit if they disagreed with the way he handled the 1MDB debacle. But Najib failed to quell rising criticism despite securing the support of Sarawak state for his leadership.
And last week's no-show fiasco at a 1MDB tell-all forum has all but sealed his fate as PM.
"That was the final nail in the coffin for Najib. He can no longer say only one man - Dr M - wants him to go. Everyone in the country can see how unpopular he has become, it is simply impossible for Umno to ignore the political risk he now brings to their party," a political analyst told Malaysia Chronicle.
There is also speculation that in a face-saving gesture, Najib may announce a succession plan to pass over the baton much in the same way that his predecessor ex-premier Abdullah Badawi was forced to unveil in 2008, paving the way for Najib to become PM in 2009.
However, Muhyiddin's faction may push for an immediate hand-over.
Huge amounts of money moved in and out, yet no revenue flows created
According to thMalay Maile  news portal, 1MDB, which has racked up a reported debt of over RM42 billion since its inception in 2009, is currently under investigation by the Auditor-General’s Department and Parliament’s Public Accounts Committee for alleged impropriety in some of its deals.
On May 29, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said Abu Dhabi-based International Petroleum Investment Company and its Aabar Investments unit will pump in US$1 billion to 1MDB for the firm to pay off a US$975 million loan by June 4.
He also said the Tun Razak Exchange (TRX) and Bandar Malaysia projects will be spun off into separate autonomous firms, but did not state what would happen to 1MDB itself.
National news agency Bernama later reported that 1MDB will be wound down by next year and its operations transferred to three separate firms.
Asked to comment later, however, Husni said the report was “not true”.
The TRX will be built on 70 acres of land sold to 1MDB four years ago for just RM4.5 million or RM64 per square foot.
The yet-to-be-built Bandar Malaysia is located in nearly 500 acres of land in Sungei Besi that was previously occupied by the Royal Malaysian Air Force airbase.
1MDB was incorporated in 2009, after the prime minister announced the decision to turn the Terengganu Investment Authority state fund into a federal agency.
Since then, 1MDB has been dogged by negative publicity over its finances and debt, and most recently cash flow problems that saw it struggle to meet a RM2 billion loan payment.  - Malaysia Chronicle

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