PM Najib should step down until cleared of 1MDB accusations

1MDB has the traits of a failed company and Najib should go on leave until the A-G's report clears him and his family members of any wrongdoing.

COMMENT

By Charles Santiago

It’s like the scariest horror story of all times. It has plots, sub plots and unexpected twists and turns, involving powerful people, the ruling elite and lots of money

And the underlying story line is sheer arrogance and greed.

I am not discussing Night Shyamalan’s movie in the making but rather the financial scandal revolving around Malaysia’s sovereign fund, the 1Malaysia Development Berhad.

Instead of coming out clean and opening the books of 1MDB, prime minister Najib Razak has gone on the offensive to upstage any possible rebellion from Umno’s ranks or his cabinet.

Utusan Malaysia reported that Najib had issued an ultimatum on Friday asking cabinet ministers who disagreed with him on the 1MDB issue to resign.

Obviously Najib was furious with his deputy, Muhyiddin Yassin, who has expressed disdain at his boss. A leaked video showed him saying that the 1MDB board must resign.

The prime minister must also be irritated by the calls for his resignation from within his party Umno and from the Malaysian public.

We know that RM42 billion has vanished from 1MDB. We have seen paper trails, which show huge amounts of that money going into the bank account of Low Taek Jho, the flamboyant businessman closely linked to Najib.

It was recently revealed that Najib has the final authority to approve all 1MDB deals. This was stated in the memorandum and articles of association (M&A) of Terengganu Investment Authority (TIA), 1MDB’s predecessor.

This shows that Najib was aware and agreed to the various controversial financial agreements entered by TIA and 1MDB.

1MDBs debt exposure is high and has the potential to rock the financial sector. Its financial dealings are non-transparent. Its loan repayment is based on more borrowings and business and investment decisions smack of vested interests.

In short, these are all traits of a failed company that should be sent to the intensive care unit.

Therefore Najib has no standing to threaten his cabinet ministers.

In fact, the cabinet should advise the prime minister to go on leave till the auditor-general’s report clears him and his family members of any involvement in the on-going 1MDB controversy.

The cabinet ministers are not under scrutiny here. Najib’s decisions and alleged interests in 1MDB are.

The Malaysian public has a right to demand that their prime minister practice the highest standards in integrity and transparency in managing the affairs of the state.

Charles Santiago is MP for Klang.