Dr M resigns as Petronas adviser, ending an era: But he will still play "BACKSEAT DRIVER"

UPDATE 3 KUALA LUMPUR - Former prime minister Mahathir Mohamad has resigned as adviser to national oil company Petronas Berhad, effective on December 1.

It is a major step that many observers say marks the end of an era of 'Mahathirism' or the brand of authoritarian and corrupt governance propped up by racism-tinged politics that he has been accused of promulgating.

However, given Mahathir's dominating personality, few really expect him to truly retire and sit at home even though he has hinted that Father Time may be starting to catch up with him.

"I am getting older, that is why I wanted to resign. My doctor advised me not to travel here and there since I am old," the 88-year-old leader told a press conference this afternoon.

"I have been an adviser to Petronas for almost 10 years. And I am 10 years older from the day I was appointed."

Not happy to be old

Mahathir also confirmed he had written to Prime Minister Najib Razak last Friday to notify him of his decision.

"I have been asked to slow down. My wife controls my schedule now. I am only allowed to travel overseas once a month," said Mahathir.

Asked if he was happy to "slow down", his reply was:

"I am old; but I am not happy to be old. I want to be young but in time we grow older."

Rumors of his stepping down had swirled the whole morning after Umno-controlled Malay daily, Utusan, had reported the news in its Monday edition, quoting unnamed sources.

Leaving behind a bulky, incompetent political structure

Mahathir is also the adviser to national car-maker Proton, Chancellor at the Universiti Teknologi Petronas (UTP ), adviser to the Langkawi Development Authority (Lada) and the Tioman Development Authority (TDA).

It is unclear if Mahathir will give up these posts along with the much-coveted job at oil-rich Petronas, which is ranked among the world's top 500 firms.

Nonetheless, because the Petronas post is the most influential, many regard his stepping down as a sign of waning political power although they also expect him to continue to play his favorite role of "backseat driver".

"The Petronas resignation completes the circle so to speak. The Mahathir era is completed and yes, his influence is lesser. But we do not see any positive change or improvement in good governance with his departure," MP for Batu Tian Chua told Malaysia Chronicle.

"What Mahathir did was create a central and incompetent political structure. You can see how static and unresponsive the current administration is. It might get worse because what we have now is a totally outdated and rusty ship driven by incompetent captains."

Too much at stake to really cut ties

MP for Pandan Rafizi Ramli does not expect Mahathir to relinquish his influence in Petronas, pointing out that the ex-premier and his family had too much at stake to really cut ties with Petronas.

"There is no reason to believe that Mahathir will honor his 'retirement" because he still created havoc in UMNO even after his retirement, so there is every reason to believe he will do so in Petronas especially when his family has so much interest in the oil and gas business in the country," Rafizi told Malaysia Chronicle.

Mahathir was prime minister from 1981 to 2003. He had ruled Malaysia with an iron grip and when he retired, he made sure to create for himself the adviser's post a Petronas, which contribute billions to the government in dividends and taxes.

Many have accused Mahathir of abusing his position to benefit his family with oil and gas-related contracts. Indeed his sons Mokhzani and Mirzan are billionaires and rated among the country's wealthiest people.

"He still has to account for all the questionable interference and deals PETRONAS had to undertake allegedly under his command since his time as PM, including the bail out of his children's business empire by PETRONAS that sparked the disagreement with Anwar and led to the latter's dismissal," said Rafizi.

Rafizi was referring to Opposition Leader Anwar Ibrahim, who was sacked as Mahathir's deputy in 1998 and jailed on trumped-up sodomy charges. Anwar, the deputy prime minister at that time, had objected when the older man allegedly tried to solicit Petronas funding for his children who were badly hit by the 1997 Asian financial crisis.

Will Najib accept Dr M's resignation

All eyes are also on Prime Minister Najib Razak's reaction.

Speculation has been rife of 'undercurrents' between the 2 men and their supporters, especially since the recent Umno election where Mahathir's youngest son, Mukhriz, had failed to win one of the ruling party's 3 vice presidencies.

Going by the political culture in Umno, Najib is expected to reject Mahathir's resignation letter with some show of drama even if he may be keen to accept it.

Mahathir's admission of ill-health however provides Najib with a good reason for accepting the older man's resignation.

It remains to be seen if Mahathir will reconsider his decision if asked by Najib to do so. Malaysia Chronicle