Intimidating 1MDB critics will not help Najib at all

The 1MDB crisis is not a micro issue. It is a symptom of a larger problem in the political system. It exemplifies how key important decisions are being made by the administration. It highlights a lack of check-and-balance, financial prudence, accountability and responsible governance in the system.

Khoo Kay Peng, The Ant Daily

It is unfortunate that the 1MDB controversy has courted some of the most bizarre reactions from the authorities. Some of these reactions do give an impression that the parties responsible for the 1MDB debacle are working very hard to hide the truth. 

Barring opposition politicians, activists and journalists from leaving the country, blocking Internet sites and suspending both The Edge weekly and daily are the least expected responses from the authorities. The Prime Minister Office (PMO) is still mulling to sue the Dow Jones for printing some ‘malicious’ accusations against Prime Minister Najib Razak too. 

Apart from the negative responses and reactions to the critics, the government has failed to provide thorough, credible and accurate answers to the growing number of questions and doubts created by a lack of accountability.

Hence, is it wrong for the newspapers, websites and general public to publish, analyze and form their own conclusion if the authorities are not offering them a full disclosure? 

Regardless of the personal accusations of fraud, there are enough legitimate reasons for the full-owned government owned investment arm, the 1MDB, to provide a full and transparent access to all its transactions.

The company’s growing amount of debt and a poor cash flow are two telling examples of poor management. It should not put the blame on its critics for its own poor investment decision. 

The 1MDB crisis is not a micro issue. It is a symptom of a larger problem in the political system. It exemplifies how key important decisions are being made by the administration. It highlights a lack of check-and-balance, financial prudence, accountability and responsible governance in the system. 

For Malaysia to move forward, it is not enough to just address the 1MDB issue. Closing down the 1MDB without rectifying the weaknesses in the political system is not going to help. 1MDB shows us how easy for administrators to manipulate government-linked funds, guarantees, assets and processes to fund their own political agenda. 

The solution for the 1MDB problem must address the need to introduce a check-and-balance mechanism in governance to ensure that the government is prohibited from being involved in financially risky business. There is no business in business for the government.

To deserve our votes, the government must be made to introduce a legislation that allows any member of the public to challenge the viability of a public project or investment in court if reasonable doubts can be established of its feasibility. The society must be allowed to protect itself from any financial risk due to a poor decision by the government. Anything short of such a legislation, voters should reject the current administration.            

1MDB saga has unmasked a serious degree of sectarian and divisive politics that has been practiced in the country.  It is unbelievable that some of us are still thinking that any criticism against a political party or any politicians is an attack on their community. 

If Malaysians cannot walk away from the divisive sectarian politics, the closing down of the 1MDB or the resignation of Prime Minister Najib is going to help ensure that the same mistake will not be repeated. 

Sectarian politics has taken a serious toll on the country. It has distorted public perception and allowed politicians to hide behind the ethnic shield whenever they are criticized for their wrongdoings. If Malaysians want to see more accountability in public governance, we need to work diligently to end sectarian politics by refusing to participate and support race and religious based parties and coalitions. 

As long as we cannot lose our racial lenses when looking at an issue such as the 1MDB, we are going to be manipulated by politicians who are very good at hiding behind the racial veil to justify their wrongdoings. So, stop blaming anyone for attacking the Malay community if he/she criticizes a Malay lawmaker for being irresponsible. A political party is not synonymous to a community. It will be a good start if Malaysians can focus on common issues and converge on common interests.     

With so many unanswered questions and financial numbers that do not tally, there is a chance that the 1MDB is the biggest mistake the Najib administration has made. But barring people from traveling, suspending newspapers and intimidating critics are not going to help his administration to solve the issue or build better credibility.

It is time for the prime minister to prove to his people that he is a true reformist. He should lift the travel restriction orders and suspension immediately. He should respond positively through a joint legislative initiative to ensure greater transparency and accountability in the investigation process of the 1MDB. He can do this by inviting people with information on 1MDB to hand over the information and to cooperate with the investigators.  

The prime minister may escape from the controversy unscathed but there is no guarantee that his legacy will not be tainted or he is going to perform better in the next general election. 

But focusing on the right moves to help restore public confidence in his administration and investors’ confidence in the country’s economy is definitely a step in the right direction. He can do that by showing that he is seriously taking a hand’s on approach in mitigating the 1MDB problem. 

So, will the real Prime Minister Najib please stand up? 

Khoo Kay Peng is a political analyst and management consultant.

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