Time will tell if Najib’s 1MDB empire falls, says DAP

DAP parliamentary leader Lim Kit Siang says only time will tell if Prime Minister Datuk Seri Najib Razak's 1Malaysia Development Bhd (1MDB) 'empire' survives. – The Malaysian Insider file pic, September 29, 2015.

DAP parliamentary leader Lim Kit Siang continued to speculate about a no-confidence vote against Prime Minister Datuk Seri Najib Razak in the Dewan Rakyat sitting next month, noting worsening developments in Malaysia's political scene and news about debt-ridden state investor 1Malaysia Development Bhd (1MDB).

Lim put forth two possible scenarios: one where Umno and Barisan Nasional lawmakers would cross over to join the opposition during the house's meeting on the national budget for 2016, and the other where Najib would still fall due to external factors beyond his control, despite the BN coalition giving him its full support.

"Will there be a vote of no confidence against Najib in the budget meeting of Parliament, with some Umno and BN MPs crossing the floor of the house to join forces with the opposition MPs?

"Or will Najib, who seems so invincible and untouchable, because of the support of Umno and BN MPs, still stumble and fall because of extraneous developments not fully under his control?

"One indication of this is a news report yesterday that Abu Dhabi state fund Aabar Investments may refuse to invest in a RM2.5 billion rights issue by RHB Capital in a sign of disappointment among Gulf investors with economic and political instability in Malaysia," Lim said in a statement today.

RHB, Malaysia's fourth largest bank by assets, announced the rights issue in April to support its growth and meet regulatory requirements for capital. Aabar owns about 21% of the bank.

The Gelang Patah MP also questioned the possibility of the prime minister pulling out at the last minute from officiating the Global Transformation Forum in Kuala Lumpur next month, similar to the way in which he had pulled out of the International Anti-Corruption Conference earlier this month.

Najib, who was scheduled to deliver a keynote address at the anti-graft conference, backed out on advice that he might obtain a hostile reception from anti-corruption activists.

Lim also asked if Najib's climax as the chair of the Asean summit to be held in November would be any better than his current visit to New York and United Nations.

"Will Najib’s 1MDB 'empire' collapse like a house of cards? Only time will tell," he said.

- TMI