KUALA LUMPUR - Despite all-round pressure for him to quit, embattled Prime Minister Najib Razak vowed to battle on - prompting an already weak ringgit to further fall to a fresh 17-year-low of 4.1780 against the US dollar.
"As Prime Minister, it is my responsibility to make the right decisions for all Malaysians. More than that, it is my duty. It is a sacred trust, and no one should attempt to interfere with or hijack that obligation to lead," Najib said in his Facebook.
"For it is the people who elected me, and I am proud and humbled to bear that mandate - which is the people's to give and to take away. It does not belong to any individual, however eminent."
The 62-year-old PM, who came to power in 2009, made this comment after his arch critic, former prime minister Mahathir Moahamd, had rebutted attempts by Najib's supporters to label a no-confidence vote against him as 'illegal' and even 'treasonous'.
"There is a blatant attempt by Najib and his supporters to make the illegitimate legitimate and vice-versa," Mahathir had posted on his blog yesterday.
Corruption allegations at Najib's brainchild, the 1MDB sovereign investment fund, remain uncleared and efforts for an independent probe were foiled when he sacked deputy prime minister Muhyiddin Yassin, the Attorney General Gani Patail and disbanded the multi-agency 1MDB Special Task Force last month.
"He and his supporters are trying to make out that a vote of non-confidence against him by Parliament is not proper and constitute an abuse of the democratic system and an illegal attempt to overthrow the elected Government. But everyone knows that a vote of non- confidence is absolutely legal."
"A vote of non-confidence is necessary now because Najib has made BN members of Parliament beholden to him by giving them lucrative posts in the Government. Even those who had come to me complaining about Najib’s administration before, upon being given posts in his government, have now changed their stand. One of them who claimed to have documentary evidence of Najib’s misconduct, now gladly support him upon being made minister."
Investors won't come back until Najib goes
Malaysia's famous free and fair elections movement Bersih 2.0 is spearheading its 4th rally on Aug 29. A massive crowd will prove to Najib's party, Umno, that his popularity is waning. As expected, Najib has pulled out all stops to pre-empt the rally from taking place.
Indeed, Najib's refusal to quit will disappoint many in Malaysia as it forebodes prolonged political and economic uncertainty.
A mass public protest, BERSIH 4, has been planned for later this month, in which hundreds of thousands of ordinary citizens are expected to attend and call for his resignation.
Many are genuinely worried the PM may resort to oppressive moves such as controlling the Internet and reshuffling the various government agencies so that they will fall under his direct purview.
"Fight until when? I think that is the billionaire dollar question that is sending the Ringgit down. Investors are already convinced that no good will come from Najib's leadership because he has failed to show transparency in his governance and management of 1MDB," a former chief economist at a bank told Malaysia Chronicle.
"If Najib says he will fight on, then Malaysia may face severe downgrade because he cannot tackle the deficit and economic issues without coming clean on 1MDB and if he comes clean on 1MDB, he will expose his own guilt. It's as simple as that and this is why many believe a Ringgit peg and capital controls are on the way despite his denial he was in favour of a peg yesterday. Sad for Malaysia but there's no way he can recapture investor confidence or halt capital flight." - Malaysia Chronicle
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