Grim future for Malaysia as Najib has ‘stolen the government’, says Mahathir

KUALA LUMPUR — Malaysia’s future is grim because Prime Minister Najib Razak has “stolen the government”, said Dr Mahathir Mohamad.

Referring to the upheavals that have taken place since the Cabinet reshuffle late last month, the former prime minister said what is happening in the country now is “unprecedented” with the rule of law turned “upside down” and people seemingly powerless to do anything to put it right again.

He said this is because the very leader entrusted with upholding the law has become the subject of due process of the law, and he must be investigated to determine if he had broken the law.

“Najib may be able to buy his way through in the next election but he will not be able to acquire funds to sustain his purchase of popularity.”

“The government he leads will not be able to borrow. The country’s economy will collapse. And the people will suffer.”

“This is the grim picture that lies in store for Malaysians because Najib has basically stolen the government,” he wrote on his blog chedet.cc.

Malaysia’s longest serving prime minister said the political upheavals in the country have affected the economy. Citing the freefall of the ringgit, Dr Mahathir said the currency has plunged below its 1997 pegged rate of RM3.80 (S$1.30) to the US dollar. “It is now at 4 ringgit plus, and is likely to drop further. The effect is to make the country poor. Paying debts by 1MDB in USD would cost more.”

“Already 1MDB is unable even to service its debts,” he said in reference to Mr Najib’s brainchild, the state owned investment firm 1Malaysia Development Berhad (1MDB) which had amassed RM42 billion debt in just six years of operations,” he said.

Dr Mahathir also lamented the state of Malaysia’s stock market, describing it as “all but collapsed” as investors, especially foreigners, are withdrawing their funds to somewhere safer.

He also said Putrajaya is short of funds and has to cut budget allocations to all its ministries.

“The introduction of the GST has only resulted in increasing the cost of living, making the depreciation of the ringgit more acute,” he said, using the acronym for the unpopular goods and services tax which Putrajaya rolled out in April. THE MALAYSIAN INSIDER