Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Malaysia's Mahathir vows to investigate toppled government

GlobalMay 14, 2018 11:40
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya

By Joseph Sipalan and Liz Lee

KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad vowed on Monday to investigate faults that may have been committed by the government toppled in last week's general election, and said all ministries had been instructed not to destroy any documents.

Mahathir announced that he would appoint a new anti-corruption commission chief and replace the attorney-general who had cleared former Prime Minister Najib Razak of wrongdoing in a multi-billion-dollar scandal linked to the 1MDB state fund.

He also told a news conference that his government had a rough idea of the whereabouts of Malaysian financier Low Taek Jho, who is accused of links to a plot to siphon billions of dollars from the fund, 1Malaysia Development Berhad (1MDB).

Najib set up 1MDB in 2009 and previously served as chairman of its advisory board. He and the fund have denied wrongdoing.

Asked about other possible crimes, Mahathir said: "We cannot do everything at the same time at one go."

"We have to take time. There are many faults committed by the previous government, but we cannot do everything in one day, so you have to be patient."

Mahathir, who was Malaysia's prime minister from 1981 to 2003, led his four-party alliance to victory against Barisan Nasional in last week's general election, ousting a coalition that had ruled the Southeast Asian nation for six decades.

MOODY'S DOWNBEAT

Malaysia's stock market fell sharply after opening on Monday, the first day of trading since Mahathir's stunning triumph in the May 9 election. But it later recovered to close the day slightly higher.

Some analysts are concerned over populist promises that Mahathir's alliance made during the election campaign, including plans to remove a goods and services tax, scrap toll fees, reinstate fuel subsidies and review Chinese investment deals.

Ratings agency Moody's said on Monday that there was "little clarity" on the new government's economic policy agenda and it fulfilled its campaign promises without adjustments, it would be credit negative for the economy.

The main share index (KLSE) was initially dragged lower by falls in financial, telecom and airline shares, especially those with links to the former government, but closed to end the day 0.21 percent higher.

Shares in AirAsia Group Bhd (KL:AIRA) fell as much as 10 percent after its chief Tony Fernandes apologised for endorsing former prime minister Najib Razak in the election.

The ringgit currency hit a four-month low of 3.9850 per dollar, but stabilised off those lows.

Mahathir said last week that there was enough evidence to investigate Najib's links to the 1MDB scandal, and had moved to prevent his predecessor from leaving the country.

News broke in 2015 that about $700 million allegedly stolen from 1MDB had made its way into Najib's personal bank accounts. Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned.

Earlier, state news agency Bernama and other media reported that a former official of the anti-graft agency, MACC, had lodged a report against Najib on suspicion of blocking probes in cases involving 1MDB and a government pension fund.

Mahathir said he would appoint a new MACC chief on Tuesday.

The attorney-general who cleared Najib of wrongdoing in the 1MDB affair, Mohamed Apandi Ali, would be put on leave and replaced by the solicitor-general, he said.

Mohamed Apandi did not respond to a request for comment.

The government has also transferred the top bureaucrat in the finance ministry while the chairman of the state palm oil plantation agency, Felda, has resigned.

Malaysia's Mahathir vows to investigate toppled government
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email