This will not be good for the nation.
The adverse impact of the 1MDB crisis upon the ringgit and the economy is already being felt. It will get much worse if this crisis drags on.
Even more serious are the political repercussions. There is a great deal of political uncertainty. Schisms have developed within the UMNO elite. They could lead to political tussles with ramifications for the ruling Barisan Nasional and the nation as a whole.
Perhaps what will be even more disastrous – as is becoming increasingly evident now – is the erosion of trust in the leadership. Trust between leaders and the people is what makes effective governance possible.
Without that trust, the very fabric of society could become irrevocably damaged.
This is why there has to be a resolution of the 1MDB crisis sooner than later. The one person who can resolve it in the twinkling of an eye is the prime minister, Datuk Seri Najib Abdul Razak.
Tell the whole truth now not only about the huge sum of money that allegedly flowed into his personal bank accounts in 2013 but also about the other questionable aspects of 1MDB's procurements, investments and debts. Be honest and open. Be transparent and accountable.
The 1MDB board of directors and its principal officers from 2009 to the present should assist the prime minister in this exercise of telling the whole truth.
If for some reason the prime minster is not in a position to reveal everything in the public interest, then he should step down for the time being while a thorough, independent investigation is carried out.
It would be much easier for a thorough investigation to be conducted if the main protagonist is not at the helm during the period of the probe. The deputy prime minister can act for him.
If the probe clears the prime minister, he will of course resume his duties as the head of the government. If it doesn't, the law should be allowed to take its course as one would expect in a nation founded upon the rule of law.
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* Dr Chandra Muzaffar is a political scientist and founder/president of International Movement for Just A World.
* The opinions and views expressed in this article are those of of the authors and do not reflect the view of Astro AWANI.
