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Malaysia: Fear Of Business Slow Down
KUALA LUMPUR, May 22 (IslamOnline) - More and more Malaysians are expressing fears of an economic derailment in the wake of an uncertain future due to the unconfirmed resignation of the current Finance Minister, Tun Daim Zainuddin, sources said on Tuesday.
Speaking to IslamOnline on the basis of anonymity, a business executive of a branch of the Malay Chamber of Commerce in Johore state said the current business environment is uncertain.
"The recent news of a rift between Prime Minister Mohamad Mahathir and his 'favorite', Minister of Finance Daim Zainuddin, has sent cold waves in the market and is keeping the business community on hold," the executive said in a phone interview with IslamOnline.
He added that the rift between the two top government politicians meant that there were darker clouds ahead for the business sector in Malaysia.
"Unfortunately this has to happen now. It is full of mysteries. It may be worst than what opposed the former finance minister Anwar Ibrahim and the prime minister," IslamOnline was told.
Rumors in Kuala Lumpur state that Daim resigned over the weekend and that Mahathir was looking for a replacement minister.
The name of former finance minister Tungku Razaleigh Hamzah, a prince from Kelantan, has been on the lips of every single observer in the Malaysian capital.
"They say he would replace Daim and that he is the best bet, according to the old guard of the ruling coalition, to replace Mahathir," a source told IslamOnline.
However, to set the record straight and to kill the budding rumor, Mahathir said Razaleigh would not be nominated to the cabinet.
Mahathir insisted to party members during a private meeting that the Prince of Kelantan would not replace Daim as finance minister. This is indicative of the future plans of the Prime Minister IslamOnline was told.
"We have to wait until the end of the June election in the United Malays National Party [UMNO] to have a clear picture of what will happen next in Malaysia," an opposition official said.
Daim's leave from office was commented upon by several observers who insisted that not a single minister would go on leave from the Cabinet to clear development files, Daim's excuse.
Daim said in April that he was on leave from some official duties to look into development projects. His decision to take leave with pay was criticized by Mahathir who said the minister should go on leave without pay.
Daim is hailed for lifting Malaysia from the ashes of two severe economic crashes in two decades. His replacement by Anwar Ibrahim, currently serving a 15-year jail sentence, was the most difficult choice of his career, sources said to IslamOnline.
Anwar Ibrahim, Daim Zainuddin and Sanussi Junid (former Chief Minister of Kedah) were "buddies" during the political crisis in 1987 that shattered the UMNO party.
The crisis caused a severe split in the Malay party, leading to the formation of the Semangat 46 opposition party headed by Razaleigh.
Ibrahim, Daim and Junid formed a group to oppose Razaleigh and Tan Sri Musa Hitam, the current chairman of the Human Rights Group in Malaysia.
Tengku Razaleigh had challenged Mahathir for the UMNO presidency in 1987 but lost by a thin margin.
He then formed Parti Semangat 46, and joined forces with Parti Islam (PAS), becoming a thorn for Mahathir and the UMNO.
In 1996, the prince and his supporters rejoined the UMNO after Semangat 46 was dissolved.
As of Tuesday, Malaysia still does not know whether it will have a new finance minister or not.
"This situation does not bring confidence in the country's business community."
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