Ideally, and ethically, a prime minister should never hold the finance minister post concurrently; in fact, wasn't the recent conviction of ex-premier Najib Razak in the 1MDB financial scandal a “brutal reminder” of that?
Last Thursday (Dec 26) Najib was sentenced to 15 years’ jail and fined RM11.38 billion for money laundering and abuse of power; no doubt, it was a defining moment in the country’s anti-corruption drive, but perhaps, more importantly, wasn't there an invaluable lesson in it for the country's leaders – both present and future?
For the record, High Court judge Collin Lawrence Sequerah had ruled that Najib had abused his "extensive powers" as prime minister, finance minister and chairman of the 1MDB advisory board to move billions into his personal accounts.
Yet, the irony is that current premier Anwar Ibrahim has held the powerful finance minister portfolio since taking office in late 2022; but as what many will still recall, isn't that an open violation of his coalition's earlier reformist promises?
Shouldn't a prime minister's focus be on the country and its “people” – instead of its “purse"?
Of course, PMX may argue that he had earlier appointed Amir Hamzah as the second finance minister while Liew Chin Tong was appointed as the new deputy finance minister following the recent cabinet reshuffle.
But truth be told, shouldn't he and his ruling coalition draw some critical lessons from the 1MDB-era institutional failures, and delegate the finance portfolio to a dedicated minister?
Didn't PH promise in its election manifesto that the prime minister will not hold the finance minister's post?
In fact, in 2022 Bersatu vice president Dr Radzi Jidin had cautioned that Anwar Ibrahim's move to hold the finance minister post was "regressive" and may adversely affect an efficient and stable system of governance.
Furthermore, he had pointed out that it appeared not in line with the Pakatan Harapan manifesto and the “reformasi” slogan championed by Anwar while underscoring the risk that it could lead to lack of "check and balance" function in the government.
Interestingly, even DAP had listed the “separation” of the prime minister and finance minister roles as its “Number 1 Reform” pledge in 2018!
Credit source: Text and screengrab from DAP Facebook.
Indeed, as was proven by the 1MDB scandal, the “concentration of excessive powers” in the hands of a single individual (and the prime minister at that) is bound to result in lack of accountability and transparency, conflicts of interest and possible misuse of public funds – all of which has the potential to undermine the country's economic and political stability.
Not only that, wouldn't the absence of “checks and balances” and oversight mechanisms also weaken the country's institutional integrity and encourage collaborations with questionable parties in dubious “investment” dealings – all purportedly for the benefit of the people?
Moreover, what about the risk of the person using the national coffers to finance “pet projects” and for populist spending to secure political support? Wasn't that evident in the 1MDB scandal where court records on the money trail have shown that funds were diverted to the culprit's personal use, political parties and business entities?
In fact, isn't it a no-brainer that while a dedicated finance minister can fully focus on his designated tasks a prime minister may have an endless list of tricky national and international issues to wrestle with?
Najib's conviction may have deservedly closed the bleakest chapter in the biggest financial scandal in history – even if his proxy, Jho Low, remains on the loose; but will all those holding high public office in this country ever bother to learn the lesson from this utterly shameful saga?
Finally, here is the crucial question…
Would Anwar himself be willing to relinquish his coveted finance minister’s post and proceed to undertake one of the most significant reforms in the country – enacting a landmark law that would bar all future prime ministers from concurrently holding the finance minister portfolio?
Or will he continue to cling on to it, and unwittingly leave the door open for other aspiring kleptocrats to swindle more from the country in the future?
Notes to Ponder: With trustworthy and capable men in place now to helm the powerful finance and economy ministries, and the economy on a much better footing, isn't it time for PMX to step down honorably as the country's finance minister and fulfill one of his “reform” pledges – while leaving a great legacy for the country to cherish?
Main information source: The Vibes, Al Jazeera, NST, Facebook DAP and The Edge Markets.
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