Newly-elected Malaysian Prime Minister Mahathir Mohamad addresses the media in Kuala Lumpur
Former Prime Minister Najib's Barisan Nasional (BN) coalition government was ousted in the historic election held last Wednesday (May 9) that marked the first time power has changed hands in the history of Malaysia.
Kuala Lumpur - Malaysia's 92-year-old new leader Mahathir Mohamad said he expects to stay as prime minister (PM) for up to two years and vowed not to cut any deals to keep his predecessor out of jail for alleged corruption.
Mahathir told the conference that there will be "no deal" with Najib over the graft scandal.
Market watchers originally expected the equity market to broadly decline, with government-linked companies, benchmark index stocks and infrastructure companies taking the brunt of any selling after Mahathir's government said it would review the projects under the previous administration - the new prime minister previously campaigned on a premise to review all infrastructure projects including the East Coast Rail Link project.
According to the WSJ report, Dr Mahathir said he expected to remain in power for one to two years following a surprise election victory earlier this month.
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Mahathir said in a televised broadcast that the law will be redefined to clearly specify what constitutes fake news.
Mahathir was spurred out of retirement by a corruption scandal at 1MDB, a state fund set up by Najib that is being investigated by the US and several other countries after Najib's associates allegedly stole and laundered $4.5 billion from it.
Billions of dollars are believed to have been siphoned off from the fund, with most reportedly disappearing overseas, while $681 million also mysteriously appeared in Najib's personal bank accounts in 2013. "We think in a short while, we will have a case against him, we will be able to charge him", Mahathir said.
Dr Mahathir, who first led the country from 1981 to 2003 under Umno, is now Prime Minister under an agreement with PH that he would eventually hand over power to Mr Anwar, whose Parti Keadilan Rakyat (PKR) has the most MPs in the four-party alliance. Mahathir has ordered him barred from leaving the country.
Dr Mahathir said in the WSJ report that Anwar would be released on Wednesday but added that he expected Anwar to serve as head of one of the parties in the ruling coalition for now.
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