BETWEEN A BISHOP AND A PHARISEE ... TIMES ARE CHANGING AND CHANGING FAST : Thousands Protest Against Malaysia’s Najib Razak Over Corruption Allegations ... Prime minister faces anger over his handling of troubled 1MDB investment fund, economy ... WSJ

KUALA LUMPUR, Malaysia—Protests against Prime Minister Najib Razak’s management of the economy and the debt problems at a state investment fund entered a second day on Sunday.
On Saturday, police said an estimated 25,000 people protested in the Malaysian capital.
Authorities earlier denounced the protest, which began Saturday afternoon near Merdeka, or Independence, Square in the center of Kuala Lumpur, as illegal. The government also said it was against the law to wear yellow T-shirts in support of the rally.
However, the directives and the deployment of hundreds of police officers didn’t do much to deter the protesters. Many were seen wearing yellow, while some vendors were reported to be openly selling the garments on the streets.
Police estimate about 30,000 people took part in protests nationwide on Saturday. There were no immediate reports of incidents or arrests.
“We are collectively against this government,” said Hasbullah Yakuub, one of those who took to the streets in Kuala Lumpur.
The heavy police presence and the government order banning the yellow T-shirts reflect Mr. Najib’s resolve to stay in power after it emerged that nearly $700 million was deposited into his bank accounts shortly before 2013’s national elections. Last month he sacked then-Deputy Premier Muhyiddin Yassin after Mr. Muhyiddin called on Mr. Najib to explain the worsening situation at the investment fund, 1Malaysia Development Bhd., or 1MDB. Mr. Najib also promoted four members of a parliamentary committee investigating 1MDB to the cabinet, meaning they could no longer stay on the panel. The following day, he replaced the country’s attorney general, who was also involved in an investigation into 1MDB, ahead of his scheduled retirement date in October.
On the financial front, Mr. Najib also this week created a new policy team to help stabilize the country’s economy.
State media agency Bernama on Saturday reported him as saying the protesters are “shallow and poor in their patriotism and love for their motherland” for holding the demonstration so close to the country’s independence day on Monday. “Don’t they understand the country was built on the blood and sweat of our freedom fighters?”

           

Malaysia Prime Minister Najib Razak, seen during the 19th annual Leaders Consultation in Brunei on Aug. 11, faces rising criticism. Photo: Reuters

Despite the protest, political analysts said Mr. Najib will likely succeed in keeping control of this resource-rich nation, as long as the British-educated leader can retain the support of the ruling United Malays National Organization and prevent a steeper slide in the value of Malaysia’s ringgit currency, which has lost about 16% of its value against the dollar this year.
The protests follow a report in The Wall Street Journal last month that Malaysian investigators had traced nearly $700 million of deposits into what they believed were Mr. Najib’s personal bank accounts after the movement of cash among agencies, banks and companies linked to 1MDB. Mr. Najib is head of 1MDB’s advisory board.
The Journal reported that the original source of the money was unclear and that the government investigation hadn’t detailed what happened to the money that allegedly went into Mr. Najib’s personal accounts. Mr. Najib has denied any wrongdoing or taking money for personal gain. The country’s antigraft agency said the money in Mr. Najib’s account was a donor contribution that originated from the Middle East. The donor wasn’t specified.
The issue has created a political firestorm in Malaysia, re-energizing the country’s opposition movement. It also provided fresh momentum to former Prime Minister Mahathir Mohamad’s campaign for the 62-year-old Mr. Najib to resign as head of both Malaysia’s ruling party and its government.
Economists said the furor has further depressed business sentiment in the country, making the ringgit one of Asia’s worst-performing currencies this year.
The latest protest, organized by the Coalition for Clean and Fair Elections, or Bersih, as it is known in Malay, also draws on dissatisfaction with some of Mr. Najib’s economic policies. Before the protest, supporters said they had sold more than 30,000 yellow, Bersih-themed T-shirts. The rally was scheduled to last until midnight Sunday to usher in Malaysia’s 58th National Day.
Opposition politicians have made complaints ranging from the alleged gerrymandering of electoral districts to the conviction of opposition talisman Anwar Ibrahim for sodomy this year.
Yet analysts said that despite the strong show of dissent on the streets, Mr. Najib’s position is likely to be secure as long as he can keep the support of UMNO, which has governed Malaysia since independence from Britain in 1957.
“That’s his immediate concern: to ensure the stability of the support for himself in UMNO,” said Ibrahim Suffian, director at Kuala Lumpur-based polling firm Merdeka Centre.
“The Bersih protest itself isn’t going to change anything,” said James Chin, a Malaysian academic who heads the Asia Institute at the University of Tasmania in Australia. “Unless there is a full-scale riot, he is still in a strong position. The only thing that can really kill Mr. Najib’s career is if the ringgit slides,” Mr. Chin said. “Then we might see the country’s big business tycoons withdrawn their support from UMNO and push him to go.”

                        

A shopkeeper wears a Bersih mask at a stall in Malaysia’s Kuala Lumpur on Saturday. Photo: Reuters

Given that Mr. Anwar, who is by far the most influential opposition figure, is serving a six-year prison term, Mr. Najib’s biggest obstacle to survival might well be one of his predecessors, former leader Dr. Mahathir, who served as the country’s prime minister for 23 years before stepping down in 2003.
In recent months Dr. Mahathir, now 90 years old, has campaigned for Mr. Najib’s resignation, accusing him of mismanaging 1MDB, which has amassed some $11 billion in debts. On Saturday evening, Dr. Mahathir turned up at the protest in Kuala Lumpur. He told reporters that he came in person to see what was going on. Mr. Najib has denied any wrongdoing.
Dr. Mahathir still commands considerable support within some sectors in UMNO and on Aug. 20 called for a nonconfidence debate in parliament to determine Mr. Najib’s future. So far, parliament hasn’t acted on the former leader’s call.
Mr. Najib’s supporters privately said he has the numbers within UMNO to fend off Dr. Mahathir.
His fight to stay in government is far from over, however. Swiss authorities last week said that they have opened a criminal probe into the relationship between what they called “suspicious transactions” in Switzerland’s banking sector and 1MDB. The investment fund said it is ready to assist in any investigation.