Only those who saw the scene at the Malaysian UMNO Annual Assembly either live or on the idiot box as PM Mahathir announced he was resigning from his party posts would be aware of the mass panic that reigned. On the stage, party faithful grabbed Mahathir's hands, others pawed at him, another's face continually bobbed up and down behind trying to get some idea of what the bloody hell was going on. Industry minister Rafidah made fish movements with her mouth - as it opened and closed gasping for air. Hishamuddin seemed the most composed of all, thankfully blocking off the view of many others in various degrees of mental anguish and panic.

We do not know now whether Mahathir intended to resign from the Prime Ministership as well as his speech was cut off by the mass mobbing.

All around the hall, UMNO faithful were in tears, grasping the hands of party comrades sitting next to them.

The situation today is somewhat more relaxed. After two days of the stock market spiralling downward with Mahathir crony companies ( more politely referred to by the mainstream press as "stocks associated with close associates of the Prime Minister" ) incurring most of the damage.

Mahathir, say UMNO leaders, will be resigning in 15 months from all party posts PLUS the Prime Ministership, following his hosting of an Islamic conference in KL. Such a choice is significant. As we have argued for several years, Mahathir really wants his legacy to be in proving how an Islam state can also be modern and progressive. It also underlines the slow and sure way that Malaysian government and business works - which is why the sudden announcement on Saturday prompted such public displays of paroxysm. Malaysians are uncomfortable with sudden change and prefer evolution, as Mahathir has pointed out several times.

The present deputy Abdullah Badawi is widely expected to assume the Prime Ministership at that time.

The challenge now is to create a Malaysia which is known truly as Malaysia - not just "Mahathir's Malaysia". With the country's most qualified, experienced, and trained leader residing in the "big house", the choices are limited.

The next 15 months will surely demonstrate whether UMNO is more than just one man, and how united the United Malays National Organization really is. UMNO must at last address a Malaysia without a Mahathir, a scenario which many, as evidenced by last Saturday's events, just cannot imagine.

For those doing business in Malaysia, the outcome of the last two days was the best of all possible alternatives. Fast change is not in the character of Malaysia. With a Malaysia looking more competitive every day however, who is the right man to instill in Malaysians a work culture that will fullfill the promise of Mahathir's groundwork? - to convince the workforce that the decade of handouts is over, and that sucess in the next is dependent, not on relying on leaders and following, but making your own success?

Not only is Malaysia forced to look for another group of leaders, - but to review the role of political leadership as a whole. Mahathir's successors have of course been peddling influence within the party and to the Rakyat as a whole, and Mahathir has been developing several from his own factions - but their education has been overshadowed by the "cult of Mahathir", where leadership and respect has been increasingly centralised during the past 20 years.

(See also Sunday's item on the Chao Phraya River Rat's main column, including the search facility for previous items on Mahathir and Abdullah Badawi.)