Hornbill Unleashed

June 2, 2017

Umno Youth urges Syed Mokhtar to explain Proton’s ownership

Filed under: Politics — Hornbill Unleashed @ 8:02 AM

Umno Youth today urged tycoon Syed Mokhtar Al-Bukhary to come clean on issues surrounding ownership of national carmaker Proton.

In a statement, Umno Youth assistant secretary Mohamad Sahfri Abd Aziz said the move must be done to allay not only public concerns but also in response to local and international critics of Malaysia’s economy.

“Syed Mokhtar cannot remain like a ’silent devil’ who does not reveal the truth even though he has the knowledge and responsibility to explain the real situation on the decision to sell (Proton) shares to Geely…,” he said.

“Umno Youth is urging Syed Mokhtar to explain who is the real owner (of Proton) and the names of proxies behind the company,” he added.

The call was made following criticisms over DRB-Hicom Bhd’s decision to sell 49.9 percent stake in national carmaker Proton to China’s Geely Automotive Holdings Ltd.

With the right explanation, Sahfri (photo) said Umno Youth believes that all issues raised following sale of the shares could be understood by the public.

Among others, he pointed out that former premier and Proton chairperson Dr Mahathir Mohamad has been one of the company’s most vocal critic.

“His (Mahathir) statements have triggered a polemic and confusion among observers and the public, as well as the business industry, on the future of Proton,” he said.

At the same time, he also said Umno Youth echoes the stand that the sale was a private venture between two companies, with aim of ensuring sustainability of Proton’s future operations.

Aside from acquiring 49.9 percent stake in Proton, it was also announced that Geely will acquire a 51 percent stake in British sports car brand Group Lotus Plc, which is a fully-owned subsidiary of Proton Holdings.

The remaining 49 percent in Group Lotus was to be acquired by an unknown Malaysian firm Etika Automotive Sdn Bhd, later revealed to have close links to Syed Mokhtar, via two of its company directors.

Syed Mokhtar, who is known to be a close associate of Mahathir, is also a shareholder in both Etika and DRB-Hicom.

Source : Malaysiakini


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