As expected, Dr Mahathir will continue to make allegations claiming that when Proton is sold to China, it is no more Malaysia’s. Without any delay, again he wrote in his recent blog post that he is willing to weep for the loss of the Proton whom he regarded it as his son.In fact, Proton is not bygone but still remains belonged to Malaysia and a Malaysian businessman. Nevertheless, Dr Mahathir has lost to Proton. Oddly when Perwaja that is also considered as the brainchild of Dr Mahathir, was gone, he did not weep and felt sad about it. Does Dr Mahathir aim Proton to face the same fate as Perwaja?
Proton shares purchase is just another business strategy and nothing concerning with the question of sovereignty. Mahathir’s accusations are utter rubbish since the company that owns Proton DRB-Hicom Berhad (DRB-Hicom) has only sold their 49.9 percent stake whereas DRB-Hicom still holds a majority stake of 51.1 percent. With that, DRB-Hicom still remains as the majority of Malaysia’s owned company.
Further, Mahathir accused that when the government is selling state assets such as Proton to a foreign country, it is meant to resolve debts. It is as if Dr Mahathir is conveniently ignorant of Proton’s ailing financial status even to run its own operations. Instead, the share purchase by Geely as a strategic partnership could bring better future for Proton and their employees too.
It is not just Proton, but on August 2, 2010, Geely has bought a stake in the Swedish company, Volvo for USD$1.3 billion of Ford Motor. As a result, Volvo car sales increased up to 27% in the next year. Volvo factory is still in Sweden and Belgium. Neither any from the opposition block in Sweden raised the question of the share purchased by Geely to the loss of the country’s sovereignty.
Geely too bought The London Taxi Company in the United Kingdom for £ 4.11 in 2012. Were there from their opposition bloc in the United Kingdom claimed that Geely’s purchase is akin to selling their national sovereignty? No! It is only the opposition pact in Malaysia called Pakatan Harapan that will accuse the government of casting off the country’s sovereignty to Geely when Proton shares sold.
Malaysians already knew that from 1985 to 2000, Proton produced their vehicles that are mostly based on the design of vehicles and spare parts including engines from Mitsubishi of Japan. Proton has teamed up with Mitsubishi Motors between 1983 and 1984 for the production of Malaysia’s first car.
So much so that even as Dr Mahathir drove Proton’s first car on the Penang Bridge, it was not entirely the work of Proton and locals. It was a strategic partnership between Japanese companies with Malaysia’s. During those years, why did Dr Mahathir compromised the sovereignty of Malaysia to Japan?
Proton today is a business entity under the control of a local tycoon Tan Sri Syed Mokhtar Al-Bukhary. The business decision is done by Syed Mokhtar who will in any way allows Proton to drag into losses and Dr Mahathir’s drama. Geely is just a strategic partner yet Proton remains intact.
Proton will not be compensated for selling part of its stake in the company to a potential partner from China, in fact, Proton will be more successful in the car manufacturing industry.
From wasting his grief and crocodile tears, it is best if Dr Mahathir weeps or show his deep concerns for the Malays who are oppressed by DAP in Penang when they have lost more than 20 Malay villages on the island. In fact, Dr Mahathir should fiercely condemn DAP for allowing the government under Lim Guan Eng to borrow unlimited money from China under the approval of the States Loan (Banks and Other Financial Resources) in 2017. Why is the silence about it?
Geely’s purchase of shares is purely business and it does not affect our sovereignty. Do not be fooled by the crocodile tears from that gimmicky old man and as we know, the drama is an anxiety that he can no longer be arbitrarily interfering in Proton affairs for his cronies luxuries.