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Friday, May 31, 2013

MCA in turmoil over Matang deal

MCA in turmoil over Matang deal
The proposed Matang-Scope reverse takeover (RTO) deal signals a division in the MCA central committee (CC) that may lead to more party infighting, the Chinese press reported today.
According to China Press, the eight CC members led by deputy president Datuk Seri Liow Tiong Lai who announced their objection to the deal at a press conference on Tuesday have the backing of at least nine other members.
The RTO bid by Matang Holdings Bhd, in which MCA holds the biggest stake via its investment arm Huaren Holdings Sdn Bhd, triggers the memory of MCA's takeover of Nanyang Siang Pau 12 years ago.
The takeover split the party into two opposing factions – Team A which was headed by then party chief Tun Dr Ling Liong Sik; and Team B, which was led by his deputy Tan Sri Lim Ah Lek. The result was protracted infighting.
The Nanyang buyover, despite strong objections from the Chinese community, went through when Team A out-voted Team B 32 to eight at the MCA CC meeting in 2001.
A party source said a line has been drawn between the proponent of the Matang deal, which is led by party president Datuk Seri Dr Chua Soi Lek, and those who are against it.
The source said on Monday night, Liow met six or seven CC members who are against the deal. "They contacted other CC members, urging those who are like-minded to state their stance and to request Matang Holdings to call off its Friday (today's) extraordinary general meeting," the source said.
It also said disclosed that a few other CC members have agreed to stand by the eight.
- theSun

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