GET RID of crony capitalism, racial & religious politicking - billionaire Francis Yeoh tells Malaysian authorities

KUALA LUMPUR - Malaysia has to free itself from the constraints of “crony capitalism” and stop racial and religious rhetoric in order to compete on the global stage, business tycoon Tan Sri Francis Yeoh said today.

The managing director at YTL Corporation and eldest son of founder, billionaire Tan Sri Yeoh Tiong Lay said 85 per cent of YTL's business are in Britain, Singapore and Australia because these countries do not tolerate corruption, practice meritocracy and stand for the rule of law.

“For example in Singapore, we own a third of Singapore's electricity, there is no subsidy of any kind, there is no cronyism of any type.

“The good thing about these three territories, I don't have to kowtow to the prime minister before I do deal, I don't have to see them even, even after I've won the deal.

“I turn west because of this transparent, coherent regulatory framework,” he said during Pemandu's Global Malaysia Series at the Securities Commission.

Yeoh said the country's leaders have to all racial and religious rhetoric, and focus instead on the economy to improve the lives of Malaysians. -Malaymail