Mahathir cries wolf

Geely Automobile Holdings Ltd, one of China’s leading automobile brands, has agreed to buy 49.9 percent of Proton shares. Upon release of this news, Dr Mahathir Mohamad put on his weeping glasses, expressing regret that the current government is selling national assets to foreigners.

Proton is no asset to the nation. It has become a liability which the government is forced to regularly pump billions of ringgit into for it to continue operations.

When Proton was initially set up under Mahathir’s regime, a Japanese brand called Mitsubishi JV owned 30 percent of its shares.

In 2005, Mahathir himself opened discussions with Volkswagen Aktiengesellaschaft (VW) for the German company to own stakes in Proton. He proudly said then that he does not mind VW buying shares in Proton.

However, today when a leading Chinese company holds stake in Proton, Mahathir feels that the country is being sold. Such a hypocrite!

The majority of Malaysians are celebrating the news that a credible company like Geely has bought stakes in Proton.

We are tired of Mahathir’s bailout culture. In the 80s, Petronas injected huge amounts of money to bail out debt-ridden and politically-affiliated Bank Bumiputra.

In 1998, Petronas bailed out Mirzan Mahathir’s company Konsortium Perkapalan Berhad (KPB). Mahathir forced the sitting government to bail out Proton umpteen times.

In accordance with Mahathir’s theory, Sweden has also sold its national asset to China. Geely bought Volvo in 2010 and currently owns Sweden’s Volvo Cars.

Geely acquired London Taxi Co. in 2013, which also means Britain sold its asset to China, according to Mahathir’s understanding.

DRB-Hicom’s managing director Syed Faisal Albar has welcomed the move and said this deal would enable Proton to assemble Volvo cars and launch Geely’s mid-sized sports utility vehicle in the local market.

Besides, Proton’s employees will not be affected by this move. DRB-Hicom still controls 50.1 percent of stakes in Proton, hence, Proton will remain a national brand no matter what Mahathir alleges.

Mahathir has likened giving up Proton to giving up Singapore back in 1965. He admits that Singapore is a developed nation today because they broke away from Malaysia.

Had it not broken away, then Singapore would be akin to Kuala Kedah or Kuala Perlis. However, Mahathir claims that even if Geely is able to make Proton a competitive vehicle globally one day, he would not be proud because it is not 100 percent Malaysian.

Mahathir seems okay that even after 30 years of no success, Proton should be the same Proton and continue to incur losses, so long as it is 100 percent Malaysian.

Mahathir is probably okay with decline in progress as long as his cronies get to sell overpriced hardware to Proton.

Mahathir has destroyed this beautiful nation. Just as he tried destroying the legacy of Tunku Abdul Rahman, Mahathir’s own legacy is in tatters today.

Thanks to Mahathir, large numbers of UMNO leaders such as Onn Jaafar, Tunku Abdul Rahman and Hussein Onn passed away outside UMNO.

Karma is ensuring this same cycle of tradition and fate happens to Mahathir as well. History is indeed repeating itself.- Mkini