Report: Dr M tried to sell his business to fund GE14 war chest

Former prime minister Dr Mahathir Mohamad reportedly tried to sell his lifestyle bakery and bistro The Loaf in order to raise funds for the 14th general election, according to the Singapore's Straits Times.

However, Mahathir claimed the taxmen went after the potential buyer.

"Immediately the income tax department went to his place and demanded that he should pay a lot of taxes.

"This is the way the government pressures people from supporting the opposition," the report quoted him as saying:

Mahathir, who was prime minister and Umno president for 22 years until 2003, now leads Pakatan Harapan and has vowed to dislodge Prime Minister Najib Abdul Razak from power.

On Friday, it was revealed that all 12 branches of The Loaf had abruptly shut down.

"I couldn't find a buyer... and I couldn't support the losses, so I decided to close it down," the Straits Times quoted him as saying.

Yesterday, the New Straits Times reported that Mahathir had denied owning The Loaf shares.

Another report by The Sun Daily of the same event said Mahathir claimed he had disposed of his shares but did not say when.

BN had accused Mahathir of flip-flopping as Companies Commission of Malaysia (CCM) documents showed he owned 33 percent of shares in M&M Consolidated Resources Sdn Bhd, which the is bakery's holding company.

However, the document is based on the financial year ending 2016. More recent financial filings were not yet available. - Mkini