Mahathir laments sale of Proton to Chinese firm

Kuala Lumpur: Tun Dr Mahathir Mohamad lamented Thursday the sale of a 49.9 per cent stake in Malaysia's national carmaker Proton, once the country's source of pride, to Chinese automaker Zhejiang Geely Holding Group.The former Prime Minister, who had founded Proton Holdings in 1983 in a bid to turn Malaysia into an industrialised powerhouse, said he could not be proud of Proton's future success because it would no longer belong to him or to Malaysia.

"I am a sissy. I cry even if Malaysians are dry-eyed. My child is lost. And soon my country. Please excuse me," Dr Mahathir wrote on his blog.

"Proton the child of my brain has been sold. It is probably the beginning of the great sell-out.

The process is inexorable. No other way can we earn the billions to pay our debts. The only way is to sell our assets.

SPONSORED CONTENT

Sabah revenue hits RM6.97 billion: Hajiji says GRS State Government may see full term

Kota Kinabalu: The Sabah Government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya (SMJ) when it posted record high state revenue of RM6.973 billion last year.

And eventually we will lose our country, a great country no doubt, but owned by others," added the country's longest serving Prime Minister.

The deal between Proton parent DRB-Hicom and Geely was announced yesterday, with Second Finance Minister Datuk Seri Johari Abdul Ghani saying that Proton would remain a national car because Proton would still have a majority hold of 50.1 per cent.

Geely was expected to offer Proton some vehicle technologies in order to grow its sales overseas and to recover some of the global presence Proton had lost in recent years. Proton reportedly dominated the domestic market by 74 per cent in 1993 at its peak, but saw its market share dwindle to around 15 per cent currently due to low-quality cars, poor after-sales service and tough competition from foreign automakers.

Dr Mahathir said he was certain that Proton would now be sold all over the world.

"It will be like Singapore. Malaysians are proud of this great city-state. If it had not been sold it would be, perhaps, as well developed as Kuala Kedah or Kuala Perlis. Then we cannot be proud of Singapore," he said.

Stay up-to-date by following Daily Express’s Telegram channel.

Daily Express Malaysia

"Now we can be proud of Proton. With money and superior technology it will compete with Rolls Royce and Bentley.

But I cannot be proud of its success. I cannot be proud of the success of something that does not belong to me or my country. Maybe other Malaysians will, but not me," added the 91-year-old.

Try 1 month for RM 18.00

Try 1 month for RM 18.00

Try 1 month for RM 18.00