Now, Dr M’s turn to lash out at Francis Yeoh’s ‘crony capitalism’ claim

Tun Dr Mahathir Mohamad took apparent aim at Tan Sri Francis Yeoh for the latter’s sermon against “crony capitalism” in Malaysia, noting that the tycoon’s empire was built here rather than in the countries free of the malady.

Writing in his personal blog today, Dr Mahathir did not identify Yeoh by name but made reference to the recent furore triggered by the remarks of billionaire Tan Sri Yeoh Tiong Lay’s eldest son at Pemandu’s Global Malaysia Series forum last week.

“Recently a public figure claimed that the situation in Malaysia is terrible because of cronyism and favouritism in the form of discrimination towards one party. So he does not wish to do business here.

“Was he born so rich that he could do business in the countries free from cronyism or did he amass his copious capital here before moving abroad to enjoy governance without cronyism?” Dr Mahathir wrote.

At the forum, Yeoh sought to dispel the perception that he was a beneficiary to Dr Mahathir’s patronage, particularly in the lucrative independent power producer (IPP) sector that the former said he had mooted.

The group managing director at YTL Corporation also said 85 per cent of the firm’s business are in Britain, Singapore and Australia because these countries do not tolerate corruption, practice meritocracy and stand for the rule of law.

At the event, Yeoh said he need not “kowtow” to the prime ministers in each of the three named countries before, during or after the deals.

Today, Dr Mahathir asserted that “this terrible country is the one that gave him the capital to move to other countries”.

“If he was given a chance, is it wrong for others to also be given a chance in this less fortunate country to enjoy some of the benefits this figure has enjoyed?”

Long accused of enjoying the political patronage of Dr Mahathir when he was prime minister, Yeoh last week made a public denial of both the perceived favouritism and prevalence of “crony capitalism” in Malaysia.

But news reports on his comments led to scathing attacks against Yeoh.

Malay-language daily Utusan Malaysia published on its front page a report headlined “Francis Yeoh dibidas” (Francis Yeoh slammed) that quoted the Tenaga Nasional Berhad Junior Officers Union as reminding Yeoh not to be arrogant, saying that he had made gains from various government projects, including those from independent power producers.

English-language daily the New Straits Times also said that Yeoh’s reported comments had drawn criticism from the National Chamber of Commerce and Industry of Malaysia, who had questioned the motive of businessmen or companies, which benefited from the government’s liberal policies, in raising such a claim.

Yeoh later apologised to Utusan Malaysia over the furore, saying his comments on “crony capitalism” were misrepresented.

Similarly, former finance minister Tun Daim Zainuddin had in response urged successful businessmen in Malaysia not to criticise the government and the country, and to be grateful instead as their achievements are due to government help.

YTL Corp, an infrastructure conglomerate, is one of Bursa Malaysia’s largest firms. Together with its listed subsidiaries, it has a combined market capitalisation of over RM30 billion.