Proton was initially set-up by Mahathir as a 70% HICOM, 30% Mitsubishi JV.
But of course, according to Mahathir – 30% owned by Japanese is not selling the country but 49.9% owned by a Chinese company is considered selling the country?
Remember that Proton sales first started its decline in 2003 while he was still Prime Minster and advisor.
A short two years later in 2005, Perodua overtook Proton.
In 2012, Proton was no longer a government company as it was sold to Mahathir’s friend Tan Sri Syed Mokhtar. Mahathir never complained about this sale and instead, he welcomed it.
In fact, Mahathir, said in a joint interview on Dec. 12 2011 that Proton should be sold to DRB-Hicom — a company he described as being well-run and having the capacity to turn around Proton without undermining its vendors. http://bit.ly/2rn8Huj
Throughout, Mahathir was still advisor and later made Chairman.
Mahathir only resigned in 2016 when Proton made huge losses and was unable to pay their suppliers putting tens of thousands of jobs at risk
The govt had to step in to give a RM1.5 billion soft loan, which Proton immediately used to pay off their suppliers.
In 2016, Proton made another RM1.4 billion loss and was overtaken by Honda in the local market – falling to third.
Again, the govt had to extend another RM1.7 billion in loans (on top of the RM1.5b) to enable it to continue surviving
All in all, the govt put up RM3.1 billion in BR1P (Bantuan Rakyat 1Proton) – or half of all BR1M for the year to bail out Mahathir’s failure.
And now, when a PRIVATE COMPANY which Mahathir had asked govt to sell to wants to sell a 49.9% stake to a foreign partner in a bid to survive, he now says he wants to cry and blames the govt?
It is typical of Mahathir to wash his hands of the failure he himself was the architect of and try to blame Mahathir.
Typical Mahathir. Always someone else’s fault – never his own.
When you tried to cheat the Tin Market using MAMINCO, lost billions, raided the EPF and destroyed our number one export then, it was the London Commodity Exchange’s fault – not Mahathir’s fault.
When the Ringgit dropped 65% from RM2.30 to RM3.80 when you left office and along the way almost collapsed all Malaysian banks, it is Soros’ fault – not Mahathir fault.
When BNM lost RM30 billion in the 1990s (RM80 billion in today’s money) gambling in FOREX, it was the fault of a department head, but strangely never punished nor prosecuted nor named as responsible – not Mahathir’s fault.
Again, if you want to cry so much that your “child is sold” then why not get your real sons and your friend Daim, who are the richest Malays to come in to buy the 49.9% and make you Chairman again?
Your son is the sole distributor for Porsche in Malaysia. Why can’t he sell Proton, his dad’s other child, too?
From: Malaysia Today.