PM: BN administration shook China investors down for 30pc in shares

Justin Ong
Tun Dr Mahathir Mohamad claimed that investors were asked to give up at least 30 per cent of their shares — Bernama

KUALA LUMPUR, Aug 19 — The defeated Barisan Nasional government allegedly asked investors from China to issue 30 per cent stakes in local ventures to selected individuals, Tun Dr Mahathir Mohamad alleged today.

The prime minister used the claim to depict the corruption and inefficiency allegedly inherent in the BN government, during a forum at the China World Summit Wing Hotel in Beijing today.

According to the Malaysiakini news portal, he said the three-month old Pakatan Harapan administration was still struggling with the remnants of BN’s alleged corruption of before.

"There were cases where investors were asked to give 30 per cent of the shares to certain people.

"That is why there would be delays because people were trying to extract money from investors," he was quoted as saying.

Dr Mahathir said such corrupt practices will not be tolerated by his administration.

The warning dovetails with earlier remarks he made during a lunch with Malaysian business owners in Beijing, when he told them that days of cronyism in the Malaysian government were over.

The PM then pledged to Chinese investors that his government will not attempt to extract any undue payments from them or offer to expedite approvals for cash.

He added that Malaysian authorities will observe all of the country’s laws and vowed that necessary approvals will be granted with as few delays as possible.

"I hope what happened to you will not happen (again). But if you still have complaints, you're welcome to send them to me personally."

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