|What crony? Francis Yeoh's latest business partners
In a letter to the media yesterday, billionaire Francis Yeoh blamed Malay Mail Online's article Crony Capitalism in Malaysia has to go, son of YTL founder says for the bad press he's been getting. "The title of this article is inaccurate and it does not reflect the content of what I actually said ...", his letter said [Francis Yeoh says not a crony of former PM, StarBiz 5/6/2014].
So, Francis is saying that only the title (heading) of the article is inaccurate. The news content is.
Let's read what Francis said in the Malay Mail Online article, among other things:
“The good thing about [Singapore, Australia and the UK], I don’t have to kowtow to the prime minister before I do deal(s), I don’t have to see them even, even after I’ve won the deal."
“I turn west because of this transparent, coherent regulatory framework.”
“I don’t think you’ll have a chance. Even in Petronas contracts, if (you are) a non-bumi you won’t get to do anything."
“Like me, I had to survive so 85 per cent of my business (is) outside, I had to invent a lot of the stuff, for my own self-interest, to make sure I survive."
“I don’t depend on the largesse of the government."
"I think this crony capitalism stuff has to go, it's 20 years old this idea. I think we should replace it with new, fresh, truthful idea."At the forum, when asked about how his "close links" with former Prime Minister Tun Dr Mahathir Mohamad had contributed to YTL's successes, Yeoh denied being the latter's "crony" and credited the company's achievement to "innovation".
Innovation? A lot of people disagree with Francis it's cakap tak serupa bikin.
In fact, people in the industry have been complaining of the RM3.5 billion power project that Francis had just won and they are saying that the project went to YTL Power because of its "close links" with the Johor Istana. Find out H E R E who owns SIPP, Francis Yeoh's partner in the successful "direct nego" award!
I call it Royal Capitai Cronyism of the Highest Order, which carries the title Tan Sri.
Must read also A Voice's analysis Without Crony Capitalism, YTL could still be Syarikat Pembinaan Yeoh Teong Lay Sdn Bhd.