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Can Nanyang Be Saved?
By Kim Quek
3/6/2001 9:31 pm Sun
[Tindakkan Ling membeli Nanyang tanpa mendapat restu sebulat suara
atau mesyuarat terlebih dahulu para pemegang amanah pelaburan MCA seperti
Lim Ah Lek dan Chua adalah satu kesalahan pecah amanah (CBT - Criminal
Breach Of Trust). Polis sepatutnya menyiasat perkara ini di bawah unit
jenayah komersial (Commercial Crime Division).
Oleh kerana Quek adalah hartawan yang tidak kesempitan wang (kerana baru
sahaja beroleh RM11 bilion melalui penjualan bank di Hong Kong) tidak
mungkin dia melepaskan pegangannya begitu sahaja jika tidak ditekan oleh
seseorang yang amat berkuasa. Siapa lagi jika tidak Mahathir?
MCA Deputy President Lim Ah Lek and Vice-President Chua Jui Meng are
commendable for having stood up to oppose MCA's take over of Nanyang
Press and China Press. But regrettably they have not taken any step to
correct the flagrant breach of law and party discipline in this massive and
MCA President Ling Liong Sik has shockingly disclosed that the transaction
was done on 28th May, Monday, before the Party Central Committee meeting
convened on 30th May to approve the purchase. And Lim and Chua, 2 of the
4 Trustees of Huaren Holdings the purchaser, also disclosed that there has
never been any Board of Trustees or Shareholders meeting to approve this
Since the Purchase Agreement was sealed without the approval of the
Trustees and Shareholders of Huaren, the transaction is deemed illegal. Lim
and Chua should immediately report to the Commercial Crime Division of the
Police Department against whoever illegally executed this Purchase
Agreement for criminal breach of trust; and they should also seek an urgent
court injunction to suspend this deal.
Meanwhile, they should take steps to convene an extraordinary general
meeting of the Party to censure President Ling for breach of party discipline
and trust, for having secretly completed a massive, dubious and controversial
purchase without the prior approval of the Central Committee or the General
Assembly, thus putting the Party's political and financial future in potentially
If the above legal and political measures are pursued expeditiously, and
considering the unanimous opposition of the Chinese community and the
ground swell of objection from the MCA grassroots to this deal, Nanyang Press
and China Press may still see the light of day, and Malaysians can continue to
enjoy a tiny measure of independent news. Reluctant seller, tycoon Quek
Leng Chan, will only be too happy to re-embrace Nanyang.
But the question is not MCA, or Quek Leng Chan, but Mahathir.
Who could have been so powerful as to have forced tycoon Quek to relinquish
his beloved jewel Nanyang, if not Mahathir? Keep in mind that Quek is
flushed with cash since his recent sale of Dao Heng Bank of Hong Kong for
RM 11 billion, and the financially sound Nanyang is his most prestigious
possession, not only as a pre-eminent voice of the Chinese in Malaysia, but
also as a well known and respected media by oversea Chinese throughout the
world. There is no possibility that Quek would let go of Nanyang and China at
that pittance price (to him) of RM 230 million to Ling Liong Sik, unless he is
coerced by the very top.
Only Mahathir could have forced through the deal with such lightning speed,
circumventing Huaren Holdings and MCA, and compromising the professional
integrity and ethics of merchant bank advisers, solicitors, lending banks and
the Stock Exchange for having breached the mandatory requirement of their
respect fields in this highly irregular and illegal transaction.
Will Mahathir change his mind? That depends on how determined and how
much sacrifice the Chinese and Malaysians in general are willing to put up, so
that the Chinese will still have a small voice to air their aspirations and all
Malaysians can continue to read drips of Opposition news that may slip
through the dragnet of the Home Ministry from time to time.