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Malaysian PM gave nod for Chinese press deal
2001-06-22
KUALA LUMPUR - Prime Minister Mahathir Mohamad said he gave the Malaysian Chinese Association (MCA), a key partner in his ruling alliance, the go-ahead for the recent purchase of two Mandarin language newpapers, the Star newspaper said on Friday. Last month, MCA president Ling Liong Sik pushed through a controversial deal to buy a 72 percent stake in Nanyang Press (NYPM.KL), the publisher of the two newspapers. But the deal sparked a public outcry and angered MCA's own members, worried of a backlash and loss of support from the Chinese community, which traditionally baulks at political influence in their media. "Yes, I gave him the green light to buy but I also said that they should sell some of the shares and not hold the whole thing," Mahathir was quoted by the Star. Two weeks ago, Ling bowed to pressure from party members and invited third parties to make offers for the Nanyang shares. So far, a consortium of Malaysian Chinese businessmen and community leaders have responded by bidding 234.3 million ringgit ($62 million), almost two percent more than the MCA paid for the stake. MCA members have also called an extraordinary general meeting on June 24 to debate the deal. The MCA is the second biggest party in Mahathir's ruling alliance and already controls the English language Star newspaper.
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