‘My child is lost’: Mahathir bemoans sale of Proton to Chinese
Chinese automaker Geely has agreed to buy a 49.9 per cent stake in Malaysian manufacturer Proton, in a deal aimed at reviving the loss-making company
Former Malaysian prime minister Mahathir Mohamad said Thursday that he “cried” over the sale of one-time national car company Proton Holdings Berhad to Chinese automaker Zhejiang Geely Holdings Group Co.
“They say Proton is my brainchild. Now the child of my brain has been sold. Yes, I am sad. I can cry. But the deed is done. Proton can no longer be national. No national car now,” he wrote in his widely followed blog.
Proton, Southeast Asia’s only full-fledged car manufacturer, was established by Mahathir in 1983, a year after he assumed the premiership. He saw it as a catalyst to promote industrialization in an economy that heavily relied on commodities.
Right from the start, Mahathir took a very hands-on approach in Proton’s operation.
When he retired in 2003, he was made an adviser and then chairman of the company, a position he held until March last year.
