International Business & Economy Geely boss tired of Proton's fickle mind

Geely boss tired of Proton’s fickle mind




- Advertisement -

Billionaire Li Shufu said he’s planning to pull Zhejiang Geely Holding Group Co out of a bid for Proton Holdings Bhd, saying the Malaysian carmaker keeps changing its plans, said Bloomberg.

But it may just be his way of pulling his weight in the negotiations, which are still ongoing with rival PSA owner of Peugeot – still in the battle for the 51% shares of the ailing Malaysian company.

“They keep changing, today it’s this, tomorrow it’s that,” Li said in an interview in Beijing Friday, before attending the opening of the Chinese People’s Political Consultative Conference.

“They haven’t decided what they want.”

- Advertisement -

Proton, which needs to bring in a foreign partner to help in research and development as part of conditions it agreed to in order to receive a loan last year.

The Malaysian government is in a hurry to get a suitor for Proton, which is losing money, while an imminent closure of the facilities – meaning the death of the national car icon – would become a political nightmare for Prime Minister Najib Razak.

Proton is controlled by Malaysian tycoon Syed Mokhtar Al-Bukhary’s DRB-Hicom Bhd, who is said to be close to former Prime Minister Mahathir Mohamad.

Mahathir set up Proton in 1983 to steer Malaysia’s industrialization plan.

Proton also owns British sports car maker Lotus Cars Ltd, of which it did not succeed to reap any profit so far.Follow us on Social Media

Send in your scoops to 

- Advertisement -

MOH asks hospitals to delay non-urgent surgeries to conserve resources for Covid patients

Singapore— With Covid-19 cases rising, the Ministry of Health (MOH) asked hospitals on Monday (May 3) to delay non-urgent surgeries and give priority to the treatment of Covid patients. In a statement, MOH said it is "working closely with all public and...

5 KTPH staff disciplined for ‘error’ that led to unnecessary treatment of breast cancer patients 

Singapore—Five staff members of Khoo Teck Puat Hospital (KTPH) have been disciplined for a laboratory incident that led to inaccurate test results and unnecessary treatment for some breast cancer patients. The staff members were disciplined for "not adequately performing their duties and...

MOH confirms 17 new Covid-19 cases, five linked to Tan Tock Seng Hospital cluster

Singapore -- The Ministry of Health (MOH) has preliminarily confirmed five new cases of locally transmitted Covid-19 infection that are linked to the cluster at Tan Tock Seng Hospital (TTSH). Tuesday (May 4) also saw another 12 imported cases. It is the ninth...
Follow us on Social Media

Send in your scoops to