KUALA LUMPUR, June 6 — Business tycoon Tan Sri Francis Yeoh has apologised over his remarks on “crony capitalism” at a recent forum after Malay paper Utusan Malaysia reported furore over his reported comments.

The group managing director at YTL Corporation and eldest son of founder, billionaire Tan Sri Yeoh Tiong Lay, said his remarks at Pemandu’s Global Malaysia Series forum last Tuesday were misrepresented.

“I am truly saddened that my words have been misrepresented,” Yeoh said in his apology published by Utusan Malaysia today.

“Nevertheless, I humbly apologise if offence had been caused as a consequence. I very much regret it,” added the businessman.

Advertisement

Yesterday, the Malay daily front-paged a report headlined “Francis Yeoh dibidas” (Francis Yeoh slammed) that quoted the Tenaga Nasional Berhad Junior Officers Union as reminding Yeoh not to be arrogant, saying that he had made gains from various government projects, including those from independent power producers.

English-language daily the New Straits Times reported today that Yeoh’s reported comments had drawn criticism from the National Chamber of Commerce and Industry of Malaysia, who had questioned the motive of businessmen or companies, which benefited from the government’s liberal policies, in raising such a claim.

Business tycoon Tan Sri Francis Yeoh has apologised over his remarks on 'crony capitalism' and said they were misrepresented. — Picture by Yusof Mat Isa
Business tycoon Tan Sri Francis Yeoh has apologised over his remarks on 'crony capitalism' and said they were misrepresented. — Picture by Yusof Mat Isa

Yeoh said recently that The Malay Mail Online’s report on his remarks headlined “Crony capitalism in Malaysia has to go, son of YTL founder says” gave the wrong impression that “crony capitalism” was how things were done in Malaysia.

Advertisement

The Malay Mail Online had published Yeoh’s letter in which he said his views were misrepresented.

“This is far from the truth! In fact, I said I wanted to correct this misperception that has hovered around and used by various political factions for 20 years,” he said in the statement last Wednesday.

The prominent businessman also said he was responding to the misperception that the country practises “crony capitalism”.

“When asked if I was a ‘crony’ of Tun Dr Mahathir who purportedly awarded us a lucrative IPP (independent power producer) concession, I categorically stated that I was not a crony of Tun Dr Mahathir!” said Yeoh, referring to former prime minister Tun Dr Mahathir Mohamad.

“In everything we did, we introduced innovative ideas to succeed — from unprecedented ringgit financing for infrastructure projects in developing countries, creating the first 15-year bond market and pioneering the IPC (infrastructure project company) listing category in Bursa Malaysia,” he added.