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SM Nasaruddin and SM Faliq spotted at the lobby of Khazanah Nasional Berhad earlier today |
Last week Proton adviser, Tun Dr. Mahathir Mohamad surprised the market when he said that DRB’s proposal for purchasing Khazanah’s holding of the national carmaker’s equity was the best among the three that was submitted.
Apparently that was the briefing he received from Azman Mokhtar and co on the issue and the former Prime Minister told the Media what he was told.
My first thought was why Khazanah did not shed more light on the proposals they received because transparency is crucial in a deal involving such a huge national asset and the people should also be informed as to what factors helped sway Khazanah’s decision towards Tan Sri Syed Mokhtar al-Bukhary’s DRB-Hicom.
The whole week was spent calling people here and there, snooping and trying to nose what is actually happening behind closed doors.
TDM’s statement needed close scrutiny because many people consider the former Prime Minister an inseparable part of Proton and any deals that would involve the company must get his blessings first.
His statement last week was seen by the market as the blessing that DRB-Hicom needed to move forward with the deal and since Tun is regarded as a statesman that considers his words carefully the market also thought that the briefing Khazanah gave him was a fair representation of the facts.
In fact sources close to TDM said that the former PM thought that Khazanah had given him a fair briefing on the subject and that was why he made the statement.
“You have to understand that Tun is also frustrated with Khazanah’s reluctance to invest further in Proton so that it can grow further and finding a new and more cooperative owner may not be such a bad thing," said our source.
Trouble is, the briefing by Khazanah is a sham, nothing more and nothing less.