Under heavy fire for daring to speak out against crony capitalism in Malaysia, YTL Corporation managing director Francis Yeoh has apologised for his remarks.

Yeoh, the eldest son of Malaysian billionaire Yeoh Tiong Lay, said he regrets saying things that caused the furore.

"I am truly saddened that my words have been misrepresented. Nevertheless, I humbly apologise if offence has been caused as a consequence.

“I very much regret it," Yeoh said in a letter to Utusan Malaysia , which was also carried on the front page report of the New Straits Times today.

"We are genuinely thankful to the Malaysian government and the people of Malaysia for allowing us to continue to thrive in this beloved country of ours."

Utusan carried the apology prominently on its front page today.

At a forum on global business on Tuesday, Yeoh was reported by the Malay Mail Online as saying that it was "time to end crony capitalism in Malaysia, after 20 years".

Although YTL successfully expanded into the energy business under the regime of former prime minister Dr Mahathir Mohamad, Yeoh denied that he was a Mahathir crony.

This drew a hailstorm of responses , with angry critics, mostly Malay businessmen and NGOs, given prominence in the Umno-owned Utusan Malaysia yesterday.

Three major sections of the paper were used, quoting Umno members, Malay rights NGOs, businessmen, investment brokers and the Tenaga Nasional Junior Officers Union tearing away at Yeoh and the company his father founded in 1955.

YTL was listed in 1988 and soon expanded into a conglomerate with construction, hotel services, high speed rail, energy and telecommunications under its wing.

In his apology, Yeoh said that he merely wanted Malaysians to share his appreciation and his confidence in Malaysia's economy and the government.

His participation in the forum was a bid to dispel negative perceptions that crony capitalism prevailed in the country and businesses could not succeed without partaking in it, he added.