Editor’s note: This is the sixth part of a series of excerpts from former health minister and MCA president Chua Soi Lek’s book, ‘Like Me or Hate Me: Rising from the Political Ashes’.

BOOK EXCERPT | BDO Advisory Services advised me that for long-term investment, MCA should invest in an office tower in the Kuala Lumpur city centre. This was to provide an additional source of income for the party.

The idea was to avoid a situation in which MCA was overly dependent on dividends from its shares in The Star.

This was especially so, given that the advent of the internet and social media was challenging the continued viability of traditional media.

I subsequently conveyed this message to Dr Fong Chan Onn, the chairperson of the MCA investment committee. We agreed that the MCA should keep an open mind about future investments.

At the presidential council meeting on 24 May 2011, Fong reported that he had received an invitation to purchase Menara Multi-Purpose in the centre of Kuala Lumpur.

The council unanimously agreed that the committee should prepare a letter of intent to do a due diligence study of the office tower, including the tenancy agreements and the tower’s financial obligations.

We also needed the services of a reputable valuer to conduct an evaluation of the tower...