Leiking: No bailout for DreamEdge if third national car project fails
International Trade and Industry Minister Darrell Leiking today reiterated that DreamEdge Sdn Bhd, the anchor company chosen to pioneer the third national car, will not get a bailout from the government even if the project fails.
"If it fails, will there be a bailout? No, because it is a private initiative, not a government initiative," he told journalists at the Malaysia Aerospace Summit in Kuala Lumpur today...
International Trade and Industry Minister Darrell Leiking today reiterated that DreamEdge Sdn Bhd, the anchor company chosen to pioneer the third national car, will not get a bailout from the government even if the project fails.
"If it fails, will there be a bailout? No, because it is a private initiative, not a government initiative," he told journalists at the Malaysia Aerospace Summit in Kuala Lumpur today.
Leiking was asked to respond to MCA president Wee Ka Siong's claim that DreamEdge did not have the capability for such a project and would eventually require government help.
Wee had also questioned how the government could guarantee no public funds would be involved when it partially owned DreamEdge.
As Leiking stressed, the company will not seek public funding despite its government links.
"DreamEdge has assured the government that they will not seek government funding. I think that decision was why we supported the project," he said.
DreamEdge is 52.6 percent owned by the Malaysian Industry-Government Group for High Technology (Might), a government agency.
Leiking added that Might took up a stake in DreamEdge in 2017, under the previous administration.
He also stressed that the government wants to support the creation of a new ecosystem for the future.
"For me, if it's a good thing I will support it. If it fails, it is the failure of the management or product," he said.
"But in this case, their product is very clear. They are able to work with Japanese technology. They are confident of it. Why should we kill it?"
The minister added that any tax incentive granted by the government will be decided on merit.
"During our watch, we do not give incentives freely. We will make sure it benefits the nation," he said.
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