MCA promised today not to interfere in the running and independence of Star Publications (Malaysia) Bhd and will let it continue being managed by professionals.

NONEIn a press release issued after the party’s central committee at its headquarters in Kuala Lumpur, the party said: “MCA reaffirms its long-held commitment of non-interference in the business and affairs of Star, which will continue to be managed and run by independent and competent professionals.”

It also said the MCA central committee had confirmed the power and authority of the party’s trustees to acquire for and on behalf of MCA almost RM1.28 billion worth of Star Publications shares from the party’s investment arm Huaren Holdings.

The bizarre cross-trade comes soon after the announcement by MCA president Dr Chua Soi Lek in September that Huaren had disposed of its shares in Media Chinese International Ltd - which owns, among others, local Chinese newspapers Nanyang Siang Pau, Sin Chew Daily, China Press and Guang Ming Daily.

mca 140910 chua soi lekThe move was said to be part of the party’s “hands-off” approach.

In a Sept 27 report in The Star, however, Chua (right) also said such MCA’s policy of non-political interference would extend to its best-selling newspaper.

The Star has been able to do well due to the very policy of non-interference, said the former health minister.

"The Star has become a credible newspaper and thus, we will continue to adopt this non-interference method," Chua was reported as saying.

In the statement issued today, MCA also said that the transfer of Huaren’s 42 percent shares in Star Publications to the party was effected "for the purpose of reorganising MCA’s investments”

“... Huaren Holdings Sdn Bhd will divest its passive investment in Star and increase focus on its investments in unquoted shares and other assets in order to achieve greater management efficiency and provide maximum returns to the stakeholders.

“MCA’s investments in Star will continue to be passive and long-term in nature,” the statement added.