Moving from narrow win to a win-win
To the 'gang of eight opponents' (Lim Ah Lek, Chua Jui Meng, Chan Kong Choy, Ong Tee Keat and the rest) - because they certainly had a 'victorious loss' for standing up for the high moral cause of press freedom and the wishes of the Chinese community ('Victorious loss for Lim's faction', June 24).
However does the victorious loss of the Lim's faction imply the corollary of - and translate to - an 'ignominious victory' of party chief Dr Ling Liong Sik, Dr Ting Chew Peh, Ong Ka Ting and the rest of the proponents as claimed by DAP national chairperson Lim Kit Siang?
It is not necessarily the case. Consider how the drama can further unfold.
Dr Ling's victory by a slim majority of 157 votes is nevertheless a victory based on democratic majority.
It is a strong signal to his political rivals in MCA that due to incumbency, patronage or whatever reasons, he still commands the majority support amongst delegates. The narrowness of that majority (157 votes) over the Nanyang issue was only because it aroused strong passion amongst the Chinese fanned further by the apparent partiality on the part of Barisan Nasional's numero uno for the takeover.
It does not mean that over any other issue (like for example, a leadership challenge) his edge will necessarily be that slim!
As Dr Ling was fighting a battle against popular sentiments all the way, the EGM results, albeit narrow, testified his far from waning influence over the delegates that will thwart future challenges - especially now in victory, if he abstains from going on a witch hunt against any of the opposing leaders and their faction and gives credence to the publicly espoused view that the differences over the Nanyang takeover were nothing personal but merely a clash of differing perceptions on its benefits or disadvantages to MCA as would necessarily arise within any political party practising democracy.
Dr Ling's capability to muster sufficient political support to retrospectively endorse and ratify such a controversial deal must have impressed the vendor Hong Leong group owner Quek Leng Chan and in terms of business credibility will win the confidence of the next party with whom Dr Ling and MCA would enter into a commercial deal.
Already at least two non-politically affiliated 'white knights' have come out with offers (above RM6 per share) to buy from Huaren its newly-acquired stake in Nanyang Holdings (Nincompoop's 'The wolf in sheep's clothing', June 24).
The next step would be for Dr Ling and MCA to divest and sell all or, if not, a substantial portion of Huaren's newly-acquired controlling stake in Nanyang to one or both of these white knights on grounds that, having regard to the narrow win in the EGM, MCA is sensitive to the feelings of the Chinese community that the two Chinese newspapers should not be majority controlled by a political party. This would also be consistent with the prime minister and his deputy's suggestions to diffuse the controversy and mend the split.
What is wrong then in MCA's divesting and making a flip of a newly-acquired controversial asset, and in the process of pacifying its constituency's concerns also make a commercial profit and capital gain out of the difference between buying and selling price for Nanyang?
This only vindicates Dr Ling's earlier assertion that business considerations, and not political control, were prime considerations. This, of course, will hinge on there being no separate and undisclosed deal being made with the new controlling acquirer that Huaren (being a minority after the sale) still retains nonetheless management or editorial control of the two Chinese press through its appointed editorial team.
In conclusion, when Dr Ling next flips (even after his victory in the EGM) the majority of Huaren's newly-acquired stake in Nanyang to some politically non-affiliated white knight at a higher price to allay the concerns of the Chinese community, and in the process, make a capital gain for its holding company, he will emerge smelling sweet, having converted an ignominious victory to a magnanimous one!
The white knight will also benefit because the controversy has generated tremendous publicity for Nanyang Siang Pau and China Press, which once unshackled from yoke of political control, may soar again in readership and sales.
Holders of Nanyang shares may see better prices for the share traded on the Kuala Lumpur Stock Exchange in anticipation of a higher bid in the future.
MCA also benefits in being able to demonstrate to other component parties of the Barisan Nasional how its president could weather a major controversial issue, fight democratically through an EGM that tantamounts to a vote of no confidence, close rank thereafter, diffuse the original concerns of its constituency, make a clean profit - in short a win-win formula for all. Kudos to Dr Ling when he turns the entire episode on which he gambles his political career, from disaster to triumph!
