Fleet Holdings was created to reduce UMNO's financial dependence on non-Malay supporters, such as Chinese businessmen, and to break the foreign hold over Malaysia's media companies. The Youth division of UMNO had protested strongly about foreign control over the Malaysian publishing media and passed a resolution requesting the then Prime Minister, Tun Abdul Razak, to obtain control of the publishing company, the Straits Times Press. As a result, Fleet Holdings Sdn Bhd was formed in 1972 by Razaleigh as the Treasurer of UMNO on the instructions of Tun Abdul Razak. This company was started with Razaleigh's own money and its purpose was to take control of the local media not just in the form of capital, but in management terms as well. In the year that it commenced operations, Fleet Holdings paid RM32 million to control 80% of Straits Times Press (later renamed New Straits Times Press). After its successful venture in media, Fleet Holdings expanded into other fields, including banking, car rental, leasing, communications, filming, insurance, and others. When Razaleigh gave up control of the company in 1983, total asset value of Fleet Holdings stood at more than RM500 million with liabilities amounting to only RM56 million. By 1987 however, liabilities exceeded RM448 million and the company was struggling to service its monthly interest payments of RM3 million. Fleet Holdings became the subject of a bitter dispute between Mahathir and Razaleigh before the UMNO party's split. Through Fleet Group, UMNO held substantial stakes in Bursa Malaysia listed companies, including The New Straits Times Press (M) Bhd, Time Engineering Bhd (now known as Dagang NeXchange Bhd), Bank of Commerce Bhd, Commerce International Merchant Bankers Bhd (both banks later subsumed into CIMB Group) and Faber Group Bhd (now known as UEM Edgenta). Many of the assets have since been sold to government investment companies and other investors. Petroliam Nasional Berhad (PETRONAS) Due to a dispute between the Sarawak Chief Minister Abdul Rahman Ya'kub and his nephew Abdul Taib Mahmud (at the time the Federal Natural Resources Minister) over oil rights, then Prime Minister Abdul Razak dispatched Razaleigh to visit Rahman at the latter's private residence. Razaleigh suggested the formation of a company instead of a statutory body where the former would distribute profits equally between the Federal and the State governments. Rahman was agreeable to this proposal. Upon Razaleigh's return to Kuala Lumpur, the Prime Minister tasked him with drafting, in