Press release: YOONG WELCOMES SPORTS MINISTER’S MEDIATION OFFER

Press Release
Date: Monday, July 07, 2003

YOONG WELCOMES SPORTS MINISTER’S MEDIATION OFFER
and confirmed he had not sued Minardi

Kuala Lumpur, Malaysia – Monday, July 07, 2003 – In response to the Malaysian Minister of Youth and Sports’ request to all parties in the Minardi-sponsors-Alex Yoong disputes to settle the issues early and his offer to act as the mediator, Yoong said, “It is a very welcomed offer as this can only be good for all parties. I am all for settling the issues early and I hope that the Minister’s offer will also be equally well received by all parties involved.”

Yoong clarified that he had not decided to sue Minardi, “I was under an advisement from my lawyer earlier this year to consider legal action but that was when Minardi was in dire straits. That was before the Canada GP and now it is different. I had not decided to sue Minardi then and now with Minardi saved we should accept the Minister’s mediation offer as a settlement will benefit all parties.”

In the same Malaysian media reports last week, the Minister also cleared the GO-KL consortium and Magnum as definitely not the defaulting Malaysian sponsors referred to by Paul Stoddart. Yoong revealed that PanGlobal Insurance is also not a defaulting Malaysian sponsor, saying, “I like to also clarify that my long time personal sponsor since my F3 days and Minardi’s 2002 sponsor, Pan Global Insurance, is also not one of the Malaysian companies mentioned by Paul as having defaulted. Panglobal and Magnum had been impeccable Minardi sponsors, in my view, and I’m sure this is also Paul’s view.”

END

For more information, please contact:

The Alex Yoong Press Office
328, Jalan Sungai Besi, 57100 Kuala Lumpur, MALAYSIA.
Fax/Tel: +603-7981 9380
Mobile: +60-12-638 1948,
Email : getinfo@alexyoong.com
Website: www.alexyoong.com