Tuesday, July 25, 2006

Retailers with 15% foreign equity: Give bumis 30% stake

So it finally happened. The Ministry of Domestic Trade & Consumer Affairs (they might as well change its name to the Ministry of Umno Trade & Affairs) has released guidelines for firms in the distributive trades (e.g. retailers, restaurateurs etc.) with at least 15% foreign equity; they must now restructure to ensure that bumis have at least 30% ownership. Not only that, but the entire employment and directorship structure must reflect the 'official' racial composition.

smallandmedium thoughts had earlier highlighted that this might happen here and here.

Oddly enough, the usually subservient MCA has decided to make some noise about this via its Youth Economic Bureau Chief, Datuk Henry Wong.

So as was the fate of large manufacturing companies in 1975, after you have spent years and years building up a retail business with your own blood and sweat, UMNO now wants you to surrender at least 30% of it to its supporters.


At 11:52 pm, July 25, 2006, Blogger earl-ku said...

they dont care how hard u build the company, they dont care tough it is, all they know is that - they just wans a piece of the meat ...

like a chinese proverb - "tai kong fun chi yuk"

At 12:45 am, July 26, 2006, Anonymous Malaysia Property said...

typical malaysian government who wants to manja bumis....guess what happen to manja kids when they grow up?


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