ASLI says bumis already own 45% of Corporate Equity in Malaysia
When the legitimacy of your government has been established by making your majority voters believe they need you to protect their rice bowl, you will do everything you can to defend this position when it is called into question.Worse still when it threatens the well-oiled corporate machinery of patronage and rent-seeking from which a minority have obviously benefited.
So it is with this country.
When an independent think tank comes out and advises the government that they should seriously review the way they measure wealth distribution, you will do all you can to call into question the viability of that think tank’s findings.
As part of his defence against a report by ASLI, that bumiputeras already own 45% of corporate assets in this country (and therefore have far exceeded the NEP plans) the PM declared that Malaysian Government Linked Companies (GLCs) should not be considered bumiputera companies.
Oh right, and just last year this is what he has to say about the programme to transform our GLCs:
"The programme [to transform GLCs] will promote many national development priorities including the development of a more competitive and resilient Bumiputera enterprise community to the creation of better skilled Bumiputera managers and employees, more capable Bumiputera vendors and suppliers and the like," he said.
I don’t see how a GLC can be seen to be anything other than upholding the interests of the bumiputera community when the PM himself links the community three times in one sentence with GLCs.
Do we ever hear of how a GLC will help ensure that non-bumis preserve their 40% entitlement of the economy? Nada.
As our economy falls down the rungs of world competitiveness and our universities continue to plummet in global rankings, our racial equity restructuring policies must surely be reviewed to make them relevant in this day and age.
Technorati: Malaysia, competitiveness.
posted by hew @ 11:16 am
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