51pc means robbing Peter to pay Paul
Published on: Sunday, October 17, 2021
By: Datuk John Lo
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Please refer to the Federal Government’s intention to implement a policy of not renewing the licences of forwarding agencies unless they are 51pc bumi owned.
Very saddening for Malaysia. Ever since Tun Razak introduced the NEP with a limited time frame many years ago, its name has been changed at various time to camouflage its limited success and many blatant failures.
Tun Razak targeted bumi ownership in the economy at 30pc. Up till today, the politicians have claimed this has not been achieved. A recent government statement said this to be at 17.2pc. If this is true, something is very serious wrong. Question
[a] What is the government’s failure to achieve the target despite dozens of so called “affirmative policies” and hundreds of billions have been poured into the implementation of the NEP policy? It looks very much like a bottomless pit.
[b] By imposing the 51pc bumi equity in the forwarding business, will it achieve the target of 31pc?
[c] What is the basis in law or constitution to authorise the government to impose this 51pc bumi rule?
Since the government has failed to achieve the 31pc in all these years, the Albert Einstein’s quotation is very appropriate. This new 51pc rule is insanity. This “legalised grab” is crude and will only hurt investors’ confidence in Malaysia.
“Do not ever say that the desire to “do good” by force is a good motive. Neither power- lust nor stupidity are good motives”. Ayn Rand.
The quote from Ayn Rand, one of America’s most powerful thinkers in recent times says it all. Tun Razak’s NEP’s original justification of social engineering with a limited time frame and scope was excellent. Sadly, so much wealth has been hijacked in the name of NEP and yet massive poverty still exists and achievement is still at 17.2pc. If the federal government is bent on using regulations and laws to force through this 51pc, I hope the policy maker will reflect Ayn Rand’s quotation seriously. The federal leaders cannot justify and dress up an immoral policy.
The “do good” motive in the name of NEP with little success after all these years is suspect. Surely, the federal leaders can’t continue thinking Malaysians are that stupid to accept same excuses for another 40 years They must accept this policy is a failure and produce some other policies that are truly beneficial to the targeted groups and the Malaysian nation.
“When the law no longer protects you from the corrupt, but protects the corrupt from you, you know your nation is doomed” Ayn Rand.
History is a great teacher. Much to be learned from NEP implementation since its inception. Will this 51pc benefit the few or will there be an elite grab? Today, it is 51pc grab from the forwarding agencies. What is next? The future is ominous for the other economic sectors.
Where is the protection that the federal political leaders are supposed to provide against corruption for all Malaysians when, with the stroke of a pen, you can lose control of a business/livelihood that you have built up after years of hard work and risk taking? Will this institutionalized corruption to favour a few?
This 51pc equity requirement is crude, pure grab, lack of imagination. It is sad the federal leaders have resorted to this tactic. It is no wonder that foreign investors are flocking to Indonesia and Vietnam, attracted by their positive policies.
“We are in danger of destroying ourselves by our greed and stupidity. We cannot remain looking inwards at ourselves on a small and increasingly polluted [corrupted]…..” Stephen Hawking.
This British great thinker of the universe of the 21 century Stephen Hawking is right. Malaysia is in danger of embarking on the path of self-destruction by greed and stupidity. What is enough and where is the end if we lower ourselves to grab what is not ours by using laws and regulations.
“Being a family means you are a part of something very wonderful. It means you will love and be loved for the rest of your love.” Lisa Weed.
PM Ismail has produced yet another tag line “Malaysian family”. What an irony. It is like a cruel joke. The PM announced this latest slogan almost at the same time as the 51pc bumi equity grab. Don’t the federal leaders realise the simple logic that you do not grab the business of your family members that has taken years of blood, sweat and tears to build up? It takes no intelligence to realise that such grab and favouritism will weaken the will of the recipients to perform and will inevitably destroy the whole family. The end result is no member in this Malaysian Family feels being loved except for the elites and cronies.
Admit Failure, Stop the Blame Game, Produce Genuinely Effective NEP Policies.
To admit failure, to stop the blame game and spread of fear are excellent starting points to improve. Flogging a dead horse that has been tried without much success is stupid. The Malaysian nation needs some courageous federal leaders with integrity, vision and statesmanship to lead. Such leadership has been blatantly lacking for a long time.
PM Ismail’s wish to create a “Malaysian Family”is hollow and irreconcilable with the 51pc equity requirement from Ministry of Finance. The right hand does not know what the left is doing. Or is there more sinister agenda? If the “Malaysian Family” intention is genuine, the federal leaders should stop this charade of falsehood, get down to work and produce some sensible, basic ground breaking policies that will empower all Malaysians, especially the less fortunate bumis to prosper.
It is not late. Members of the Malaysian Family are resilient, can uptake good policies and contribute to making Malaysia great again. Ordinary Malaysians are not the problems. The real culprits for Malaysia’s underperformance and unhappiness are the political leaders and their weird policies—-there are just too many of them.
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