Archive for May 6th, 2007

Scrap Maybank ruling on 50% bumi partnership for law firms on its panel – unacceptable NEP extension

The Prime Minister, Datuk Seri Abdullah Ahmad Badawi should scrap the inequitable and unacceptable Maybank extension of the New Economic Policy (NEP) by requiring law firms on its panel to have at least 50 per cent bumiputra partnership.

Maybank has imposed the rule that with effect from 1-7-2007, one of the criteria for legal firms to be on its panel is that 50% of the equity of the partnership of the legal firm must be held by Bumiputras. For legal firms which are already on the Maybank panel, they have a year to comply with the new ruling.

Maybank, a government-linked company, has justified the new ruling on the ground that Malaysia was working towards improving the quality of service industries including the legal profession to face the challenges of globalization.

But this is a most unconvincing ground for the new Maybank ruling has nothing to do with the upgrading of the quality of service industries, whether legal profession or other fields. On the contrary, the opposite may be the case.

Furthermore, it will create new national divisions by undermining the nation-building process especially at a time when the country is celebrating the 50th Merdeka anniversary when Malaysians have discovered that the country had not made much progress in promoting national integration in the past five decades. Read the rest of this entry »