— Spencer Gan
The Malaysian Insider
Feb 11, 2012
FEB 11 — Dear Mr Prime Minister,
I need clarification. Two days ago, you announced that PNB and Khazanah Nasional will be divesting some of its businesses to bumiputera firms.
There was also the usual talk of open tenders and how qualified bumi firms will be considered. I am not going to bother about this talk of open tenders because it will snow in Malaysia before there is a level playing field in business.
What concerns me is this drive to ask Khazanah Nasional to divest its stake in non-core businesses to bumi firms. I thought Khazanah was the sovereign wealth fund of the NATION. And I thought that meant that Khazanah is the custodian of wealth belonging to ALL Malaysians.
If that is the case, then Khazanah Nasional should be divesting its non-core businesses to qualified Malaysian businesses.
I understand that this being the election year, there is a need to placate powerful Malay business interests but please don’t use funds or hijack the interests of all Malaysians for narrow political gains.
All this talk of economic liberalisation will not amount to much if the administration keeps not matching its words with deeds.
I share the concerns expressed by MPs that there is a return to the Mahathir days when plum contracts and projects was given to certain Malay business figures. Well, we know what happened to them: they are all personally filthy rich but their business entities crashed.
If the government is taking the position that wealth and assets belonging to all Malaysians are going to be hijacked for narrow Malay interests, then my belief is that we have a legitimate reason to stop paying taxes and other payments. Alternatively, we should boycott all entities owned by Khazanah Nasional.
Yes, to spreading economic wealth to all. No, to making a few Malay cronies and their political patrons rich.