MCA’s empty threats

— An SME businessman
The Malaysian Insider
Feb 08, 2013

FEB 8 — Many argue that the most important reason why Pakatan Rakyat must be elected the new federal government in the forthcoming general election is to bring an end to 55 years of Barisan Nasional government. While Umno’s frequent threats that May 13-style riots will occur if the elections produce a new government have lost their effect, the MCA has now joined this “threat game”.

Seeking to claim its traditional role of the party of big business, its president Datuk Seri Dr Chua Soi Lek was reported in the mainstream media over the weekend as saying that Bursa Malaysia will drop 500 points if Pakatan wins, which would “have a direct impact on the national economy”.

Chua went on to say “PAS has also mentioned that it will close Genting and the Bursa. All these will frighten investors, be they local of foreign”. Clearly these are empty threats.

For Pakatan to be elected the new federal government it must have a simple majority in the 222-member Dewan Rakyat, say, about 125 seats.

Because of the gerrymandering of constituencies by numerous Barisan administrations, Pakatan must receive a popular vote exceeding 55 per cent in order to win that number of seats required to form a working government with a comfortable majority that can also withstand any party-hopping that may occur thereafter.

In this scenario, surely the 55 per cent of Malaysians who voted for Pakatan will not wish to have their newly elected government destabilised at any level, including our economy.

I for one would personally support the stock market if there is a panic sell by the weak-hearted or the cautious, as would many of my business colleagues. I have no doubt that millions of our fellow Malaysians would rally to support the stock market, as we did during the 1998 financial crisis.

It is our public duty to support the new government which we hope to elect, and if that means buying shares on the Bursa, sufficient Malaysians will do that.

In any event, if a major sell-down occurs in the Bursa as a result of a Pakatan victory, the nation’s economic institutions like EPF, PNB, Khazanah and other GLCs would have to do their national duty by supporting the market, something they have done time and again under the Barisan government.

Next, the PAS bogey. PAS has administered Kelantan for more than 20 years, and Kedah for five years. These two PAS state administrations have neither acquired nor appropriated property, assets or businesses belonging to non-Muslims.

The rakyat should also consider the Selangor and Penang experience. The treasuries of both states have been prudently managed, deficits reduced and investments increased. Penang is, as a matter of fact, a grand success story.

The four PR states of Penang, Selangor, Kedah and Kelantan have proven their ability by beating the other 10 BN states by attracting RM25 billion in investments comprising 53 per cent of Malaysia’s total investments of RM47.2 billion in 2010.

For the first time in history, Penang is the new champion of investments in Malaysia, coming out top in 2010 with RM12.2 billion. Even, the one-year administration of Datuk Seri Nizar Jamaluddin in Perak was business friendly.

The facts speak for themselves.

There is therefore no factual basis for threatening that our economy would suffer, and calamity would follow if Pakatan comes to power.

In countries like Britain, Australia, India and Japan where governments are frequently replaced at the ballot box, the stock market and foreign investors respond negatively if a party not perceived as business friendly (say, the Labour Party in Britain) is returned to power rather that one that is (like the Conservative Party in Britain).

But such market reactions are temporary, and once the new government assumes power, sets policies and takes decisions, normalcy returns.

Contrary to Dr Chua’s prediction of economic doom and gloom, the business community is confident that the Malaysian economy will thrive under a Pakatan federal government.

Dr Chua’s threats are therefore empty and hollow, and yet again demonstrate the MCA’s desperation.

Only businessmen who have secured corrupt business deals through their connections should be concerned with a change of government. Businessmen who are prepared to do business honestly in an open, transparent and level-playing environment will thrive when Barisan is defeated, just as I, and my other business colleagues, both Bumiputeras and non-Bumis, have discovered in the Pakatan-run state governments.

Malaysians will rise to the occasion to defend the government that they have just elected against all attacks, real or imagined, local or foreign.

  1. #1 by drngsc on Friday, 8 February 2013 - 11:48 am

    Dear SME Businessman, CSL is partly right. When PR takes over Putrajaya that night, Bursa may fall as market does not like uncertainty. It will gradually stabilise when market realise that this is a cleaner government, and fairer government. This is part and parcel of change. To save malaysia, we have to take that pain.
    It is very obvious that CSL is NOT bothered about the market. If he does, then he must also realise that an MCA President who is a jailbird in waiting cannot help any market. He cannot represent or speak up for us, because he is a jailbird in waiting after his infamous VCD and ” It is I” confession. So…… he is only bothered about his own future and that of Chua junior.

    We must change the tenant at Putrajaya. GE 13 is coming soon. The moment has come. The finishing line is near. Let us work hard, very very hard, and throw out this corrupted lot. When you all go back to kampong, please carry the message for change. First to GE 13, then to Putrajaya.

    Change we must. Change we can. Change we will.

  2. #2 by lee tai king (previously dagen) on Friday, 8 February 2013 - 12:30 pm

    And oh yes empty threats normally are strangely loud – in fact, much louder than usual.

  3. #3 by Bigjoe on Friday, 8 February 2013 - 2:40 pm

    If CSL says that PR winning will cause Bursa to drop by 500 pts and put the economy and hence people’s livelihood at stake, then pray ask WHAT HAS HE DONE TO IMPROVE CORRUPTION, ABUSE OF POWER AND THE LIKES OF PERKASA & IBRAHIM ALI, and even his own party complicity that is causing BN TO BE LOSING???

    When they know the consequences are so dire and the problem is their own creation, what do you call those IN CHARGE? JERKS & PRODIGAL is the description if you are polite, TRAITORS if you are more serious about it.

  4. #4 by Bigjoe on Friday, 8 February 2013 - 2:42 pm

    Or simply just DISGUSTING…

  5. #5 by rjbeee on Friday, 8 February 2013 - 3:14 pm

    DPM says transformation helped all Malaysians..He thinks we are all stupid……..
    Malay first lah than others…….you see every where …….We don,t understand why he is so dumb……..

  6. #6 by rjbeee on Friday, 8 February 2013 - 3:16 pm

    DPM what tranformation….for one kind only….
    cowgate good example……

  7. #7 by Dap man on Friday, 8 February 2013 - 4:33 pm

    The only weapon MCA has got is fear mongering – Hudud, economy decline, Genting, Bursa, stage shows.
    Go on should from the mountain top. The Chinese are not stupid.

  8. #8 by ENDANGERED HORNBILL on Friday, 8 February 2013 - 5:46 pm

    Chua Soi Lek must have meant all MCA-backed counters will drop 50%.

    He is probably right but should the Rakyat care if MCA crony companies fold.

    BSKL/KLCI – non-crony companies with legitimate businesses would prosper in the short, medium and long-term once rent-seeking MCA, corruption-riddled BN, business-suffocating UMNO lies motionless in their graves.

  9. #9 by Winston on Friday, 8 February 2013 - 9:25 pm

    Malaysians have caught on long ago, that with UMNO/BN it’s a dead end.
    With PR there is hope.
    Would one rather risk certain death or plumb for a way out?
    Given this scenario, voting in the coming GE is a cinch!!!

  10. #10 by kg on Friday, 8 February 2013 - 10:24 pm

    PR government is going to do better, much much better, than the present BeEnd. Look at Penang, Selangor and other PR state governments, they outperformed current BeEnd states.

    As CM LGE put it, it is very simple. 1st thing is PR doesn’t allow “mum mum”, corruption.

  11. #11 by good coolie on Friday, 8 February 2013 - 11:54 pm

    On the first day of my government-service, a senior officer told a gathering of new officers, “No one is indispensable’. He meant that we should avoid thinking that the Department would sink if any one of us were to leave it.
    May I give that advise to MCA and its tuan, UMNO?
    also to that little party with the coolie mentality?
    In fact, the country will do better without you clowns.

  12. #12 by Noble House on Saturday, 9 February 2013 - 3:16 am

    If a man can cheat on his wife and family, he is as healthy as the lies he tells. He is not worth his salt.

  13. #13 by waterfrontcoolie on Saturday, 9 February 2013 - 8:40 am

    Aside from all the above scenarios, let us ask CSL on his MCA Ministers of today. What have they done, especially the fatso Minister of Transport? If the Chinese Community accepts such characters as their representatives and also their aspiration, surely we will be classified as MORONs of the higest order!

  14. #14 by rockdaboat on Monday, 11 February 2013 - 9:29 pm

    CSL ka ki kong ka ki song. Ha ha ha.

  15. #15 by Ray9393 on Wednesday, 13 February 2013 - 11:34 am

    MCA had no more issues. Read this:
    At this point, MCA had now gone crazy talking like a loser. Maybe MCA had already given up representing Malaysia.
    No worries, all Malaysian Chinese will assist to build a better mutual respect and more solid business relationship when a better government is in placed. Most are waiting now. Ask all the business associations and Chinese rich towkay, they will tell you how unhappy they are now.

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