PM’s announcement on bumiputera interests disappointing, says DAP

3 Oct 2021

By Wartawan Nabalu News

KOTA KINABALU: Sabah DAP Acting Chief Datuk Frankie Poon Ming Fung said the announcement on Bumiputra Equity for customs licences and Bumiputra Equity disposal by Prime Minister Datuk Seri Ismail Sabri was a disappointment.

On the one pertains to the 51 per cent freight forwarding companies, he said the sudden change of policy announced by the government and any misstep of it can hurt the industry players.

“The companies did not appear overnight. They have toiled hard to make themselves into what they are today.

“If not for the Pandemic this industry would just be one of the companies providing work for Malaysians, providing services to transporting and delivering of goods and making a living for themselves. Much hard work has gone into this industry.

“On the disallowment of Bumiputera equity to be sold to Non-Bumi, will this help or cause disadvantages to the Bumi instead of helping them?

“Is this policy changes going to help poor bumiputra or bumiputra per se? Right now there are both poor Bumiputra and non-bumiputra people in our midst. Will this policy changes going to help the poor Bumiputra position or to Enrich the rich bumiputra even more?” he said in a statement today.

Poon stated that if Bumiputra is restricted to sale off his equity to Bumiputra only then his market is much smaller, hence the demand is much lower.

“How then can the Bumiputra Equity holders fetch a higher price for their equity when they want to sell them? Since the number of potential Buyers is limited isn't the price for Bumi shares going to be lower? Indirectly this can only make the rich Bumiputra even more wealthy.

“Is this the intention of the Government or to give an opportunity to poor Bumiputra to make a profit? How will this help poor Bumiputra in the long term?

“Therefore I urge the Government to seriously not just to defer the matter to 2022 but to cancel such policies.

“In today's economic conditions we should create jobs to help our Malaysians and not to stifle growth by imposing unfavourable conditions for licences to be issued or renewed,” he said.

The Tanjong Papat MP also urged both the State and Federal Governments to focus more on creating new industries with the state’s natural resources and devise new policies to enhance existing industries.

This, he reasoned, should be the way forward to assist all poor Malaysians.

“Otherwise, all these current policies is nothing more than to hijack the policy of helping the poor bumiputra to Enrich the rich and elite bumiputra.

“Malaysia is blessed with so many kinds of natural resources. Instead of exporting raw materials, why does the Government not invite Investors and go more downstream which will create employment for plenty?

“Of course, we have problems with infrastructure such as road, electricity and water. Not to mention our poor and unavailable labour source. Of course, our education system seems to be the cause of today's problems. But it's never too late to reverse.

“If the Federal Government is really interested to help the poor Bumiputra then it should limit the purchase of certain good enterprising companies to poor or B40 Bumiputra only with loans from local Banks and guarantee by the Federal Government.”

Poon said, as eight Sabah districts were recently among the 10 poorest districts in Malaysia, the Government take a proactive approach to uplift the standard of living of these poorest districts.

“Sabah is one of three states in Malaysia which supply fossil oil to Petronas if not most of the petroleum in Malaysia.

“Isn't it shocking that eight of the poorest districts are found in Sabah? Shouldn't the Prime Minister take immediate steps to uplift the living standard of those living in those areas instead?”