Sunday, May 13, 2007

Seven want Maybank to retain 50% Bumi ruling

"Patriotic ruling". Key Umno leaders now want Malayan Banking Bhd, lynched early last week for a ruling on a 50 per cent Bumiputera ownership for legal firms that want to get on its panel, to be allowed to retain the controversial ruling.

Utusan Malaysia has the story on its front page yesterday [Maybank diminta kekalkan semula syarat 50% pemilikan Bumiputera].

The article quoted seven Umno leaders, several from the governing Supreme Council of the party; namely, its vice-president Ali Rustam, who is also the Chief Minister of Melaka; former Melaka Chief Minister and now chairman of Gagasan Badan Ekonomi Melayu (Gabem) Rahim Thamby Chik; Umno liaison boss Muhammad Muhammad Taib; Minister of Rural and Regional Development Aziz Shamsuddin; Puteri chief Noraini Ahmad; and youth leaders Subahan Kamal and Rizal Merican Neena Merican.

Subahan, for example, said Maybank's new guidelines should not have been questioned by anyone as they are clearly aimed at safeguarding Malay interests.
"It should not have been made an issue. It is so odd that so many quarters are questioning the move, including the fact that it was brought to the Cabinet.
"Why don't we view it as an effort towards encouraging the growth of the Malays, who seem to be losing more and more of their rights?"
The Scribe has put up a commentary on this, with the hope that the Utusan Malaysia newspaper editor responsible for publishing the story will get to keep his job. Since the Prime Minister has distanced himself from the Maybank guidelines [read here], it will be interesting to see how he responds to the Seven, and how this issue will develop, during the coming week.

37 comments:

  1. Anonymous1:44 am

    Yes, Pak Lah, Show us you are in comtrol.

    Crack your whip, if you can. Bring them into line, if you can.

    Is there a rebellion?

    ReplyDelete
  2. Anonymous4:58 am

    I suggest Utusan take care of their own backyard. The paper is losing money, and losing readers, and losing advertisers, because it still doesnt want to change.

    ReplyDelete
  3. thus far many [including the politikus] has missed the point;

    the thing is the 50% malay equity is not practical :-

    1. assuming that the law firm partnership is being equally shared by 5-6 different partners into different fields of law with banking as one of it with 20% share each, in order to get the so-called banking work, it means that the firm's bumiputera partner/partners would have to own 50% or more of the share.

    2. The problem with banking work per se is that banks usually hand them out in bulk to the panels resulting in for example a fee of RM50-100 for every letter of demand being issued despite the amount of paperworks involved.

    3. Thus, it can be said the banking work for lawyers do not really mean a lot of money for the firms as they are driving the bulk of the work to derive the necessary means to pay dozens of the legal clerks and other outgoings to do the work.

    4. Which means to say that most established law firms would not even think of getting banking jobs since it is not really worth the effort as the primary field of expertise that is actually drawing the money would be from things like corporate advisory, intellectual property, and other from of specialised legal services.

    In their haste to show how gung-ho they are in protecting their professional brethren's rice bowl, it is interesting to note that the various parties whom are lawyers like Hishamuddin / Azalina / Zaid Ibrahim / Sharizat are keeping mum over this issue.

    Why not ask from the horses' mouth ? I am sure they are not keen either.

    ReplyDelete
  4. Anonymous6:13 am

    It looks like the PM spoke too soon! As you said it'll be interesting to see his response now...

    It's good to know that we don't need to rely on cabinet ministers in times like this - there are others who will stand up and be counted

    ReplyDelete
  5. Maybank and Ambank have retracted the official policy. What makes you think they won't pursue it on the quite?

    ReplyDelete
  6. Anonymous6:40 am

    I would say lets the money do the talking, withdraw from Maybank. Let it be a bank serving Mat Rampet and Mat Keris.

    ReplyDelete
  7. Dear Fellow Malaysians,

    My heart was broken when my daughter cried after she received news that her application for matriculation was rejected.

    Her classmates who did worse than her was accepted. They are Malays.

    She harbour no ill feelings for her good friends but she had no more trust in our government who had announced their meritocracy policy boldly but has not upheld their promise.

    I tried to console her and told her that I had experienced the same fate when I was her age. It was easier then I suppose, because we believed that this was necessary to correct the imbalance in the socio-economic agenda.

    Our PM, I regret to note have failed to measure up to the promises he made. We pray God will guide you back to the righteous course.

    ReplyDelete
  8. Anonymous9:52 am

    This is a non issue. Racism exists everywhere. I totally agreed with Maybank policy.
    Have u tried to sell a Malay product to Non malay reailers...Results 0/100 and if that it not discrimination against the Malay , I do not know what is !!!!

    ReplyDelete
  9. "langkah patriotik"? Only malays are citizens?

    These policies by the Banks has been a long outstanding issue, a decade in my own knowledge. Why i didnt I bring it up first? coz its a norm in the legal sector. Firms employ Malay lawyers for the name sake. Not on thier merits which in turn has made this very lawyers complecent. Who losses in the long run? u guess.

    A fair competetion will increase the quality and create a vibrant Bar. I have the utmost respect to the brilliant Malay lawyers whom i had the pleasure of dealing with.

    Why cant we compete on even grounds? Why such hatred in them where is it coming from?

    ReplyDelete
  10. Ah ha! Subahan Kamal, the young Umno rooster that failed to be Datuk Michael Chong's copy-cat. He claimed that the Malays "seem to be losing more and more of their rights". What a joke!

    Yes, the ordinary Malays are losing not only their rights but their share of the economy, not to the non-Malays but to Malay political elites in UMNO and their cronies.

    For political has beens Mat Tyson and Rahim T Chik, one-term to be vice-president Ali Rustam and the Kepala batas apple-polisher (A)Merican - please search your souls.

    ReplyDelete
  11. Anonymous1:03 pm

    i thought i read "must have 50% non bumis partnership/equity"

    ReplyDelete
  12. Anonymous1:19 pm

    Anon 1.03pm.

    Exactly! I agree with you. But I also agree that only the good Malays/Bumis get that 50 percent. The non-Malays shouldn't complain .. they have been assured of that 50 percent. Jangan tamak. The Malays have to worry that the 50 percent do not all go to the cronies and Umnoputeras and Umnoputeris.

    It does not make me feel good that the Chinese and other non-Malays are protesting Maybank's ruling. [We don't bother about what Public Bank and the other non-Malay-controlled banks do, do we?].

    It makes me equally not good to hear the elite Malays suddenly and belatedly defending the Maybank ruling. I smell a rat. Udang sebalik batu.

    Syed Imran is very right. I believe the Melayus are stuck between their own greedy elite group and racist non-Malays who are still not happy with how the Constitution was written.

    ReplyDelete
  13. Anonymous1:21 pm

    The Malays cannot be strong until the Malay leaders are strong. Baru kena sergah pasal isu Maybank, pemimpin Melayu dah terkencing.

    -- Meriam Buloh

    ReplyDelete
  14. Anonymous1:57 pm

    If you read between the lines, it is intended to mean 50% UMNOputeras, 50% MCAputeras equities.

    If there is a court case, it is to be handled by 100% MICputeras lawyers.

    So, do you get it, all NONputeras Malaysians?

    ReplyDelete
  15. Anonymous4:09 pm

    I DON'T understand why the non-Bumis are very uptight over the Maybank "50 per cent ruling". Personally, I am of the view that it appears fair enough.

    The non-Bumis have to accept that the Malays are less privileged than the rest of the population. They have been left far behind during the reign of the Colonialists.

    So it is only natural and logical, if I may say so, to allow our fellow less well-off brothers ansd sisters some level field for them to catch up with us.

    We have to accept the fact that they need subsidies and givernment support to reach level. So what's the brouhaha about the Maybank ruling?

    ReplyDelete
  16. Personally I would let Maybank and Ambank do what they want and let the market decides.

    You can always count on the other 'Agencies' to come to their rescue later, which equates to more wastage of taxpayer's money thanks to 'Err' in policy-making.

    ReplyDelete
  17. Anonymous4:53 pm

    I dont mind if 50 per cent is for the Malay masses. in fact i will fight for it. But when it is for the cronies, it is a different thing. And right now the ruling is meant for the cronies. I have so many malay friends, and i would like them to succeed.

    ReplyDelete
  18. Anonymous5:27 pm

    This Mayban thingy is not about racism. It is also not about giving more opportunities to the Malays. Silent racial policies have been around for a long long time. Why bring it out in the open today. Everyone seems to practise it, from the biggest Oil Company in Malaysia to the small-timer Chinamen who placed out the adverts with race preferences. What better way to rein in the Malays with the fear of racism and to coy the non-Malays with the assurances of better understanding? It is a veiled attempt to threaten all Malaysians since election is near. It is also about cronyism and the desire to stay in power as kings. As long as we do not get a good visionary leader; as the Mayban saga continues, there will only be a token opening of vacancies for the bumis. But for how long? Until the affected customers and business leave? We must work together for our survival and progress. If there is any Malay retailer out there who want to break into the Chinese market chain, first try to understand how the Chinese does business. There are many books available authored by Mat Sallehs who wanted to break into China market. They did not cry racism, and that is the major difference between us and them. Everything here is about the race. Seez...good riddance. v9

    ReplyDelete
  19. Rocky, the success of the Malay depend on knowledge and not this kind of special ruling by banks. This old Chinese saying " give a man a fish and he would be OK for a day but teach him how to fish and it would made him self reliance forever " is very much true to these days.

    ReplyDelete
  20. Anonymous6:59 pm

    For The Gang of Seven and other lovers of crutches please read this extract from The Free Encyclopedia.

    Present condition of the Bumiputra.

    Former Prime Minister Tun Dr. Mahathir Mohammad has bemoaned the extreme reliance of Bumiputras on their privileges: "We have tried to tell them if you depend on subsidies, you are going to be very weak. But they don’t seem to understand. We tell them if you use crutches, you will not be able to stand up. Throw away the crutches, stand up straight because you still have the capacity. I have talked about this thing and as a doctor I know very well the meaning of crutches but somehow or rather they want the easy way out. If I get an AP and I sell it and make some money, it’s all right, they say."

    Mahathir (who was also education minister previously) also said in 2004 that Malay graduates tend to have low employment rates because "the Chinese graduates choose the right subjects so they are employable. We find that the Malay graduates, especially those from the Malay stream, can’t speak English at all. No matter how much value you put on a certificate, the fact remains that an employer wants somebody with whom he can communicate. The employer is not Malay, he is a foreigner. And if he’s not going to be able to communicate with you, he will not take you."

    Furthermore, the Malay students, with Government-issued scholarships and study loans, tend to take up subjects like Syariah Law, Islamic History and other Islam-related subjects. Instead of choosing to learn English and taking up subjects that are of more secular tangible benefits (e.g. Engineering, Medicine, etc.) some have gone to great lengths to further their studies in Middle Eastern countries, learning Arabic in the process. The results of this stunning lack of pragmatism is unfortunate - in June 2006, it was revealed that a batch of 169 students sent to the Al-Azhar University in Cairo had difficulties with the Arabic language, resulting in only 5 students making it

    ReplyDelete
  21. Anonymous7:37 pm

    Ben said...

    Dear Fellow Malaysians,

    My heart was broken when my daughter cried after she received news that her application for matriculation was rejected.

    Her classmates who did worse than her was accepted. They are Malays.

    =====

    The govt does things like this then pretend to talk and try to find out why the races are not integrating. Real hypocrisy.

    ReplyDelete
  22. Anonymous10:18 pm

    This Maybank policy has been in place since 4 years ago. There is nothing anybody can do. For all you non-muslim lawyers out there, please go find other non-Maybank works. Life goes on....

    ReplyDelete
  23. Anonymous10:29 pm

    I sincerely hope Maybank doesn't retain the 50% Bumi ruling. Please don't listen to the seven UMNO guys, they have their own agenda. For all you know some of them have cronies who own legal firms. If everything are given to the Malays, they will never know the meaning of competition. Even the talented Malays will have no reason to be competitive as there is no reason to fight.

    This is not about Malay right, this is about being a competitive race. The more government gives, the more the Malays are going to loose. Its simple.

    ReplyDelete
  24. Anonymous10:52 pm

    All these seven have political agendas. The say things to show the Malays that they are their champions but the question is , is it good for the Malays in the long run?. No, it brings more harm .

    They do not really careless, just want to ensure that they win their elections.

    ReplyDelete
  25. Anonymous11:21 pm

    are malay genetically not superior to other races? why they need special rights and treatments?
    other races work hard for their success. not all chinese or indians born rich or clever than any other races. we are not born equal! but,i believe with hard work and some luck, anybody can achive success, do not take shortcut.

    ReplyDelete
  26. Anonymous11:29 pm

    dear Anon(7.37pm),
    I don't think the govt just pretend and do nothing. Have you forgotten Ns?Rosmah is not gonna forgive you. Only When there is NS a unity minister can unsarong...I mean the keris and hope to quench his thirst for blood.Morons who supposed to sit on buffalo backs and plough padifields are seated in the august House and paid handsomely to crack vulgar jokes on female MPs.The Gang of Seven can defend their dependability on crutches and unashamedly call it their birth right.The govt is not
    deaf neither blind.It does come out with slogans and taglines around Merdeka Day or General elections to inspire unity.So dont say govt is pretending-lah.

    ReplyDelete
  27. Anonymous8:11 am

    Globalised the quota system and see the moderate world citizens react. Why must every damn thing be race-based. Should we quota our food prodcution to race based percentages, 50% to bumi and 30% to non-bumis. Yes, quota every damn thing to doomsday. Political hoodlums and all pressing for race interests. What a laughing stock!

    ReplyDelete
  28. Anonymous8:11 am

    Globalised the quota system and see the moderate world citizens react. Why must every damn thing be race-based. Should we quota our food prodcution to race based percentages, 50% to bumi and 30% to non-bumis. Yes, quota every damn thing to doomsday. Political hoodlums and all pressing for race interests. What a laughing stock!

    ReplyDelete
  29. Anonymous11:42 am

    Did the seven also wanted 50% non bumi participation in the 9th Malaysian plan? if not they whould learn to keep their big mouth shut!

    ReplyDelete
  30. Anonymous12:14 pm

    "Man is born free, but everywhere he is in chains" - Montesquieu.

    This aptly applies to the Malay scenario in this country. How long u want freebies ah?? As it is, everything is being laid down on a platter for Malays.

    Now even if Maybank wants to practise race discrimination of Umno policies, then it is not a loss to the non-Malays, but the Malays themselves. And to all non Malays, time u pulled out your money from Maybank and park it in HSBC and Stanchart. Se then how Maybank copes.

    And you know what? Maybank's policy will only encourage freebie mentality, and Malays will eventually lose out globally. So freebie kings such as Subahan Kamal, wake up and work hard as the non-Malays. Stop championing your narrow minded political agenda.

    And please look at your own roots first!!

    ReplyDelete
  31. The directive by Maybank included panel valuers with letter dated 30/04/2007 as well. Please refer to http://watch3r.blogspot.com/2007/05/maybank-says-must-have.html to view the letter.

    There has been rumors that the directive was also issued to panel clinics a year ago, but I have not managed to obtain any form of evidence.

    ReplyDelete
  32. Rahman "This is not about Malay right, this is about being a competitive race. The more government gives, the more the Malays are going to loose."

    Well said Rahman!

    Already a well trained professional (ie Lawyer) but still ask for 50% without working for it - siapa ajar punya ni?
    Buat Malu orang Melayu aje!

    ReplyDelete
  33. Anonymous2:54 pm

    If Maybank succumbs to pressure and reinstates the 50 per cent ruling I have no problem with that. If Maybanks behaves it is a government agency and forget it is a conglomerate, i have no problem with it. I have taken most of my out of Maybank, so i dont think the bank has a problem with it. Be that as it may, Maybank's reputation has taken a beating, it has made a fool of itself.

    ReplyDelete
  34. Anonymous4:15 pm

    Wow. In the US country cowboys, they have the magnificient Seven, here we have "the Magni-deficit" Seven, claiming for more.

    ReplyDelete
  35. Last year when the ASLI Report came out with the Malays having control of 45% of the economy.

    UMNO refused to accept the 45% stating GLCs should NOT be included in the calculation.

    If you are practising pro-bumi policy then GLCs should be included else NO NEP in all GLCs!

    ReplyDelete
  36. Anonymous9:35 pm

    Tomorrow when i walk into my office, i will fill up a form to transfer my banking account to Standchart from Maybank.

    What a joke! Maybank is just utterly ridiculous.

    ReplyDelete
  37. Anonymous10:57 am

    Anonymous said...

    The non-Bumis have to accept that the Malays are less privileged than the rest of the population. They have been left far behind during the reign of the Colonialists
    ====

    I don't get it. All those Malays that lag behind during the Colonial times have pass on to the next world. So have the other non Malays of that time.

    Today's Malays, after 37 odd years of NEP are different . Having all the benefits of NEP and Uni education, but still say they are less priviledged is incomprehensible.

    Ahmad, Ah Chong and Mutu who were born in 1970 went through the same school and the same Uni. Then Ahmad comes round and say I am less priviledged than you because of my race.So I still need the NEP.

    Does this make sense?. Are we to say that the Malay race is intrinsically an inferior race because of genetic origin?. Are the Malays admitting that they are a lowly race?.

    If not how can the Malays still say they are less priviledged than the rest of the population.

    As in the example above, if all three are lawyers, Can Ahmad claim that he is less priviledged by virtue of his race? ,Compared to Ah Chong and Mutu.

    ReplyDelete

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