The NEP enriched the political and establishment elites
The NEP enriched the political and establishment elites
Bumiputeras are graciously allowed to have the crumbs
Revelations from the Panama Papers and the Malaysian Anti-Corruption Commission (MACC) Cabinet asset declaration, clearly shows that political and establishment elites greatly benefitted from the New Economic Policy (NEP).
Five-year plans, annual budgets, tender processes, and other awarding of contracts have all been skewed towards benefitting connected people and their corporations, either directly, or by proxy.
Yes, it can be argued that a Malay middle class was developed through employment within the public sector. Yes, we have a massively bloated civil service. However the lives of the self employed and independent contractors, greatly depended upon connections. In many cases, as Hussein Hamid pointed out in his blog, he as a Malay trader had to complete against public enterprises to make a living. Hussein says
When later we moved to KL and started doing business with the government - trading, and tendering - one of the first things I remembered was having competition from Pernas. And until today, I still remember me asking myself...how am I to compete with Pernas?
The MACC asset declaration record for cabinet ministers in 2020 clearly shows that 49 ministers and deputy ministers were millionaires. Eleven of them have assets above RM 10 million.
The Panama Papers lists a number of politicians and their families who launder their riches through foreign companies and bank accounts in tax havens.
These people include former finance minister Daim Zainuddin, current minister for international trade Zafrul Aziz, current prime minister Ahmand Zahid Hamidi, Aman Musa, and the children of Sarawak Governor Abdul Taib Mahmud.
Former prime minister Mahathir Mohamed’s children have massive holding of corporate assets. There are also well connected cronies like Syed Mokhtar Al-Bukhary, who accumulated his large corporate portfolio through government sanctioned monopolies and oligopolies.
What hope does the average Malay have when the establishment have their hands out for everything they can get?
The undertaking of public service for altruistic motivations doesn’t exist within Malaysia’s elite establishment. Bumiputeras have been short changed under the smokescreen of the NEP.
The worst part is that Malays are told they need the establishment to protect their interests. According to Mahathir, they are lazy. The Malay elite have destroyed any semblance of Malay dignity. Self-respect and self-esteem have been destroyed over the decades.
The most important reform needed is to enable Malays to be proud of their culture once again. They have been defamed by the Malay establishment to the point it is damaging communal relations. Malays should have the right to a level playing field in the business environment. Not just expected to take the crumbs that the Malay elite don’t want.
Its time to give Malays the rights to an open access economy. Regulation, monopoly, cronyism, and corruption are making Malays second class citizens in their own country.
As former US president Reagan would say “Mr Anwar, tear down this policy”
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Mr hunter, the wealth of this nation are dominated by chinese. Almost 90% of it. The NEP must be recalibrated and the policies should focus on ensuring a 70% wealth to the malays and 23% to the chinese.
This is in line with the malaysian malaysia spirits of equal rights and opportunities for all malaysian.
Your focus on the malays 10% wealth failed to mention the 90% wealth the NEP has enabled the chinese.
Are you also suggesting that only malay have account in offshore banks? What about the offshore invoicing by chinese owned malaysian based corporations of exporters that avoid paying tax to the government?