Subscribe in a reader | Subscribe by Email “Fair and Just” as in universal type or slanted type? So what will cabinet do?
UMNO and those sticking to prevent equal opportunity are asking Maybank to enforce equity which will benefit Malays (well, no proof all bumis benefit, the original bumis are still deprived of development) and for all those with mixed parentage who cling on to the bumi status as a means of unfair competitive advantage. A blatant misuse of the status, i would say. And what equity? any tom dick and harry can calculate as he/she likes and say equity is 5%, 10%, 20%, 42%, or even 100%. Can we just believe it?
The rest of malaysia says Maybank’s action is wrong.
Cabinet can:
1. continue its stand – and suffer from selfish Malays’ condemnation 2. Revoke and allow maybank to do as it like – which is slap in the face and insult to all right thinking and mature malaysians. 3. maintain status quo, but maybank will enforce the ruling silently with support from UMNO and others.
Why this equity anyway? So that the chinese/indian/others can work hard and the selected few get free money? If you are good, business will come to you. if you are not, well… you need a tongkat, of course…to hide the weakness and inability.
Better if Maybank just say that will allow only 100% Malay law firms. Let’s see how many firms will get selected. You want to select your cronies, “give chance”, “share the economic pie”, and suffer possible loss due to legal incompetence? What would the shareholders say? We as shareholders only want the highest returns and not some flimsy rules which hinder from hiring the best.
From all the replies in the malay dailies, not a single comment touched on the excellent capabilities of their lawyers. Why? Maybe such things don’t exist? So, you want companies to pay for substandard service?
PM: Maybank must be fair to all
http://www.thestar.com.my/news/story.asp?file=/2007/5/12/nation/17708737&sec=nation
KUALA LUMPUR: Maybank should always be “fair and just” to all, said Datuk Seri Abdullah Ahmad Badawi.
The Prime Minister said the bank’s requirement that legal firms dealing with them must have a bumiputra partner with at least a 50% stake was never a government directive.
“It was their own internal administrative policy,” he said.
Following criticisms, the country’s biggest bank reversed this internal guideline and said it would elect its panel of lawyers based on efficiency, performance and merit, and not ethnic composition.
However, a Malay newspaper reported yesterday that Malay intellectuals were asking for Maybank to retain the 50% bumiputra stake requirement.
Asked about this, Abdullah, who is also Finance Minister, said there was “no need to ask Maybank to do this and that.”
“They know what is needed,” he added.
On Wednesday, the Cabinet directed Maybank, which is the country’s largest financial group, to withdraw its requirement following criticism from various groups including the MCA, Bar Council and the Associated Chinese Chamber of Commerce and Industry.
The groups had said the guidelines were discriminatory and that selection of law firms should be on merit and not ethnic composition.
MCA president Datuk Seri Ong Ka Ting said the Cabinet discussed the issue and considered the matter resolved.
On Thursday, Umno Youth chief Datuk Seri Hishammuddin Hussein Onn said the Maybank issue should be a lesson to all Malaysians as the country was a multiracial one where a small thing could become sensitive.
Meanwhile, AmBank Group announced that all letters sent out to legal firms that stipulated the requirement of bumiputra equity participation had been withdrawn.
“We would also like to apologise for any misunderstanding caused by the letters which were issued over the last few days,” it said.
AmBank was also criticised for sending out letters to law firms requiring them to have a bumiputra partner.
Yesterday, Perak Malay Chamber of Commerce youth chairman Saiful Adli Mohd Arshad said the chamber fully supported Maybank’s requirement because it would help increase bumiputra equity, especially among professionals.
Catrade Sdn Bhd chief executive officer Datuk IIyas Mohamed said the Cabinet directive appeared to be inconsistent with its own policy of assisting Malays in getting their share in the distribution of the nation’s wealth.
