Subscribe in a reader | Subscribe by Email Bank to review Bumi ruling By : Irdiani Mohd Salleh
http://www.nst.com.my/Current_News/NST/Monday/National/20070507081551/Article/index_html
KUALA LUMPUR: Maybank Bhd, one of the two banks which had introduced a regulation requiring Bumiputera legal firms’ involvement before any business may be conducted with it, will review its decision.
Maybank, stating that it has always adopted a flexible approach, explained that it did not intend to call on existing solicitors to restructure their equity ownership.
It was reported that the new regulations would require law firms to have a minimum of three partners, of whom one must be Bumiputera with a minimum 50 per cent stake in the firm.
The letter was sent to all legal firms last month.
A Maybank spokesperson said the bank would do the necessary review based on feedback. “Efficiency and performance of solicitors as well as their ability to provide the best service to the bank and its customers have always been a core requirement for the emplacement of the bank’s panel of solicitors,” he said.
He added that equity ownership had never been the sole and overriding determinant for emplacement.
Those currently on the panel are welcome to contact the bank’s legal department to seek clarification and assistance.
“Maybank regrets any misunderstanding that may have arisen from this annual review (that led to the decision).”
In yesterday’s New Sunday Times, the Bar Council had cried foul over the conditions, describing them as “totally discriminatory”.
Bar Council chairman Ambiga Sreevasan had said all lawyers should be judged on merit and anything otherwise would give rise to tokenism.
It was reported that the new requirements would take effect on July 1, while the deadline for existing firms was a year after the new ruling’s implementation.
