Bank to review Bumi ruling By : Irdiani Mohd Salleh
\nhttp:\/\/www.nst.com.my\/Current_News\/NST\/Monday\/National\/20070507081551\/Article\/index_html
\nKUALA 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.
\nMaybank, 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.
\nIt 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.
\nThe letter was sent to all legal firms last month.
\nA 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.
\nHe added that equity ownership had never been the sole and overriding determinant for emplacement.
\nThose currently on the panel are welcome to contact the bank’s legal department to seek clarification and assistance.
\n“Maybank regrets any misunderstanding that may have arisen from this annual review (that led to the decision).”
\nIn yesterday’s New Sunday Times, the Bar Council had cried foul over the conditions, describing them as “totally discriminatory”.
\nBar Council chairman Ambiga Sreevasan had said all lawyers should be judged on merit and anything otherwise would give rise to tokenism.
\nIt 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-176","post","type-post","status-publish","format-standard","hentry","category-borninmalaysia"],"_links":{"self":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/comments?post=176"}],"version-history":[{"count":0,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/176\/revisions"}],"wp:attachment":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/media?parent=176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/categories?post=176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/tags?post=176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}