{"id":686,"date":"2007-11-09T00:00:26","date_gmt":"2007-11-08T16:00:26","guid":{"rendered":"http:\/\/poobalan.com\/blog\/borninmalaysia\/2007\/11\/09\/30-percent-bumi-equity-quota-and-racial-composition-of-employees\/"},"modified":"2007-11-09T00:00:26","modified_gmt":"2007-11-08T16:00:26","slug":"30-percent-bumi-equity-quota-and-racial-composition-of-employees","status":"publish","type":"post","link":"https:\/\/poobalan.com\/blog\/borninmalaysia\/2007\/11\/09\/30-percent-bumi-equity-quota-and-racial-composition-of-employees\/","title":{"rendered":"30 percent bumi equity quota and racial composition of employees"},"content":{"rendered":"<p><font face=\"Arial, Helvetica, sans-serif\" size=\"3\"><font size=\"2\">The issue of racial composition of employees in all companies listed in stock exchange was announced (or rather coughed over) by PM at the budget presentation, which I wrote about  <a href=\"http:\/\/poobalan.com\/blog\/borninmalaysia\/2007\/09\/14\/budget-2008-says-listed-companies-must-reveal-employee-composition-by-race\/\">here<\/a>.<\/p>\n<p><\/font><\/font><b><font face=\"Arial, Helvetica, sans-serif\" size=\"3\"> <br \/>Govt defends 30% bumi equity quota on foreign businesses<\/p>\n<p><\/font><\/b><font face=\"Arial, Helvetica, sans-serif\" size=\"3\">source: <a href=\"http:\/\/sun2surf.com\/article.cfm?id=19878\">http:\/\/sun2surf.com\/article.cfm?id=19878 <\/a><\/font><b><font face=\"Arial, Helvetica, sans-serif\" size=\"3\"><\/p>\n<p><\/font><\/b>                              <font size=\"2\"><strong>KUALA LUMPUR (Nov 5, 2007):<\/strong> The government has defended the move to introduce a guideline requiring 30% bumiputra participation in wholesale distribution business by foreigners.<\/p>\n<p>Deputy Domestic Trade and Consumer Affairs Minister Datuk S.Veerasingam said the 30% bumiputra equity ownership contained in the guideline had been approved and accepted by the Cabinet on Oct 20, 2004. &quot;It is in line with the national development aspiration, which is to rectify the economic and social imbalance and pay attention to the development of a bumiputra industrial and business community,&quot; he said in his winding up to points raised by MPs in the Budget 2008 debate in the Dewan Rakyat (Parliament) today. He however added that the guideline requirement could be negotiated, whereby the ministry could provide such companies a grace period to find the necessary bumiputra partner or investment company.<\/p>\n<p><\/p>\n<p>On the guideline relating to racial composition of the directorship and composition of personnel in such companies, Veerasingam said the move was to ensure that all Malaysians, irrespective of racial background, would be able to benefit from such foreign investments.<\/p>\n<p><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The issue of racial composition of employees in all companies listed in stock exchange was announced (or rather coughed over) by PM at the budget presentation, which I wrote about here. Govt defends 30% bumi equity quota on foreign businesses source: http:\/\/sun2surf.com\/article.cfm?id=19878 KUALA LUMPUR (Nov 5, 2007): The government has defended the move to introduce [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[43,24,225],"class_list":["post-686","post","type-post","status-publish","format-standard","hentry","category-borninmalaysia","tag-cfm","tag-mic","tag-politicians"],"_links":{"self":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/686","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/comments?post=686"}],"version-history":[{"count":0,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/posts\/686\/revisions"}],"wp:attachment":[{"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/media?parent=686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/categories?post=686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poobalan.com\/blog\/wp-json\/wp\/v2\/tags?post=686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}