KUALA LUMPUR, Oct 28 - Former Prime Minister Tun Dr Mahathir Mohamad disagrees with the MCA’s proposal that the conditional 30 per cent Bumiputera equity ownership in public-listed companies be abolished.
He said this was not the right time to do so as the target for Bumiputera equity participation had not been achieved.
"If we have achieved the 30 per cent target for Bumiputeras, 40 per cent for non-bumiputeras and 30 for foreigners, then we can do away with the condition," Dr Mahathir told reporters at the Malaysia Muslim Welfare Organisation (Perkim) Aidilfitri function here today.
“We have not reached that yet... there’s still a lot to be done. If we reduce it to 20 per cent today and it does not expand while the economy does, the Bumiputera equity participation will get smaller. We have to take all this into consideration.”.
Dr Mahathir, who is Perkim president, said although the equity ownership could be changed, the target for Bumiputeras needed to be protected.
“This is not a suitable time to make any adjustment as the world is in turmoil. It does not mean that if we abolish the equity quota it will make the companies stronger and more competitive.
“If we reduce the Bumiputera equity participation to 20 per cent, then the others must also reduce theirs,” he said.
Dr Mahathir said the issue should have been brought to the Barisan Nasional’s attention as it was raised by a BN component party.
Yesterday, MCA vice-president Datuk Liow Tiong Lai said the condition for 30 per cent Bumiputera equity in public-listed companies should be abolised in order for them to remain competitive.
Liow was also quoted as saying that the 30 per cent target set was a hindrance to the creation of true partnership between Malay, Chinese and Indian businessmen in the country.
Asked about Malay special rights, Dr Mahathir said many people talked about it but the non-Malays too have their rights.
“If we take away the rights of the Malays, then we have to do the same with the rights of the non-Malays. We have to be rational, just don’t see only one side," he said.
Dr Mahathir also said that the open house concept, as practised in Malaysia during festive celebrations like Aidilfiti, should continue as it can help erase negative perception of Islam.He said in a multicultural and multireligious country like Malaysia, the open house practice would also help non-Muslims not fear Islam or regard it as a strange religion.
“We should continue with this open house practice as it will bring about greater understanding between Muslims and non-Muslims,” he said.
Dr Mahathir said due to the lack understanding of Islam, some quarters had wantonly labelled the actions of some Muslims as acts of terrorism and associated such acts with the religion.
“But Islam is a religion of peace. And peace and unity in Malaysia will be strengthened even further if we bring Muslims and non-Muslims closer together.
“Malaysia has the opportunity to show to the world how Islam is practised, which has brought good to the people and nation, unlike in some countries where the people are often at war with each other,” he said. - Bernama
Show/Hide comments
Show/Hide comment form
