Affirmative action can be removed if inter-racial wealth gap addressed - Dr M
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Mahathir and his 3 billionaire sons |
Former prime minister Dr Mahathir Mohamad said that if the inter-racial wealth gap can be addressed, then it would be possible to get rid of affirmative action policies.
However, he said "greater corruption" had caused policies aimed at reducing the wealth gap to be unsuccessful.
"If you reduce the disparity, the jealousy, and the envy will be reduced. The country will be stable; then the country will grow.
"When the difference in terms of wealth is not so big, it is all right. We can do away with that (affirmative action)," Mahathir said, as reported by Singapore's Straits Times.
However, he said "greater corruption" had caused policies aimed at reducing the wealth gap to be unsuccessful.
"If you reduce the disparity, the jealousy, and the envy will be reduced. The country will be stable; then the country will grow.
"When the difference in terms of wealth is not so big, it is all right. We can do away with that (affirmative action)," Mahathir said, as reported by Singapore's Straits Times.
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Mahathir's hi-flying granddaughter and her yacht |
Affirmative action policies which favour the Malay bumiputera have expanded since the introduction of the New Economic Policy (NEP) in 1971.
Mahathir said that this policy was partly successful as there are more Malay professionals now.
However, bumiputera corporate equity was revealed to have fallen from 23.4 percent to 16.2 percent between the years 2011 and 2015.
Mahathir said this was because the bumiputera's "response was bad".
"Many of them failed because they sold the licences, contracts and permits. For a short while, they had money, but they didn't grow," he said.
The 95-year-old was also the architect behind the failed Wawasan 2020, which had espoused the reduction of inter-racial wealth gaps.
Mahathir said that this policy was partly successful as there are more Malay professionals now.
However, bumiputera corporate equity was revealed to have fallen from 23.4 percent to 16.2 percent between the years 2011 and 2015.
Mahathir said this was because the bumiputera's "response was bad".
"Many of them failed because they sold the licences, contracts and permits. For a short while, they had money, but they didn't grow," he said.
The 95-year-old was also the architect behind the failed Wawasan 2020, which had espoused the reduction of inter-racial wealth gaps.
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kt notes:
As with everything he touched, Forex, BMF, Maminco-Mukawasa, Perwaja, Proton, crooked bridge, Judiciary, Senate, Civil Service, education, UMNO I, II, III (PPBM), Pakatan Harapan, Bangsa Malaysia, Malay Dignity-Unity, Wawasan 2020, King Minus has failed miserably.
But I would agree with 'affirmative actions' for non-Malays until they can come up to his sons' level of affluence and wealth.
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Now you know why Mahathir promoted F1 racing - because we ordinary Malaysians love to race in our Bugatti |
KT's QUOTE:
ReplyDeleteAs with everything he touched, Forex, BMF, Maminco-Mukawasa, Perwaja, Proton, crooked bridge, Judiciary, Senate, Civil Service, education, UMNO I, II, III (PPBM), Pakatan Harapan, Bangsa Malaysia, Malay Dignity-Unity, Wawasan 2020, King Minus has failed miserably.
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As usual KT does not mention the OTHER scandal which began in 1999 when Toonsie was PM and "finished" when Jibby was PM a decade later.
Why no mention of Port Klang Free Zone (PKFZ)?
Is it because MCA was involved.....in cahoots with now Menteri Kong Kali Kong Tiong(kok) King Sing.....? Where did the billions go?
this post is about Mahathir and his BS affirmative actions; why bring in the MCA?
DeleteKT’s question was affirmative action for who? But he only mentions for Toonsie’s children and Malay cronies. KT conveniently left out MCA cronies.....who also benefitted.....
DeleteKT selectively choose to name Toonsie's children and Malays as beneficiaries of affirmative action. No Fair.
DeleteToonsie dan Jibby bagi PKFZ and TARUC matching grant to MCA, that is why for decades their Ministers duduk diam diam in cabinet, looking the other way while UMNO got free reign to commit plunder, rape and pillage on the national coffers, so called affirmative action.
PKFZ was affirmative action for MCA......ha ha ha.....
ReplyDeleteperombak gang ada royce, conman gang ada porsche, now is hadi gang turn. we must contribute more merc n vellfire.
ReplyDeleteHe has to sing this kind of song again...it worked before, but will it work this time ?
ReplyDeleteHere is another example (proof) of affirmative action benefitting Chinese, unravelling TODAY.
ReplyDeleteBut KT is stuck in 80s, 90s, 00s bail-outs/scandals/affirmative action/etc which have long past and can probably never be reversed.
Why? Because they are all related to someone he hates?
Khazanah-owned UEM-Sunrise bailing out Chinese owned/managed Eco-World (Tan Sri Liew), using public money.
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Former PNB chief raises concerns over proposed UEM Sunrise-Eco World merger
By Ayisy Yusof - October 6, 2020
KUALA LUMPUR: Former Permodalan Nasional Bhd president and group chief executive Jalil Rasheed has raised concerns over UEM Group Bhd's plans to take over and merge Eco World Development Group Bhd with its 66.06 per cent-owned UEM Sunrise Bhd.
In a series of tweet yesterday, Jalil suggested that UEM Group should not rescue a subsidiary in financial trouble by merging it with a company with cashflow problem.
"You create this giant (UEM Sunrise) that you then feel compelled to rescue when in financial trouble. Why put yourself through this? When easier solution is to make UEM (Sunrise) more efficient.
"I fear this deal would go down this route, because focus has always been on market capitalisation size, rather than efficiency metrics," he said.
"One thing I have noticed in Malaysia is the need to have institutional backer for companies, so discussion with banks are easier."
He said "biggest company did not mean better", while acknowledging there were many large ones that were inefficient.
"One must ask why Eco World wants to merge (and lose ownership control) unless they are not doing well? There are severe cashflow problems, add that to weak demand for properties," he said.
Eco World's net profit reportedly fell 72.7 per cent to RM13.8 million in the third quarter (Q3) ended July 301 2020 from RM50.5 million a year ago.
It reported lower revenue of RM477.9 million in Q3 from RM521.4 million previous year.
This was due to the lower share of the results of its Malaysian joint-ventures namely Eco Grandeur, Eco Business Park V, Eco Horizon, Eco Ardence and Bukit Bintang City Centre.
According to a recent report by CGS-CIMB Research, Eco World's net gearing stood at 0.75 times as at financial year 2019.
The firm expected Eco World's net gearing to increase to 0.8 times for FY20, and further grow to 0.9 times for FY21 and 0.93 times for FY22.
UEM Sunrise, meanwhile, posted a net loss of RM93.36 million in the second quarter ended June 30, 2020 from a net profit of RM40.36 million a year ago.
Its revenue plunged 88.8 per cent to RM111.96 million from RM1 billion.
Jalil said such merger happened before with another institutional investor, adding that it was "foolish to do it again with another."
"Same playbook, but lesson never learnt," he tweeted.
UEM Group, in a letter to UEM Sunrise and Eco World on Monday, said it would issue new shares in UEM Sunrise at 44.3 sen each to shareholders of Eco World in exchange for all the latter's shares at 46.9 sen each.
Khazanah Nasional Bhd fully owns UEM Group, which has 2.99 billion shares in UEM Sunrise for the 66.06 per cent stake.
At time of writing, Khazanah could not be reached for comment.
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when Mahathir becomes OM (again if Allah swt wills it) he'll make you a "Tun"
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