While Madani is giving everything to billionaires and the peasants are getting nothing

Where equity means privileges for the elite

Murray Hunter

The government in Malaysia since the 1970s has engineered the New Economic Policy (NEP) to benefit the rich. Poor Bumiputera’s certainly can’t afford to buy million Ringgit condos in Klang Valley, so why are Bumiputera discounts necessary on such luxury real estate?

Former prime minister Mahathir Mohamed with his then henchman Anwar Ibrahim created several multimillionaires like Vincent Tan, Halim Saad, Tajudin Ramli, and many others, with the hope they would bring create many other millionaires along with their respective rises in wealth. This didn’t happen.

Back in December 2022, there were great expectations that Anwar would signal the end of the rice monopoly when he met with Syed Mokhtar. Today, Syed Mokhtar Albukhary still has his rice monopoly that has caused Malaysians to pay more for their rice than should need be.

However, you don’t have to be a privileged Malaysian just to receive special concessions from the government. When Anwar was wooing the owner of Telsa and Starlink, he gave concessions any Malaysian business person would certainly fight hard for. Elon Musk in a 25 minute Zoom call got it all, without giving anything back.

While Elon Musk was busy replying to Tweets during his Zoom time with Anwar, concessions were laid upon him, without any request by Musk. On the spot, Anwar decided to purchase 40 Starlink internet stations for local universities, granted Starlink a 10 year license to operate in Malaysia, bypassing local equity rules, and waved the need for APs (permits) to import Telsa cars into Malaysia, giving his company a great competitive advantage over any opposition.

Changing equity regulations help the billionaires takeover profitable industries.

This is hardly fair when existing freight forwarding companies formed after 1976, are now required to have a 30 percent Bumiputera equity if they are registered between 1976 and 1990, or minimum 51 percent Bumiputera equity if registered after 1990.

This was never reversed under Madani, and has forced Malaysian companies to form overseas shell or holding companies to take advantage of the 100 percent equity allowed to foreign investors.

Foreigners actually have friendlier business rules than non-Malay Malaysian citizens.

Malaysia is a country where companies like developer Glitzy Gloss Sdn Bhd can utilise, with support of the government the Land Acquisition Act (LAA) invoked by the Federal Land and Mines Department to take advantage of Kampong Sungai Baru residents by paying them only 25 percent of the value of their properties. To ensure Glitsy Gloss’ profitability, water and electricity utilities were cut off to force residents to evict.

The Federal Territories Minister Zaliha Mustafa helps the rich take from the poor and get kleptocrats reduced sentences.

The human rights of the peasants are nothing if it gets in the way of the profits of billionaires.

Recently, Economy minister Rafizi Ramli said RM 42 billion will be spent on (needy) SMEs. However, the scheme requirements and delivery system will ensure the money doesn’t get into the hands of those SMEs that need the assistance. This creates yet another little honeypot for the billionaires.

The billionaires get everything, while the peasants get nothing.