Cronies and political appointees or political masters will benefit from the Bumiputera input in the 12th Malaysia Master Plan says Anwar Ibrahim who adds that history has proven this will fail.
Speaking in Parliament, Anwar says the bumiputera equity ownership rule would benefit the rich and politically connected because similar initiatives in the past had proven this point.
“If we look at what happened in history, (bumiputera equity policies) greatly benefitted a few family-run companies and cronies.” He adds that nominee shareholding had been abused by the politically connected to surreptitiously own shares.
“Nominee (shareholding) is how big and very rich political leaders shield their names by appointing nominees.” He says it is not proper to allow GLCs and GLICs to appoint political nominees.
