Inefficient New Economic Policy of Malaysia

Tun Dr. Mahathir,

By right, New Economic Policy (NEP) should have been ended since 1990. If the Malay people still insist today that NEP should be carried on until the true achievement of the final target of 30% wealth and 30% employment in the public companies be given to the Bumiputeras, then in Bursa Malaysia we will hardly be able to find many counters that are really a good choice for investment. This means that it is not easy to find the companies that really come with good quality assets in true sense, as well as in the sense of book values that are being reflected as assets of high Net Tangible Value in the balance sheets of the company annual reports. More often than not, what we are able to see in Bursa Malaysia will only be the stocks of some high gearing and debt-ridden companies, which will eventually be graded as PN4 or PN17 members when recession hits. This will be the end-result of the long term implementation of the NEP - shamefully lack of economic motivation and management efficiency for the publicly owned companies to perform well in the business world.

What rationale do you find that can really make us feel proud of the success of the government intervention measures for bailout purpose, such as those measures of Dana Modal and Dana Harta? I find that I myself have no reason to feel proud of any bailout effort at all! I would rather like to see more and more small and medium businesses, which are not required to abide to the 30% Bumiputeras Rule of NEP, growing slowly but steadily in Malaysia than seeing more and more Bursa Malaysia member companies, which are required to allocate at least 30% shares to Bumiputeras, finally slipping itself into the category of PN4 or PN17 when time turns bad.

In this article, Tun still does not show a strong determination to call for the abolition of the affirmative action. Before Tun continues to give your support to the continuation of affirmative action in favour of Bumiputeras in Malaysia, I would like to call for your attention to an article, which attempts to define the meaning of justice as published in the website below.

http://www.cesj.org/thirdway/socialjustice-defined.htm


By the way, I wish to remind Tun that the word "Red Indian" should not be used again to identify the American Indigenous Ethnic if Tun speaks to Americans or to the other World. The more appropriate name, which is much more commonly used in America for identifying this Indigenous Ethnic, is "American Indian".

Onlooker