My blog has numerous comment post by reader on New Economic Policy(NEP). A "Letter to Editors"published by The Edge on its recent printed edition has an interesting comment.
The reader claim that the bumiputra has dominant the banking industry, which I agree. And dominant the automobile industry in Malaysia.
Out of 10 anchor bank in Malaysia. Only PBB, Hong Leong Bank and Southern Bank are control by non-bumiputra.
Again, after Oriental Holding Bhd lost it franchise and dealership of Honda. Hyundai franchise has been acquired by Sime Darby. Only Tan Chong which hold distributorship of Nissan remain under Non-bumi.
Actually, it is ridiculous to excluded Government Link company(GLC) on it calculation on 18% ownership. If included GLC. Bumiputra is control more than 50% of Malaysia economy. All GLC are head by bumiputra and majority of its staff comprises bumiputra plus it has the bumiputra culture.
Other than the two industry highligh by the reader of The Edge. The reader fail to included plantation industry. With the GLC control of Sime Darby, Golden Hope and Guthrie. Bumiputra actually control the majority of the plantation land in Malaysia. It just that it yield of the company unable to compete with those control by Non-bumi like IOI, KLK and PPBOP. Thus, it's time to improve efficiency and competitiveness rather than improve percentage of ownership.
All the plantation company also have a property development arm to capitalize on the landbank like Sime UEP,I&P and Gutherie Land.
Bumiputra also control all the free to air TV via Media Prima Bhd. Holding company of TV3.
At one point of time. Bumiputra control the whole Kuala Lumpur transport system via IntraKota and Park May Bhd. However, both have been acquired by the government due to inefficiency and unable to pay it debt. Again, this is a question of efficiency and not question of ownership.
Sadly, savvy bumiputra entrepreneur like AIC Corporation Bhd's chairman Y. Bhg. Datuk Haji Sarip bin Hamid fail to get government support as he prefer to donate to the poor rather than make political donation.
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