Monday, May 07, 2007

Malaysia's Largest Bank Under Fire For Setting Ethnic Ownership Rules

More on the despicable attempt by two Malaysian banks to force race quotas. This news has now gone international and here is one report from the IHT.

Malaysia's largest bank faced criticism from lawyers, corporate leaders and opposition politicians Monday after revealing plans to require law firms that conduct business with it to have at least one ethnic Malay partner.

The proposed policy by Malayan Banking Bhd., or Maybank, underscore sensitivities among ethnic minorities over economic and social privileges enjoyed by the Malay Muslim majority.

Maybank, which is controlled by government fund manager Permodalan Nasional Bhd., said in a statement over the weekend that it would conduct "the necessary review (of the plan) with due consideration to the feedback received."

Newspapers and lawyers have reported that Maybank recently sent letters requiring firms on its panel of solicitors to have a minimum of three partners, at least one of whom must be a Malay with a minimum stake of 50 percent in the firm.

The requirement is supposed to take effect July 1 for companies that are not yet on the bank's existing panel of legal firms, which will have a year longer to comply with the ruling.

Malaysia's top opposition leader in Parliament, Lim Kit Siang, said Monday that Maybank's statement remained "ambivalent and unsatisfactory."

Bar Council President Ambiga Sreenevasan told the New Straits Times newspaper that Maybank's plan was "totally discriminatory," stressing there was "no legal basis for such a condition."

The Associated Chinese Chambers of Commerce and Industry said in a statement that the move could hinder businesses from operating freely and keeping up with international competition.

Affirmative action policies instituted in 1970 benefit Malays — who comprise nearly 60 percent of Malaysia's 26 million people — through government jobs, contracts, cheaper housing, and other privileges aimed at boosting their corporate ownership.

Malays now own some 19 percent of corporate wealth, while ethnic Chinese control 40 percent, according to government statistics. The Chinese form about a quarter of Malaysia's population, while ethnic Indians constitute nearly 10 percent. (International Herald Tribune)

***** Does anyone know the identity of the second bank which demanded the quotas?

Earlier related post: Two Banks In Malaysia Perpetuating Never Ending Policy.
Image - Source
Interesting Update: Najib: GLCs Should Give Business To Bumi & Non-bumi Companies
Update 5/9/07: Malaysia government tells top bank not to be unfair to ethnic minorities

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Blogger Billy said...

I am a Maybank customer and at the rate the bank do business, I think I have to close my account and transfer it to another non-racist bank. I hope all fellow Malaysians will do likewise. This is only one way we can teach these blokes a lesson.

7:36 PM GMT+8  
Blogger zewt said...

this is unbelievable!

9:13 PM GMT+8  
Anonymous FFT said...

Can it get anymore obvious than this?

Malaysia is dying.

With the Ananda's, Kuok's and Lim's removing their investments from the stock markets and diversifying them overseas, the BUMs know that they have very little time for a last go at whatever they can grab before the curtains come down.

The illusion of "Ketuanan" is about to come crashing down, which is good because these types need to be relegated back to where they actually belong; i.e. not in the professions, UNLESS they are qualified. What we will see is there will be a disproportionate shrinking of the Bumi middle-class (as opposed to the percentage of middle-class of other races). The middle-class bumi's are the biggest illusion and are the product of the NEP (the ones that got into uni's with dodgy qualifications, benefit from silly policies like the one in question, etc.). The elite rich will still be rich, while the poor village folks will remain poor or even worse.

The only downer to this is that these idiots know only one thing best and that is to amok, especially when provoked and planned by keris-wielding Nazi's who have been suspiciously courting lawless bike-riding footsoldiers of late (for what purpose?). So, all Malaysians need to be prepared for some smoke and mirrors in terms of planned violence if things don't tilt in favor of the modern-day Nazi party.

Remember this: Don't strike out at your neighbor of a different race or religon. They are also the victims of these supremacist thieves and robber barons. Make it very clear that all citizens will band together and proceed to march to the homes of members of the modern-day Nazi party and lynch them.

5:35 AM GMT+8  
Anonymous Anonymous said...

It won't be effective by boycotting MayBank to teach them a lesson. The GLC & government related bodies & bumi companies/bumis would be their main clients. This will be more than enough for MayBank.
Those small fries will savings account in MayBank?? forget it.

11:21 AM GMT+8  
Blogger kittykat46 said...

The other bank involved in the quota issue is Ambank.

2:07 PM GMT+8  
Anonymous Anonymous said...

Just closed down all my Maybank accounts already. Doesn't matter if I am small fly to them coz i don't deal with this kind of bloody suckers.

2:30 PM GMT+8  
Anonymous Anonymous said...

Little by little there will be an impact. So don't say it does not matter. Important thing is to be sensitive to such issues and make sure injustice is not tolerated. If we assumed that we are insignificant, then we will be. But if assumed we are not, then ...

5:39 PM GMT+8  
Anonymous Anonymous said...

Right! A tsunami consists of tiny drops of water! A thousand mile journey begins with a humble small step. Drops of water over thousand years can crack a massive boulder. Small snowflakes blanket a mountain. Small is beautiful but can be deadly. Small wisdom can indeed kill the giant stupidity.

3:37 PM GMT+8  
Anonymous Anonymous said...

Also see: Malaysiakini. Captioned: "Am bank letter reveals "racial" policy. Extract:

(quote): "An opposition leader today distributed a letter from Ambank allegedly advising a legal firm to have a bumiputra partner. The letter dated April 17, stated that it was advisable for the legal firm to have a bumiputra partner as it is one of the imperative requirements for the bank's panel of solicitors. Should the firm fail to comply with the requirement by May 31, Ambank stated that it had the absolute right and discretion to revoke the emplacement of the firm." (unquote)

10:45 AM GMT+8  

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