Sunday, May 06, 2007

Two Banks In Malaysia Perpetuating Never Ending Policy

Image - A Leech In Action

From the NST: A new regulation by two major banks that requires Bumiputera legal firms’ involvement has irked the legal community. The regulation requires law firms to have a minimum of three partners of which one must be Bumiputera with a minimum 50 per cent stake in the firm before they can do any business with the banks. The letter was sent to all legal firms last month.

What can we infer from this new regulation? It will not be wrong to surmise that Bumiputera lawyers are so hopeless that they simply cannot survive without unfair racial quotas being imposed on the other ethnic groups. Only with the Ali-Baba type collaboration (which our government ostensibly denounces) can they make easy money without doing any work. By virtue of being a Bumi, 50% of the stake in a law firm is theirs, for not lifting even a pencil! What sort of perverse logic went into the conceiving and formulating of this monstrously unjust and inequitable rule beats me. Who are the banks trying to help? Is it their job in the first place to attempt to perpetuate racist policies on behalf of the government?

As it is Bumis, especially Malays are given places in our increasing number of law faculties on an 'out-of-turn' basis. Many of them in the normal course of events would have been denied admission because of insufficient academic qualifications. Yet they find themselves studying and graduating as lawyers. Ideally the preferential treatment must end there. Having made it to the field largely due to the government's charitable policies instead of their own steam and merit, shouldn't at least at this juncture Bumi lawyers be allowed to strike out on their own and find their true place and calling in the legal profession? By right they should, and any self-respecting lawyer would be ashamed to be mollycoddled in this fashion. However the Never Ending Policy (NEP) has made many of these people into shameless receivers of handouts not unlike a beggar waiting with his/her begging bowl. Now this bank regulation has introduced a new "cradle-to-grave" concept for the future protection and promotion of Bumi professionals who don't have the wherewithal to compete on merit and can't or won't see the necessity to work as hard and as cleverly as their non-Bumi counterparts.

Read the entire NST report and feel depressed:

A new regulation by two major banks that requires Bumiputera legal firms’ involvement has irked the legal community. The regulation requires law firms to have a minimum of three partners of which one must be Bumiputera with a minimum 50 per cent stake in the firm before they can do any business with the banks. The letter was sent to all legal firms last month.

The Bar Council has cried foul over the conditions set by the banks. Council chairman Ambiga Sreenevasan described the requirement as "totally discriminatory". "There is no legal basis for such a condition and it’s certainly in breach of the spirit of the Federal Constitution.

"All our lawyers should be judged on merit. That is the correct basis for selection," she told the New Straits Times. "Most of all, we are concerned that such preferences will give rise to tokenism and that it will affect the quality of the legal services provided," she added.

The Bar Council, she said, imposed no such conditions on members of the Bar. "We don’t stipulate how law firms should be run, we leave it to the lawyers themselves."

Ambiga said the Bar Council had written to the banks in the last two days expressing concern and asking them to review their policies. "We will be following up on this matter with Bank Negara Malaysia," she added.

It was reported that the requirements would take effect on July 1 while the deadline for existing firms was a year after the new ruling was implemented. It is learnt that at the moment there are no specific requirements for legal firms to be appointed by financial institutions.

***** Do you think that such preferential policies are going to be of much use to the Bumi lawyer in the long run? Sure, some of them will become rich much faster. But those with any conscience would know that they do not really deserve it and that too with the best (read non-Bumi) out there in the courts of law making a name for themselves and proving what it means to be a genuine lawyer and not just a highly-placed and fabulously paid leech, employed as very expensive window-dressing, nothing more.
Image - Source

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12 Comments:

Blogger KSCheah said...

I do not see what the fuss is all about. The 2 banks are within their rights in imposing whatever rule they want just as it is within the rights of their non-bumi customers to shift their money and business to other non-discriminatory banks.

12:32 PM GMT+8  
Blogger tcs said...

Dear KSCheah,

This is the problem with people like you that don't care about this and that. ARE YOU IN A WAY NEWLY CONVERTED BUMI TOO?

1:12 PM GMT+8  
Anonymous Anonymous said...

I don't understand what the fuss is all about. In the contruction industry virtually all government contracts are for 100 % bumi company only. The people in the construction industry like contractors and engineers had this policy thrust onto them for more than 30 years except earlier there were some limited open tender and they allow 51% majority shareholding. Now it is 100% yet nobody make a whimper. So how does the non bumi survived? Your guess is as good as mine. Good luck to all the LOrd Dennings.

1:17 PM GMT+8  
Blogger kittykat46 said...

The non-bumis in the construction industry have had a tough time but many survived for two principal reasons
a)Quite a lot of bumi "contractors" who got the government jobs have neither the interest nor the capability to manage the actual construction operations, so the job is parceled out to non-bumis, so they survive, but with slim margins
b) There's still a lot of private sector driven construction work, which is not subject to the 100% bumi requirement.

In the case of the legal firms, I kind of agree with kscheah. The names of the banks should be publicised, and consumers are quite free to take their business elsewhere. These banks are profit-making firms, they will get the message perfectly if they start losing business due to specific policies on their part.

1:46 PM GMT+8  
Anonymous Anonymous said...

Do we need 51% majority shareholding in Bak Kut Teh business? There are many Bumi shareholders in Genting but I am not sure whether they are holding 51 %.

3:33 PM GMT+8  
Anonymous Anonymous said...

First they came for the Communists,
and I didn’t speak up,
because I wasn’t a Communist.
Then they came for the Jews,
and I didn’t speak up,
because I wasn’t a Jew.
Then they came for the Catholics,
and I didn’t speak up,
because I was a Protestant.
Then they came for me,
and by that time there was no one
left to speak up for me.

by Rev. Martin Niemoller, 1945

7:43 PM GMT+8  
Anonymous smallVoice said...

They asked for a foot, now they asked for a yard. Before, the NEP was for the poor, now the NEP is for the professionals, what's next? They are not discarding the crutch, worst, they are now giving wheel chair, ..what's next?

Did the 2 banks also impose prerequisite for customers? Let's challenge them to impose the same conditions on customers to fulfill the requirement...I know they can close shop the next minute.

This is nothing but an arrogant behaviour of 'BUMI supremacy'. What's Bumi status? After all, it's just like parasite... Shame on you.

9:52 PM GMT+8  
Anonymous smallVoice said...

Dear Malaysian,

I've just noticed what a image u hv put up for this thread, most appropriate reflection! The best suited image for the NEP!!

10:01 PM GMT+8  
Anonymous Anonymous said...

like ks cheah said, name the banks. whats the worry. let the general public knows and i am sure they will shift their business elsewhere. afterall, do you want to do business with a bank that does not practice meritocracy and risk your hard earn money going down the drain?

1:20 AM GMT+8  
Anonymous Anonymous said...

My residual respect for the bumis had just evaporated completly!

8:32 AM GMT+8  
Anonymous Anonymous said...

Malaysia is such a small "water well" and the bumi factor wants this tiny well to be "quota-ed". Everything is and needs to be "divided" into racial rights. I have a great idea! The sky is wide and infinite. Why not claim the heavenly space? Claim the oceans? Into bumi and non-bumi? Claim the insect world ownership? Claim the viruses and bacteria world? Go to hell and make the claims?

This country has no future! sigh!

10:57 AM GMT+8  
Anonymous Anonymous said...

See: Latest Malaysiakini news captioned: "Maybank faqces boycott over bumi equity policy". DAP Socialist youth (Dapsy) members will close accounts.....etc

5:50 PM GMT+8  

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