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Remove one FIC Crutch, Set up Mechanised Ekuinas Wheelchair PDF Print
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Wednesday, 01 July 2009 10:46

Why LIE-dis and LIE-dat?

1Malaysia seems on track to implementing his 1Malaysia's policy with his latest bold revelation of repealing the Foreign Investment Committee (FIC) guidelines which among others was a 30% bumiputra equity requirement for listing on the stock exchange.

"After 19 years, the FIC has failed to achieve its objective of increasing bumiputra equity to 30%," he said... Sun 'Freer economy." Jul 1 2009 p. 1.

But given that there is never a free lunch in BolehLand as far as not contravening the Constitution provisions of 'rights', companies are still required to offer half of the public shareholding spread to bumiputra investors, which is 50% of the 25% pubic spread requirement.

"The bumiputra equity condition therefore, becomes subsumed within the public spread requirement." Which means the other communities gets a lesser opportunity? But if even with the 30% equity, there didn't seem much enthusiasm so it will be left to be seen if even the 50% will get a full 100% take-up. But if 1Malaysia

So it seems too true to be true that 1Malaysia made a bold revolutionary move to remove this FIC crutch to enable the bumiputra to compete.

And before the bumiputra can raise their crutches to protest taking away what is 'rightfully theirs' as decreed in the Constitution, 1Malaysia substituted the crutch by announcing the setting up of Ekuiti Nasional Berhad (Ekuinas), "a new investment institution, is seen as a move by the government to fund bumiputra companies which are genuinely capable... Ekuinas will be provided an initial endowment of RM500 million by the government and the scale will be eventually raised to become a RM10 billion fund."... Ibid, p. 1

So 1Malaysia is eliminating 'sleeping partners' overnight from one bed and putting these sleeping partners now in bed with their own kind.

READ MORE HERE: http://jonathan66-my.blogspot.com/

Comments (11)Add Comment
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written by ATSaari, July 01, 2009 11:19:21
These Melayu used to be given Fishes rather than Rod and now they are given more than Rod, i.e Dynamite to blow float the fishes from the water. But still they do not know how to fish the proper way.

Melayu will have to get out of the 'MELAYU' doldrum, give up corruption, laziness and greed, and face the 'real' world, or Melayu will always be 'the Melayu' who have always been the apparatus of the corrupt UMNO.

Does anyone really believe that UMNO honestly want the Melayu to be highly educated, hard-working, independent and high in morality? Do you really believe that UMNO will survived with 21st century Melayu who are sprituallly free of the crutches of corruption, nepotism, subsidies and whatnot? Do you believe UMNO will survived without these 'cry-babies' Melayu without backbones? You must be crazy, and UMNO must be doubly crazy! What is UMNO without these Melayu weaklings, this is the problem with UMNO, a racist political party.

=Saya Pun Melayu Juga! =

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written by Kuku Burung, July 01, 2009 11:47:24
Will my wheelchair be motorized? If cannot afford, take from cina, india, tax money also ok.
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written by HamChak, July 01, 2009 11:55:31
Aiyoo, now gomen already PokKai, cannot afford to take somemore 30% but say they want to free up to makes the country more competitive. What a joke. PokKai, just admit.
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written by sydput, July 01, 2009 12:07:53
All the previous capable malay In know, were bailed out, then sacked from the position, like halim saad, tajuddin ramli and Amin shah (and off course, two of mahathir's son). Their bail out bill comes to several billions. Maybe equal to PKFZ.

But personally, they are rich and living in luxury overseas. How do they make their money? kickbacks. Everytime they acquire a listed company, they get something back. Off course the valuation will be on the high side. After all, it was not their money they were gambling with. It belongs to UMNO, which the treasurer, Daim has full control. In the end, Daim also sacked and staying overseas.

Presently, the Bumi guys are entrenched in oil and gas. Sapura (assited by govenrment by forcing telekon to bail out adam in the ninetees), Petra, Halim Mazmin(shipowner but presently diversified and seems unfocussed-this guy is a workaholic and a slave driver), Mukhriz (presently kencana-first to be bailed out by danaharta), Rozali Ismail(lawyer/company secretary and now water magnate-still maintains his law firm).

Those in the oil and gas already got assistance from Petronas in the form of high margins for the projects. That is why they are reluctant to go overseas, where margins are lower.

Only Scomi has gone global. And if you consider LAT a corporation, him too. ramly burger, I heard, was sold to non-bumis(cannot be confirmed). The reat are controlled by yemenis.
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written by Adrian, July 01, 2009 12:47:30
out of the pan and into the fire.
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written by Wisdom above, July 01, 2009 12:51:00
..."becomes ' subsumed 'within the public spread requirement." Which means the other communities gets a lesser opportunity?

Local Malaysians Investors losing out in the end ?

What a technical JOKE ?
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written by Beezee_Beezee, July 01, 2009 13:09:34
The Truth finally prevealed. So what's the Gormen will do to those who owed the money belong to the Tax payer. For us een with small amount due to IRD we got summons from IRD. What happened to YBs who were just removed and having lots of mony, property both in and outside the country. They should be investegated and put to jail.
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written by chiongguo, July 01, 2009 16:55:19
Is it any wonder that in the past 2 months or so Najib had made quite a few "dramatic" announcements and yet time and time again what was revealed was the kind of man helming the highest office in the country. All this clever reframing and moving the pie around only create a greater sense of scepticism for the man.

When we reach the next election no amount of cosmetic will help him.

Additional remark. Wouldn't it be better for companies to move offshore and list in some other bourse ? Capital flight had been substantial in the past few years.

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written by Loh, July 01, 2009 17:23:35
The government is still harping on the myth that Malays have not obtained 30% of corporate share capital despite the fact that they, AAB and Najib, promised in December 2006, to reveal within a month the statistics and methodology utilised by EPU, to refute the report produced by ASLI which stated that Malays’ share of corporate equity had far exceeded the 30% target of NEP. Until today, 30 months later, which is 30 times the length of time promised by the PM and DPM, the government has been unable to refute what ASLI’s report has stated that Malays owned more than 30% in the corporate sector versus the NEP target of 30%, then the findings by ASLI had to be correct. The statement by Najib claiming that the 30% target had not been achieved despite FIC rule was false. Also, the extending of 30% requirement to 50% requirement regarding Malays’ ownership is simply racist.

It should be recalled that by NEP objective the target of 30% was set as a threshold, an indication that Malays have achieved the ability to compete freely. NEP would cease to function once Malays have capability, and the question of the economic shares by race would not become an issue since the sense of jealousy by Malays against other communities would have been ameliorated. Indeed Malays are expected to claim that they have arrived at the level where any assistance by the government would be viewed an insult to the community. Malays who care to protect the honour of the race to show that the Malay race does not disappear under Malaysian sun without UMNO. The reality is that NEWMalays like the Mamaks do not consider Malays’ honour their responsibility since the blood running in their veins is decidedly Indian.

It is clear that the government accepted tacitly that the NEP target had been achieved and yet it goes ahead to continue with the race-based policy. The government prefers not to claim the glamour of having succeeded in 39 years for what was scheduled for 20 years, and had in fact achieved within that time frame in 1990 for a specific reason. It is because NEP gives protection for corrupt practices perpetrated by UMNO leaders and it facilitates money politics so that the powers-that-be remain in control within the party, when Malays among the general population have been brainwashed that they would die with UMNO.

The new policy Najib has just announced serves to pass more burdens onto non-Malay Malaysians who are captives to domestic discriminatory policy, and yet the foreigners are allowed to exacerbate the sufferings of non-Malays. Let me explain.

When foreign companies come in and get listed in Malaysia, the total market capitalisation increases. The same amount of equity capital owned by bumiputras would represent a smaller percentage share. Thus, Malaysian non-Malay companies are expected o sell more of the equity shares to Malays at discount to maintain their percentage hold in the market. The NEP target of 30% overall, based on the EPU formula would remain unattainable. So NEP stays, and foreign companies are rewarded by helping UMNO play its domestic political game. Those who plundered the state take their money out of the country. Daim zainuddin funds used in buying banks all over Africa would not show in Malaysian corporate statistics. Meanwhile UMNO leaders continue to claim that rural Malays are poor, and the 30% target has not been reached.

Yes we know the game, but UMNO has the number to pursue non-Islamic policies and yet receive support by Muslims.
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written by budakindia, July 01, 2009 19:07:29
without it UMNO will surely die! smilies/grin.gif It's just a pre-election campaign. smilies/grin.gif Tipu punya! It amounts to nothing!
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written by Commonsenses, July 02, 2009 00:05:45
hahahahah 1malaysia 1bigbullshit. Equinas or what ever u call it is a venture capital company for cronies. Actually this is all a big pack of shits. The government in the past has set up subsidies companies like Malaysia Technology Corporation and the latest Bionexus a few years ago to offer grants in millions to socalled high valued companies. But sadly only a handful r genuine, the rest r just failures. What does the man in the street gains nothing, but for the beneficiary to this free money well its a bonus to share it with some in authority to disburse. 1kongsi.
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