PUTRAJAYA should take a new approach to distribute the country’s wealth more fairly instead of being trapped in Bumiputera empowerment initiatives which benefited those with influence, said  Anwar Ibrahim.
 
The opposition leader said the government’s current policy regarding Bumiputera equity is flawed as it only benefits the rich and the politically connected.
 
“There are two weaknesses. Firstly, it is given to those with influence in politics and positions, not based on qualification and capabilities; and secondly, it denies other people their rights,” he said while debating the 12th Malaysia Plan (12MP) in the Dewan Rakyat.
 
Anwar recounted his conversation with second prime minister Abdul Razak Hussein on this matter.
 
“He said we will do anything to help the Malays and Bumiputera elevate their standards but not to the point of usurping other people’s rights.
 
“That was how it was implemented but what happened next is different,” he said.
 
The Port Dickson lawmaker said this in reply to Syed Saddiq Syed Abdul Rahman (Muar-Independent) who asked his views on the government’s decision to increase Bumiputera ownership by taking the quota from the non-Bumiputera.
 
Syed Saddiq also questioned how this policy will help communities such as fishermen, farmers and hawkers.
 
The policy only benefits cronies and the elites, a practice that was continued by the Perikatan Nasional government which made political appointments in government-linked companies and government agencies, he added.
 
The Muar MP also criticised unfairness suffered by the non-Bumiputera as the policy does not apply to foreign-owned companies.
 
“Where is the justice? We value foreigners more than Malaysians because they were not born Malay or Muslim,” he said.
 
Yesterday, Prime Minister Ismail Sabri Yaakob (Bera-BN) said that the sale of Bumiputera shares or companies will only be offered and sold to fellow Bumiputera consortiums, firms and individuals under a soon-to-be-introduced government measure.
 
Announcing this in Parliament during the tabling of the 12th Malaysia Plan, Ismail said the equity safety net framework is aimed at ensuring sustainable Bumiputera equity ownership. 
 
According to the government, non-Bumiputeras controlled 25% of the corporate equity and foreign investors owned 45.5%, while the remaining 12.3% was held by nominees. – September 28, 2021.