The NEP has been abused to help the rich
by Richard Teo
How long can the govt continue with its NEP policy? If the govt’s denial that ASLI’s report “of 30% bumiputra equity ownership had already been exceeded ” then it’s incumbent upon the govt to provide a clear official methodology as to how corporate equity is measured.
Earlier, the centre for public studies headed by Dr, Lim Teck Ghee had made a statement that its findings had established bumiputra equity ownership had exceeded 45%. In order to rebutt this findings by ASLI and to deny further credence to the findings that “corporate equity distribution was narrowly based, unrealistic and has resulted in an underestimation of the true volume and value of bumiputra equity”, the govt must reveal the official methodology to measure corporate equity. Based on its
calculation it must provide clear irrevocable proof that bumiputra’s equity has regressed to a lowly 18% in 2006.
At that time when the ASLI’s findings was published many UMNO leaders including the P.M called the report “baseless, inaccurate and irresponsible”. UMNO vice-President Tan Sri Muhyiddin Yassin went even further and called it “rubbish”.
There was a beacon of hope to establish the truth when DPM Najib gave an assurance that the methodology used to calculate the Bumi’s corporate equity would be publicly revealed.That assurance was given almost six months ago and it appears quite likely that the DPM has reneged on his word.
NEP in its present form has been abused and lost its initial noble objectives of helping the poor and the needy instead of the rich of one single race. Instead of affirmative action based on poverty it was exclusively based on a policy of helping just one race irrespective of the wealth of that person.
Hence we have a situation where a rich bumiputra is entitled to purchase a high-end property at a discount. What kind of logic is it? If he can afford to buy a high-end property surely he don’t need a discount.
The NEP must embrace the concept that there are poor Malays Indians, Chinese, Ibans and Kadazans etc. If the NEP is to have any meaning it must help those in need irrespective of their race and not because they belong to a select community.
If there is any defect in ASLI’s report, it is its failure to pinpoint the recipients of the 45% of bumiputra equity.The revelation maybe academic but the truth is maybe only 10% of the bumis benefitted from the 45% corporate equity distributed by virtue of the NEP.
As long as the govt refuse to accept this reality the longer it will be for national reconciliation.The inequitable distribution of wealth can only mean that the poor and the needy will continue to be deprived of govt assistance while the rich will continue to benefit from this skewed affirmative policy.