Government Criticised for 51% Bumi Equity Proposal

Lim Guan Eng
Source: Shutterstock

DAP politician and ex-Finance Minister Lim Guan Eng has been reported as saying that the 51 per cent Bumiputera equity requirement for freight forwarding companies should not be applied retrospectively.

Proposals Unconstitutional Says Lim

The issue, he pointed out, had been previously raised and rejected during his time as Finance Minister.

“It is unfair to those who have built and invested in the companies based on existing conditions only for them to be abruptly changed without due recourse. A failure to ensure this will discourage investors and Malaysia will lose out in competitiveness to other countries,” he said in a statement.

He also expressed the opinion that the proposal was unconstitutional and that the government would be liable for compensation to companies who had suffered losses as a result of the proposed rule.

Meanwhile, it was also reported that the Alvin Chua, President of the Federation of Malaysian Freight Forwarders Association had demanded that the government provide clarifications on the 51 per cent equity proposal before the end of the year.

About the author

David is the Owner and Publisher of Truck and Bus News. With over 30 years' experience as a specialist tyre industry journalist, he first entered the tyre industry in 1987 as Editor of Tyre & Accessories. He was Editor of Tyre Trade News between 1993-96 before establishing Retreading Business in 1997. In 2004 he acquired the The Tyreman, before establishing Tyre & Rubber Recycling in 2009. In addition to his publishing ventures, he was also Director of the Retread Manufacturers' Association between 2004 and 2014.

Email: tyreman@btconnect.com

Phone: (60) 3 7781 1323

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