Government Criticised for 51% Bumi Equity Proposal
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.