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The true colours of NEP now exposed
Liu Tian Khiew
by Ronnie Liu Tian Khiew
Thursday): The Life Advisor of DAP Dr Chen Man Hin has rightly pointed out that "the true colours of New Economic Policy is now exposed".
His comment came soon after the Government's reply in the recent Parliamentary sitting. Deputy Minister Awang Adek, in his reply to Tengku Razaleigh Hamzah (Umno-Gua Musang), admitted that the bumi corporate equity has reached 36.64%, which has clearly surpassed the targeted level set by the NEP, i.e.30%.
Earlier, the Asli think tank has proven that the 30% bumi equity was surpassed. Another report by Universiti Malaya asserted that the 30% was achieved way back in 1997, even if the par value methodology was applied.
In Dr Chen's opinion, the NEP has created a big Malay middle class besides making Umno elite filthy rich. Figures from Asli report indicate that the elite group earned about 400 billion out of the total valuation of 700 billion of listed stocks.
However, NEP has done little to improve the lot of working class Malays. Malay poverty remains a major problem.
From the speeches of Umno leaders beginning from the Prime Minister, the intention of Umno is to perpetuate the NEP - probably until doomsdays.
Dr Chen warns that if NEP continues, Chinese, Indians, Kadazans, Ibans and Malays in the grassroots will be totally marginalised.
"They will become the hewers of wood and drawers of water for the country", he said.
We also agree with academic Dr
Lim Teck Ghee that the
government must review the NEP
and focus on the distribution of
bumiputera wealth, rather than
the size of it.
Dr Lim told Malaysiakini that "the report was not merely about bumiputera racial shares - whether 18.9, 36.6 or 45 percent."
"It was more about the need for
the government to rescind or
revise race-oriented policies -
in this case on corporate equity
distribution - that have long
achieved their purpose and are
no longer necessary or
defensible," he added.
According to Dr Lim, this and
the EPU methodology to determine
bumiputera equity ownership,
among others, were no longer
applicable today as it was when
the NEP was formulated three
All Malaysians regardless of ethnic background must demand the Government to stop using the 18.9% figure as an excuse to perpetuate NEP to 2020 and beyond.
We must not allow the Umnoputeras and their cronies to amass wealth for themselves at the expense of national unity.
Ronnie Liu Tian Khiew,
DAP CEC member and NGO Bureau Chief