Responding to FMT news above, the proposal to enforce the 51% Bumiputera ownership requirement for freight forwarding companies had actually been raised during my tenure but I turned it down.
I rejected the proposal on the basis that it cannot be applied retrospectively.
That is unconstitutional and unfair to the companies.
In the event the freight forwarding company owners suffered losses in complying with the 51% ownership rule, the government would be liable to compensate them.
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.
The move would also send the wrong signals to investors that government policies can be changed at a whim.
Investors want policy certainty, consistency and clarity.
A failure to ensure this will discourage investors and Malaysia will lose out in competitiveness to other countries.
The Finance Minister should do the needful and I will raise it with him to reverse the ruling to uphold Good governance practices by being fair and not apply this retrospectively.