September 28, 2022

PAS shocked Bumi equity has not reached 30%

1 min read

PETALING JAYA: PAS has called on the government to publish a detailed report on the latest equity holdings of the Malay and Bumiputera community.

In a statement, the Islamist party’s deputy president Tuan Ibrahim Tuan Man said they were “shocked” to hear Prime Minister Dr Mahathir Mohamad’s revelation on the equity holdings of the community at the launch of the Shared Prosperity Vision 2030 (SPV 2030) this morning.

Mahathir had said that 2015 data showed that the Bumiputera equity had dropped to 16.2% from 23.4% in 2011.

“After 50 years of the New Economic Policy and various programmes and initiatives, Bumiputera corporate equity ownership has only reached half of the targeted 30%,” Tuan Ibrahim said, adding the decline in equity from 2015 to 2011 was “very saddening”.

He said these statistics proved affirmative action policies must continue and the gap in equity ownership had to be reduced.

“Issues regarding Ali-Baba (partnerships), rent-seeking (mentality), patronage and corruption must stop.

“The SPV 2030, which will be implemented, must fairly address Bumiputera interests.”

He also said the government must look into the increase in foreign equity, which went up from 37% in 2011 to 45% in 2015. This was way above the 30% target, he added.

“PAS urges the government to fulfil its manifesto promise of publishing a detailed report on the latest equity holdings of the Malays and Bumiputeras for the public’s knowledge.

“Pakatan Harapan had promised that the report will be included in the annual budget speech but this promise was not fulfilled last year.”