When a Malaysian Chinese has a brilliant idea tomorrow, the nearest place he or she will go is, sadly, Singapore. That’s because if the idea becomes a huge success and generates tens of millions of dollars in profit, the owners will be forced to give away 30% to Malaysian Malays or Bumiputra (son of soil) – under the discrimination policy of NEP (new economic policy) and restructured NDP (national development policy). .
Billionaire Robert Kuok was one of the ethnic-Chinese who had fallen victim to the greediness of the powerful ethnic-Malay, or to be precise – the elite-Malay. Kuok’s memoirs revealed how despite being given 30% free stake in Chinese companies, the same Malays would sell off their shares for profit, and come back to demand another chunk of 30% again, and again like parasites.
Abdul Razak Hussein, the country’s second prime minister and the father of the present scandal-plagued Najib Razak, started the ball-rolling when he ordered Robert Kuok – “I want you to make a fresh issue of 20% of new shares (of MISC, Malaysian International Shipping Corporation). I’m under pressure because there is not a high enough Malay percentage of shareholding.”
Kuok and other partners’ share were diluted but the daylight robbery didn’t end there. Two years later, thanks to MISC roaring success, the same Prime Minister Abdul Razak came knocking the door again – this time demanding another 20% – making the Malaysian government the largest single shareholder. It was the birth of racism and discrimination against the Chinese.
Eventually, Kuok Brothers sold all their MISC shares and moved to Singapore and formed its own shipping company – Pacific Carriers. Also know as the “Sugar King”, Robert Kuok was later forced to move his business to Hong Kong due to taxation – both Malaysia and Singapore’s effective taxes were in excess of 50% while Hong Kong only charged 17%.
This is proven again when Mahathir admits during a forum at the China World Summit Wing Hotel in Beijing today that the defeated Barisan Nasional government (of which Mahathir was part of previously) had asked investors from China to issue 30% stakes in local ventures to selected individuals. Like the local Chinese, the mainland Chinese had finally experienced the “apartheid” Malaysian system.
Today, Prime Minister Mahathir sees with his own eye how China grows to become the dragon in the region. Obviously impressed, the 93-year-old premier currently on a four-day visit to China has some great advice – learn from China how to produce their own goods. He said while Malaysians were busy consuming, the Chinese were tirelessly producing.
Seriously, does Mahathir, being given the opportunity to lead the country for the second time, really need to learn such a simple “recipe of success” from mainland China? In reality, the local Chinese have been practicing the basic economic formula in their businesses. Out of jealousy, the Malays have been complaining that the Chinese are very rich, judging by their roaring business.
The Malays, who dominated the local politics and government, fail to understand how the same Chinese community produce and consume to keep the gravy train running continuously. Chinese restaurants, for example, could make good profits despite fierce competition among themselves because they believe in innovative, creativity and fair and equal opportunities.
The local Chinese can afford to spend and consume more, which in turn creates higher production and boost economy simply because they work doubly hard. It was Mahathir who admitted that 90% of the personal income tax which the government collects are paid by the Chinese. Amusingly, while the Chinese produce the taxes, it was the previous UMNO-Malay government that “consumed” all the money.
Of course, Mahathir’s whining and bitching about consumption and production was nothing but his cunning way of pushing for his idea of a third national car. He said – “We always presume the best come from other countries. There is a difference in attitude between China and Malaysia. We want to consume and we object to a third national car. China wants to know how to produce.”
The PM claimed Malaysians have an inferiority complex that led them to shun locally-made products in the belief that these were of low quality. But isn’t it a fact that Proton, his pet project of the country’s first national car, has been such a junk that it could not penetrate foreign markets? He can’t expect the people to obediently and blindly agree to his yet another car project.
In the same breath, Mahathir should, instead of complaining, clarify why Proton still required government protection despite its establishment in 1983. He should be ashamed that Chinese Geely which was nowhere to be found in 1983 has emerged into such a giant force that they were the one who has bailed out Proton last year when the Chinese acquired 49.9% stake in Proton.
Mr. Mahathir should also enlighten the people why Proton had failed to innovate and produce good quality car but indulged in self complacency instead. After all, he had been Proton’s chairman since 2014 as well as an advisor since 2003, until his resignation on 13 March 2016, apparently due to his loss of faith in UMNO political party.
What was the composition of Malays versus non-Malays management staff and decision makers in Proton? Why didn’t the local carmaker hire top brains based on meritocracy and not racist NEP policy? The fact that only Proton Malay-Bumiputera distributors complained about their inability to compete based on meritocracy in integrated 3S (sales, service and spare parts) centre recently is humiliating.
Malaysia has also lost it’s once productivity edge due to massive imports of foreign workers at an industrial scale. Malaysians have become lazy and dependent on those cheap foreign labours. Heck, even in manufacturing, the industry that Malaysians had once excelled, the locals cannot compete with the mainland Chinese. Malaysia is neither here nor there but trapped in its racist NEP or NDP policy.
Actually, Mahathir hasn’t been fair to Malaysia when he claims the country produces very little. While the ethnic-Chinese produce economically, the ethnic-Malays (especially UMNO and Islamic party PAS) produce religiously – yielding truckloads of extremists, racists and even terrorists who fight for ISIS. And now, Mahathir has gone international – hoping Chinese investors can help cut trade deficit.
Source : Finance Twitter