Friday October 31, 2008
DAP slams PAS outburst over bumi equity issue
PETALING JAYA: DAP has taken its Pakatan Rakyat coalition partner PAS to task, saying its outburst against the abolition of the 30% bumiputra requirement for public listed companies is misguided.
DAP national publicity secretary Tony Pua said although the outburst was well-intentioned, taking steps instead to liberalise the financial markets was the way forward.
“As stated, bumiputras failing to achieve the 30% equity despite nearly 40 years of the New Economic Policy only proves that achieving equity through regulation will not achieve the objective of increasing their wealth in the shortest possible time,” he said in a statement yesterday.
Pua said the current 19% wealth ownership, if accurate, had remained stagnant since the 1990s.
“Secondly, for bumiputras to achieve not only 30% of the nation’s wealth, but also a meaningful 30%, it is critical for the capital markets to be liberalised to attract global capital,” he said.
Pua said liberalising the financial markets would allow for a more dynamic economy accompanied by greater wealth creation.
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