The former CIMB Bank chairman said the reforms would require new institutional rearrangements to effectively referee political competition, a clear separation of business, government and politics, and electoral reforms.Thank you to Chevening Alumni Malaysia for having me back. This time I thought I would get a bit risqué and talk to you about “Making a better Malaysia”, a passion that I hope that you would all share with me.
The Government has a huge presence in the Malaysian economy. From the legacy of licenses and quotas that date back to the British, to state development agencies and affirmative action rules of the 1970’s, to Government Linked Companies, that constitute about 40% of the total market capitalization of Bursa and Government investment funds that dominate our capital markets.
There were many smaller deals that would have added up to huge amounts. In the early 1990’s I was a junior CIMB officer in charge of IPO’s for listing companies on the stock exchange. Almost every case involved preferential allocation of shares to bumiputra in the name of the New Economic Policy. Yet there were never clear nor consistent processes of selecting who would get the shares .
The authors of the new system however acknowledged that they were innovating out of desperation and that the system needed to be reviewed from time to time. In the case of the NEP, there was even a specific time-line of 20-years to eradicate poverty and redress the inter-communal economic balance seen as preconditions for the emergence of a Malaysian nation.
When Pakatan Harapan came to power in 2018 many, including myself, were hopeful that they would follow through with their reform agenda as articulated in their election manifesto. But they did very little of it, unable even to implement UEC recognition or sign International Convention on the Elimination of Racial Discrimination; both relatively benign reform initiatives they promised.
He was thick and thin with the corrupt regime.
Dream on with the current govt
Sorry but i am not optimistic about the reforms....
Well thought through. Our challenge is legislative and executive that have been found wanting on the fronts of competence, accountability and integrity. The 3-head monster must be extirpated, once and for all.
No hope !! As long as Umno corrupt are still alive
The universe has enough for everyone minus greed! Just be responsible everything will fall in the right order!
Yes but we have a short runway.
First, change the gov. Then upheld laws & orders. Revamp civil servants. Boost international trade. And lastly, disband umno
Backdoor all for greed.
Hey Nazir, Bala's widow would like to meet your other brother Nazim Razak
The dishonorable, dishonest and disgraced Razak's sons
Malaysia must say NEVER AGAIN to all Tun Razak's sons That is the only hope. NajibRazak nazrazak nazimrazak joharirazak
One of the famous family member !
Beyond this administration's capabilities.
Hopefully, it's not too late but Old corupted UMNO rotten trees must go first before any new good great reform can happen.
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