Michael Tiang on 51% Bumiputera Equity
Michael Tiang, Sarawak United Peoples’ Party (SUPP) Youth Chief said SUPP Youth strongly opposes the 51% Bumiputera Equity rule set down by the Finance Ministry as such unfair practice is like a broad daylight robbery!
“Even though the Finance Ministry has since agreed to postpone the enforcement of such rule to Dec 31, 2022, an unfair rule is always an unfair one regardless when the authority decides to enforcer it! Such rule must be scrapped to protect the fair competition of our market, especially under such stringent conditions in time of COVID-19 pandemic, ” he reckoned.
Tiang said if the 51% bumiputera equity rule is allowed to be enforced against the existing freight companies whenever they seek to renew their customs licences, no other businesses will be safe from the same fate.
In PM Dato Sri Ismail Sabri maiden speech, he stressed about the unity of this country in the spirit of Keluarga Malaysia, but this was not seen by forcing the freight forwarding companies to comply with 51% bumiputera equity the government is disrupting business entities which are established based on their own merits.
Blaming DAP’s Lim Guan Eng, the former Finance Minister claimed that his ministry didn’t allow the enforcement of the 51% Bumiputera equity rule during his tenure, Tiang demanded that Lim showed official documents to support his claims. “After all, if the Bumiputera equity rule was set down before his tenure as the finance minister, he would have 22 months to cancel this rule for good and uphold the fairness he emphasised in his recent statement,” he said.
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