Monday, October 16, 2006
Paradox of Bumi Equity in GLCs
They argued that GLCs stakes belongs to the government, not just the Bumis.
But government statistics clearly defines the Bumis stake. Why not call it: Malaysians' stake; why differentiate it by race if they are not to be counted.
THis figures are non-exhaustive and published in 2004. By 2006, Khazanah had increase their stakes in more corporations.
It wasn't based on par value; it was market capitalisation. But now, they said it's par value. Why? Because ... justification of a wrong.