Saturday, May 12, 2007

MayBank Debates Continue

Yesterday, Perak Malay Chamber of Commerce youth chairman Saiful Adli Mohd Arshad said the chamber fully supported Maybank’s requirement because it would help increase bumiputra equity, especially among professionals.

Maybank should always be “fair and just” to all, said Datuk Seri Abdullah Ahmad Badawi.

The Prime Minister said the bank’s requirement that legal firms dealing with them must have a bumiputra partner with at least a 50% stake was never a government directive.

“It was their own internal administrative policy,” he said.

Catrade Sdn Bhd chief executive officer Datuk IIyas Mohamed said the Cabinet directive appeared to be inconsistent with its own policy of assisting Malays in getting their share in the distribution of the nation’s wealth.

However, a Malay newspaper reported yesterday that Malay intellectuals were asking for Maybank to retain the 50% bumiputra stake requirement.

Asked about this, Abdullah, who is also Finance Minister, said there was “no need to ask Maybank to do this and that.” “They know what is needed,” he added.


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