Tuesday, July 17, 2007

UEM sold 51% to China? NEP Betrayed?

UEM said they had agreed in principle to sell 51% stake to China Harbour Engineering Co (CHEC) in the JV Consortium for the construction of the 2nd Penang Bridge.

Wouldn't this go against the fundamentals of the government policy and regulations as per DB/T contract (Design-Built-Turnkey) and defeat the sacred interest as presupposed in the New Economic Policy? Why is UMNO Youth quiet about it? Aren't they not worried and concerned that the Bumi-Malay equity will be diminished and that the 30% equity target marginalized?

I am not against CHEC. I like to remind that whatever sold to CHEC is against the tenet, as none - no Malaysian had stand to benefit from the 51% stake; it only benefited China Harbour, not Malaysian Chinese. Don't ever take that stake into consideration when tabulating the distribution and the 30% saga.

In Star Metro, page 2, Selangor MB Khir Toyo reminded Malaysian that UMNO will continue to struggle and keep the NEP to ensure the interests of the Malays [??? few] are protected. Khir said the NEP had not marginalised "other" races (It may have marginalised it's own; check urself). I am not sure he knows what he is talking about and how statistics and mathematics are tabulated. There is no need to discuss about this as it is a priori and a fortiori.

1 comment:

Anonymous said...

UEM is selling 51% stake to China Harbour Engineering Co for the simple reason that the NEP has turned into the NmEP--"No-money Economic Policy"