Monday, May 07, 2007

Maybank's New Ruling

Malaysia's largest bank in terms of revenue and assets, Malayan Banking Berhad (MBB & aka Maybank), has issued a memo on the following:-
"requiring all law firms dealing with it to have at least 50% bumiputra partnership" - The Star

Why such ruling at this stage? What trigger such a new ruling? What's the benefit?

FYI, bumiputra is usually equated with the malay race.

1st scenario, if a legal firm which has no bumiputra partnerships and had been dealing with MBB for a number of years, they have to either draw in new malay partners or promote internally those malay staff to senior positions. Why only bumiputra? What about the Indian race? Left out in the cold? I'm not triggering a racial war here but what was MBB's intention in the first place?

2nd scenario, if a legal firm, which has no bumiputra partnerships and had been dealing with MBB for a number of years, can't find a suiitable bumiputra partner externally or internally, they would be forced to withdraw from MBB's panel of lawyers.

MBB is majority owned by the government and if such management ruling was not challenged by the government, means to say that the government is condoning such ruling as well. Companies around the world are working towards globalisation and some countries opened up their legal fraternity to overseas based legal firms to operate in their own countries. And in Malaysia, such ruling is just contradicting the whole globalisation idea. Unless, of course, MBB or Malaysia does not have globalisation in their mindset at all.

All in all, Malaysia Boleh again (pun intended).

Not only that, a Minister who travelled over to USA to promote the biotechnology industry was involved in a controversy as read in Lim Kit Siang's blog. It seems that the Minister blurted racist remarks towards a Malaysian student of Indian race during a meet up with Malaysian students in California.

It's really unbecoming of such people in Malaysia and also the world. I would say people are getting more selfish and only looking at their own interest while hurting others in the process. What sort of multi-racial country are we promoting for the Visit Malaysia Year 2007? On one hand, we are telling everyone that this is the only country that exist based on multi-racial democracy but on the other hand, politicians themselves are playing the dangerous racial cards.

* Racist Remarks About Malaysian Indians by Dr. Jamaludin Jarjis
* My race is better than yours because we’re purer than you!
* Samy Vellu, if you dont trash him, who will?
* Who’s The Slime Juice Cat Now? Jamaludin Jarjis!
Tags: Malayan Banking Berhad, MBB, Maybank, Bumiputra, Biotechnology, Racist



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