Where are RM52 billion worth of Bumi Shares? asks LG Eng

March 29, 2010

Of RM52 billion  worth of shares , only RM2billion remain in Bumiputra hands

By Shazwan Mustafa Kamal

DAP secretary-general Lim Guan Eng wants the government to investigate why RM52 billion worth of shares in public listed companies allocated for Bumiputras under affirmative action policies were no longer in their hands.

He told reporters in Parliament today that the fact that the shares were no longer in the hands of Bumiputeras was an act of betrayal. The Penang Chief Minister suggested a Royal Commission be set up to investigate such leakages. He said that out of RM54 billion in shares allocated for Bumiputras only RM2 billion were still in their hands.

“According to a Bernama report, the Prime Minister had been quoted as saying that of the RM54 billion in shares allocated, only RM2 billion worth of shares were left in the hands of Bumiputras,” said Lim.

“There is a leakage of RM52 billion which is not in the hands of the Bumiputras. This is a betrayal. The government has to arrest and take action against the people who have hijacked the money,” he added.

When asked by a reporter whether Pakatan Rakyat had any ideas or leads as to who now held the shares, Lim smiled and claimed that PR knew who had control of them, and also why there was inaction from the part of the government.

“We in PR know who has the shares, it is held by the cronies of  Barisan Nasional, that’s why the government has not taken any action. If the government really cares, they need to send a message to show their seriousness in taking action.”

“The government should set up a Royal Commission on the Bumi equity. This is an admission from the Prime Minister himself,” asserted the Penang Chief Minister.

Lim’s initial response was towards a newspaper report on which Deputy Prime Minister Tan Sri Muhyiddin Yassin had commented on the distribution of wealth among Malaysians. “He is talking about the distribution of wealth among Malaysians, who has got what and who did not, the ones who have got nothing are the rakyat,” said Lim. The total Bumiputra equity currently stands at 19.4 per cent from its targeted 30 per cent some 19 years ago.

9 thoughts on “Where are RM52 billion worth of Bumi Shares? asks LG Eng

  1. Why must it be LGE to divulge this FUBAR? Not that he can’t, being an MP and CM. Afterall a creative accountant like him is most ‘resourceful’. DSAI pulled a good one by keeping mum.

    It is a slap on the face of the carpetbaggers who are scrambling to do damage control, esp. DPM. This dwarves things like Maika and PKFNZ! The first question, as any good bookie would know is: “What’s the Spread?” With sums like these, only the Divine can answer.

  2. Its a pity that the majority of voters (all races) in the rural areas where UMNO derives its power base from are ignorant on the truth. They still worship UMNO blindly.

  3. LGE is right but I’m sure he knows the answer. Reserving 30% of newly issued shars for the Bumis is alright. But BIG BUT here, these shares if cannot be traded are worthless.
    Then along came Kongress Ekonomik Bumiputra and they made a proposal to reap the financial benefit of the 30% Bumi policy, these shares must be freely traded. Since then the “pink slips’ not pink lips became a commodity. Bumis buy or were awarded the pink slips for the 30% Bumi shares, take a bank loan and after a month or when the shares have gone up, unload the shares. By then there was no restriction on who can and cannot buy the shares. Aiyaaah otherwise how come so many Melayu paper millionaires.
    The million dollar question is “who are these Bumis that got the pink slips?” Answers UMNOPUTRAS.

  4. Menyalak-er,

    No amount of damage control is going to help them – they have run out of dark little corners to hide their shit nor are there any oxidation ponds big enough to contain their shit , lol.

  5. The million dollar question is “who are these Bumis that got the pink slips?” Answers UMNOPUTRAS.

    shrek – March 30, 2010 at 3:05 am

    Of course, Shrek. The poor folks in the heartlands have barely enough and have to scrap the barrel to feed themselves, let alone to afford the luxury of owning shares and I won’t be surprised if they ended up selling their shares to the UMNO slum lords who eventually own everything !

  6. Shrek,

    Yes, it is UMNOputras, but not all. Only the preferred ones or those who can be used as bag carriers for the top leadership. It should be noted that some of the profits from the sale of these shares went to UMNO itself to fund elections and party operations and programmes.

    Ordinary bumiputras, especially the “poor folks in the heartlands” (ocho-onda) did not benefit since they could not afford the pink forms. Fortunately, some of them with enough savings could invest in unit trusts run by PNB.

    So you need to look at the assets of PNB today; this is one of the success stories of the Malaysian government. The state run unit trusts are a failure and that is unfortunate. One needs to look at the assets of these unit trusts and account for their losses as well.

    This issue raised by CM Lim Guan Eng is not as straightforward as it appears. Aggregate numbers can be misleading. The devil is in the details. Will a Royal Commission help? I wonder.

  7. “Ordinary bumiputras, especially the “poor folks in the heartlands” (ocho-onda) did not benefit since they could not afford the pink forms. Fortunately, some of them with enough savings could invest in unit trusts run by PNB.”
    – kakrubi56 – March 30, 2010 at 6:56 am

    Exactly. So what happened to their entitlements ? What is to stop B, with the money from approaching A, who do not have the money to use his/her name to buy the pink slips and than to transfer the ownership over to B ?
    Obviously the ownership of their pink slips changed hands – they may as well sell it to make some money rather than to let it go wasted. No ? Unless the Bumi shares are different from other ordinary company shares ?

  8. In the end it always takes a Chinaman or 2 ( or a Caucasian who can really count called Barry ) to bore holes bigger than the Black Hole of Calcutta into the arsehole of the 40+year-old Mega-Hoax called the NEP ( or whatever ).

    Where 30% of Malays means 160 ultra-rich Malay tycoons among 16,000,000 impoverished Malay folks.

    Can Malaysians count , really ?

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