The opposition party demanded that the ruling Barisan Nasional (BN) government fully disclose those who had received 1.5 billion shares last year under the scheme.
In a news conference today, PKR strategy director Rafizi Ramli pointed out that a total of 1.5 billion shares had been distributed last year through 18 companies in their initial public offerings (IPOs).
Rafizi noted that 2010 also saw some of the biggest IPOs in recent years.
He listed Petronas Chemical Group Berhad’s RM5.05 per share and Malaysia Marine and Heavy Engineering Holding Berhad’s RM3.61 per share as two examples.
“If a significant portion of the 1.5 billion shares distributed by the ministry came from these two Petronas-related groups, there would have been shares valued at a few billion ringgit distributed to investors,” he said.
But he said the numbers did not tally with the international trade and industry ministry’s Bumiputera ownership figures.
He cited its minister, Datuk Seri Mustapa Mohamad, as saying Bumiputera ownership of corporate shares stood at only 22 per cent now, far below the 30 per cent target set for 1990.
Rafizi said this practice had resulted in a RM52 billion loss out of RM54 billion shares distributed under the Bumiputera scheme, claiming the prime minister had conceded the fact.
The 33-year-old who is also chief officer to the Selangor economic advisor’s office further claimed that Putrajaya’s mechanism had failed society and created “the culture of political patronage seeking for easy access to shares under the guise of meeting the 30 per cent Bumiputera target”.
He urged the Najib administration to change the current practice of setting 30 per cent quota to focusing on raising the average RM1,500 monthly household income of Bumiputera families who now make of 75 per cent of Malaysia’s poorest, estimated at 11 million. - Malaysian Insider
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