PM Najib raps bumi firms for not using APs wisely

Prime Minister Najib Abdul Razak today rapped bumiputera-owned companies for continuously asking for approved permits (AP) but not using them wisely.

Najib said APs were given to bumiputera companies for them to expand their businesses to other areas.

“They (APs) act as catalysts. Not many companies that get APs can succeed in other areas like how the Naza Group of Companies have succeeded.

“Year in, year out, (bumi companies) ask for APs. (But) the APs are supposed to be used as funds to expand their businesses in other areas,” he said when launching Naza Corporation Holdings’ residential tower property project in Platinum Park, Kuala Lumpur today.

Praising the company, Najib pointed out how the Naza Group has emerged as a reputable bumiputera conglomerate.

He said said the company’s success was remarkable having started out as a small bakery in Kuala Pilah.

“The humble beginnings of the Naza Group of Companies started in a bakery, not even in Kuala Lumpur, but in Kuala Pilah,” he said, noting that his wife, Rosmah Mansor, was also from Kuala Pilah.

“From a bakery in Kuala Pilah to Platinum Park in the middle of Kuala Lumpur, what a journey. We have a lot to celebrate.”

Spirit of entrepreneurship

Najib also made mention of the Naza Group’s founder, the late SM Nasimuddin SM Amin (photo), whom he described as an optimist.

He said Nasimuddin saw an opportunity during the height of the Asian financial crisis by being the only bidder for the land on which the Platinum Park tower is situated on.

“A real genuine entrepreneur can see an opportunity behind every problem.

“It’s something that we can learn from, (this) real spirit of entrepreneurship from the late Nasimuddin,” he said.

Nasimuddin passed away on May 1, 2008, after a battle with cancer. His estate is estimated to be worth RM3 billion.