PETALING JAYA: The government should revisit its Bumiputera Agenda meant to bring economic benefits and see whether it truly helps the people or only serves as a platform for cronies to gain more wealth.
DAP Socialist Youth (Dapsy) representative Farhan Haziq Mohamed questioned whether funds that were channelled under the Bumiputera Agenda programme were given to rightful beneficiaries or given to certain political cronies.
“The government should be more accountable and disclose whether the funds that were channelled through this programmes truly benefited those who are in need, and not the wealthy cronies,” Farhan told FMT after the Malaysian Youth Congress 2017 (MYC) yesterday.
He said there is a tendency that certain wealthy cronies might benefit from the programmes while the underprivileged Bumiputera in society were denied the opportunities such a programme was meant to give them.
Farhan, who was one of the speakers at the MYC, called for a stop to the practice of crony capitalism which he said segregated Malaysians, especially in terms of wealth and standard of living.
He claimed that crony capitalism intensified the issue of class oppression among Malaysians.
“We must put a stop to the practice of crony capitalism as it oppresses the people, especially those from the working class.”
Farhan claimed that crony capitalism was only essential during the initial stage of national development but has been manipulated by certain parties for the long term.
Speaking about former prime minister Dr Mahathir Mohamad’s economic policy, Farhan admitted that the practice of crony capitalism during that time provided a lot of job opportunities for the people, especially Bumiputeras.
However, he added it should not be practised in the long run as it intensifies the issue of class oppression among the people.
“Despite crony capitalism providing many job opportunities, it is not sustainable in the long run because it is susceptible to manipulation.”
During Mahathir’s tenure, he was accused of being autocratic as well as practising cronyism.
Prime Minister Najib Razak had announced targets for higher key performance indicators (KPI) in the Bumiputera Economic Empowerment Agenda for government-linked companies (GLCs) and government-linked investment companies (GLICs) this year.
Najib also said the government had not fixed any deadline to end its assistance to the Bumiputera community.
He announced the ambitious and far-reaching new programme last year.
Under this plan, the government announced the setting up of a powerful Bumiputera Economic Empowerment Council, the injection of 10 billion units of Amanah Saham Bumiputera 2 (ASB2), demands on GLCs and GLICs to increase Bumiputera property ownership and to increase their Bumiputera Vendor Development Programmes (VDPs). -FMT