KUALA LUMPUR, Oct 24 (Bernama) -- Some Government-Linked Companies
(GLCs) have deviated from their original function of strengthening
Bumiputera economic participation, said former Prime Minister Tun Dr
Mahathir Mohamed.
Source from (Bernama): http://www.bernama.com/bernama/v6/newsbusiness.php?id=704653
Published: October 25, 2012
He said Khazanah Nasional Bhd was established to address the weak
economy and low equity ownership of Bumiputeras especially the Malays.
"So we formed a body that was controlled by the government (Khazanah)
to hold the shares while we enriched the Bumiputeras, and then we
distributed to them (Bumiputeras)," he told reporters at the Malay
Economic Congress 2012 (KEM2012) here Wednesday.
Dr Mahathir, who is also Petronas adviser, said there are GLCs which
have strayed form their original purpose as trust holders for
Bumipiteras and Malays, and some of their actions have gone against the
objective of their establishment.
"Now the policy has changed. They have become main business players,
and sometimes they distribute to non-Bumiputeras," he said, adding GLCs
sometimes even compete with small Malay companies that are no match to
them.
-- BERNAMA
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