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AmBank withdraws letters sent to legal firms over equity participation PDF Print E-mail
Friday, 11 May 2007 10:35pm

AmBank©Bernama (Used by permission)

KUALA LUMPUR, May 11 (Bernama) -- The Ambank Group has withdrawn all letters sent out to legal firms which stipulate the requirements of Bumiputera equity participation with immediate effect.

In a statement here today, the bank also apologised for any misunderstanding caused arising from the letters issued over the past few days.

The bank issued the statement following an outcry by certain quarters when Malayan Banking Bhd set conditions requiring its existing and newly selected panel of lawyers to have at least three partners, one of whom must be a bumiputera holding a minimum of 50 percent equity in the partnership.

Maybank later revised its guidelines yesterday saying it would continue to select solicitor firms based primarily on performance, efficiency and merit.

Commenting on the issue earlier today, Prime Minister Datuk Seri Abdullah Ahmad Badawi said the government did not instruct Maybank to set conditions requiring law firms to have a bumiputera partner before they can do business with the bank.

"We did not issue such a directive. That is the bank's policy and we hope they will always be fair and just," the prime minister told reporters after launching Umno's 61st anniversary celebration here.

Meanwhile, Cartrade Sdn Bhd Chief Executive Officer Datuk Ilyas Mohamed, in a statement commenting on the issue, said Maybank's requirement should be seen as an attempt to create a level playing field for the Malays to compete in, and it should be emulated and not condemned for its action.

He said the ability of Malay entrepreneurs to compete and perform were often questioned by certain government departments and government-linked companies (GLCs) when they bid for projects.

Ilyas said the government should do what it was mandated to do, which was to ensure opportunities for the Malays to compete in areas where the playing field was not level.

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AmBank withdraws letters...
written by Derek John Fernandez, Saturday, May 12 2007 01:15 am

By the Way is Cartrade one of the special priviliged few which get APs to import cars? And are these APs given to them because of their great contribution to this nation? What level playing field are you talking about. You keep changing the goal posts! So you think what is yours is yours and what is mine is yours! That's supposed to be a level playing field. You take a 50M headstart in a 100M race and still lose, so you make the rest of us carry extra sandbags (and still give you a 50M headstart) when we race with you and you still lose, so you now say we need to cut off one leg, carry a sandbag and give you a 50M haedstart. Go to hell! Please don't talk of level playing fields when you push people into the abyss because they work harder and sacrifice more than you. Tun Ismail Ali could hold his own against any other in the world without the need to discriminate against another on the grounds of their race, religion or sex. (And he did not even have APs) Can't you see? The 2 banks do not put any obstacles in front of bumiputra lawyers being on the panel. So how are they deprived of oppunities when it is these Banks that dish out the WORK. So why tell the rest they have to restructure? What level playing field you are talking about. If other banks discriminate against bumiputra lawyers then they should be EQUALLY punished as Banks who discriminate against non-bumiputra lawyers. You eliminate discrimination by prohibiting it, NOT further discriminating. How level is your AP playing field, do you give others a chance? Do you give other bumiputras a chance too. Can every bumiputra also get a commercial AP? or is membership closed for new members to the AP club?

DEREK FERNANDEZ smilies/angry.gif


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