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Maybank revises guidelines on Bumi partner for legal firms |
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Wednesday, 09 May 2007 08:45pm |
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Maybank adheres to
Cabinet order
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Maybank to pick
law firms on merit
©Bernama (Used
by permission)
KUALA LUMPUR, May 9 (Bernama) -- Malayan Banking Bhd, Wednesday said it will
continue to select solicitor firms based primarily on performance, efficiency
and merit, revising earlier guidelines requiring legal firms to have Bumiputera
equity if they wanted to do business with the bank.
The bank had said in a May 4 statement that legal firms wanting to do business
with it have to have at least three partners, one of whom must be a Bumiputera
partner with a 50 percent stake.
In a statement here Wednesday, the bank said the guidelines have been revised
upon review of the issues and concerns raised by various parties.
"Moving forward and with immediate effect, all solicitor firms, whether with
Bumiputera or non-Bumiputera equity ownership, are eligible for consideration."
"All other revised criteria for emplacement of solicitor firms pursuant to our
annual review remain unchanged," Maybank, the largest bank in the country, said.
Meanwhile, in a separate statement, the Ambank Group said it has been practising
a policy of appointing legal firms that do not have Bumiputera partners for the
past 20 years.
The group said it does not impose restrictions of quota of shares on the equity
participation of Bumiputera partners.
It issued the statement Wednesday amid an outcry over the ruling imposed by
Maybank by legal firms, chambers of commerce and some political parties, which
said jobs should be given to legal firms based on merit and not on such racial
quotas.
Ambank said the group has always encouraged legal firms to have Bumiputera
partners to encourage Bumiputera participation in the financial services
industry in respect of specialised services.
Responding to the issue earlier, Deputy Prime Minister Datuk Seri Mohd Najib Tun
Razak said in Boston on Tuesday that people must not misinterpret the
government's policy of encouraging government-linked companies to give business
to both Bumiputera and non-Bumiputera companies.
"There should not be any hard and fast rule but there should be efforts to help
both," he said.
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Circular No 231/2010: 2nd Asia Pacific Regional Forum Conference
I must commend all parties involved, for eg, The Associated Chinese Chambers of Commerce and Industry (who started the ball rolling); Bar Council; Gerakan; MCA; etc. We must not underestimate the power of unity. It is time for us to shed our complacency and voice our objections to issues which affect our livelihood. Bar Council has proven not to be a "toothless tiger". In the meantime, it is hoped that our Deputy PM's advice is heeded. Don't be too overzealous in implementing government's policies.