Koon Yew Yin's Blog
Why Malaysia is Lagging Behind: The NEP and Corruption - Koon Yew Yin
Koon Yew Yin
Publish date: Tue, 24 Jun 2014, 05:44 PM
Koon Yew Yin
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An official blog in i3investor to publish sharing by Mr. Koon Yew Yin.
All materials published here are prepared by Mr. Koon Yew Yin
All materials published here are prepared by Mr. Koon Yew Yin
Koon Yew Yin
As we all know statistics cannot lie. The Gross Domestic Product Per Capita chart shows that Malaysia is continously falling behind our neighbours. My object in writing this is to show how badly we are performing so that we can improve for the benefit of all Malaysians irrespective of race.
My intention is also to support Professor Dato Dr. Woo Wing Thye’s lecture on 12th April 2013 in Syuen Hotel, Ipoh. In his lecture he listed 5 root causes for our poor performance in comparison with South Korea and Taiwan.
Prof. Woo, possibly because of the election fever, tried to be politically correct and made little mention of the New Economic Policy role in our failure to keep up with our neighbours. In fact it is not only Prof. Woo who is silent on the NEP – most analysts appear to have sidelined this policy in the election debate to date.
This is a mistake as the real policy culprit explaining our failure to devlop as quickly as our neighbours (see table attached) is the New Economic Policy (NEP) and the abuse of power in the B.N. Government’s implimentation.
As a result, our neighbours are doing much better than us in spite of the fact that they all did not have the natural resources such as oil, gas, timber,tin, rubber and palm oil.
The culture of corruption in this country is systemic and built into the policy framework of the NEP. Over the years, this ethnic-based policy has been abused to benefit only a select group of Bumiputera, although the policy was originally targeted at helping the larger community of poorer Bumiputera. Despite the government’s strong defence of the NEP and its attempt to demonise those who are critical of it, no less an authoritative source than the government appointed National Economic Advisory Council has admitted that although ethnic-based economic policies have worked by reducing poverty and addressing interethnic economic imbalances, its “implementation has also increasingly and inadvertently raised the cost of doing business due to rent-seeking, patronage and often opaque government procurement,” which “has engendered corruption.”
This analysis is the same as the one that I have been making in my public writings and speeches. In the profession where I have worked for many years, a system where contractors get jobs because of their ethnicity will invariably breed a culture of ethnic-based cronyism and inefficiency.
For example, IJM Corporation Bhd of which I was one of the founders, did most of their highway contracts as sub-contractors to some Bumiputera Concessionaires. Yet IJM could win a few highways toll concessions on open competitive tenders in India. It is ironical for IJM with a market capitalisation of more than 9 billion ringgit to work primarily as a sub- contractor in our own country.
The same applies in the procurement policies of Petronas. Because of this race based requirement, contracts and concessions were awarded to Bumiputeras who do not have the expertise to carry out and complete the projects. As a result project costs balloon due to the number of layers of sub-contractors required to complete the job.
The percentage mark-ups imposed by each layer are, in essence, a leakage in itself. This has created an underground economy of rent-seekers, which the government has finally acknowledged. However, it still refuses to discuss this matter in an open and transparent manner or seek solutions to it.
Hence, it is not surprising that the culture of corruption has become the norm rather than the exception. Malaysians are accustomed to the culture of having to pay a sum of money (or in kind) to complete a certain transaction, whether in business or in other sectors. Large-scale corruption as mentioned above is rarely caught by the authorities. The Malaysian Anti- Corruption Commission (MACC) prefers to target lower-level corruption and harass opposition members instead of going after the big fishes which enjoy immunity because of their political affiliation with the ruling elite.
It is frustrating for many Malaysians that the BN government has not learnt from the past mistakes and persist in making decisions that bleed the nation of increasingly scarce resources. Hopefully the Pakatan Rakyat will do better. For them to get the country out if its deep hole, they must recognise that the NEP is a crucial road block in our road map to development that must be redressed immediately. We cannot become a fully developed nation by even the 22nd century let alone 2020 if the NEP remains the main policy framework , corruption continues on the same scale and if corrupt leaders keep abusing their powers for self-gain.
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Discussions
13 people like this. Showing 50 of 61 comments
Basically it boiled down to "how much bang for the buck". The values you get depend on the processes and people you have entrusted to do the job.
In construction, the cost, time and quality of the goods delivered will tell the different. Without open tender, risk of leakages will be there.
It is a well known fact in the past and even now that you need strong cable to pull the string beside financial and technical competencies. The recent practice of Corporate Governance and media pressure have to a certain extent exercise some checks and balances.
It is amazing that high profile scandal like Port Klang Free Trade Zone ended up as an illicit child.
Tan Sri Syed Mokhtar Shah bin Syed Nor Al-Bukhary , the richest Bumiputra corporate figure in Malaysia.
Some of the controversies about him as listed in the Wikipedia:
A major gripe by Malaysians is that Syed Mokhtar is reputed to be just a proxy of UMNO (United Malays Nationa Organisation), the ruling party in Malaysia since independence.
Below are examples of the proof:
A number of companies controlled by Syed Mokhtar have come under attack for development activities on green field sites. For example, the clearance of mangroves for the development of Johor Port has led to some criticisms from local environmental groups.
In 2009, Central Sugar which is owned by Syed Mokhtar's Tradewind acquired Robert Kuok PBB group. Following the Central Sugar acquisition, the government had committed to a three-year raw sugar import deal at US$26 (RM78.54) per 100 lbs (45.3 kg) in January 2012 when the global market price for raw sugar then was at US$23.42 (RM73.57). But by January 2014, the global price had dipped to below US$16 forcing Govt to withdraw the subsidy (34 cents per kilogram) for the sugar. With removal of sugar subsidy in Budget 2013, the profit of Tradewind now escalates to RM 1 billion.
In December 2012, Syed Mokhtar's Puncak Semangat Sdn Bhd is one of the eight companies that are successfully bid the LTE 2600 MHz from Malaysian Communications and Multimedia Commission. But questions were raised as the Puncak Semangat have zero track records prior to the bid and managed to secured 40 MHz band meanwhile the other 8 company secured only 20 MHz of the allocation band.
In March 2014, Syed Mokhtar secure 90% of the PadiBeras Nasional Bhd (Bernas) after buying the shares owned by Nafas and Nekmat through his proxy companies: Perspective Lane (M) Sdn Bhd, Kelana Ventures Sdn Bhd, Seaport Terminal Sdn Bhd, Acara Kreatif Sdn Bhd and Tradewinds Bhd.The critics are opposing this moves as this puts the nation's food security into one tycoon hands which will harm the nation food industry and thus the price of rice will continue to increase further.
He has also been identified as a major beneficiary of political connections that have given his subsidiary companies monopoly control over crucial Malaysian sectors which includes sugar mills, rice (Bernas), power plants and ports.
I think we don't need to have the brain of Albert Eintein to figure that out.
2014-06-25 10:24
wow! if base on the statistic above, we are really 10 years behind time. :(
or probably more. what a sad situation we are in. :(
2014-06-25 10:56
koonsooningrave, Do you support planned economic incompetence or planned economic competence?
2014-06-25 11:18
Well, smartly... depend on which country you are comparing with.
Take Singapore instance, over a period of 29 years, the annual compounded growth rate is 7.5% per annum whereas Malaysia is growing at 4.9% per annum. That is slightly more than 1.5 times faster than Malaysia.
If Malaysia were to continue to grow at the same rate, for us to reach the US 37,293, it will take us another 34 years. That’s how far we are behind.
For us to reach that number in 10 years time, we need to grow at 8.1% per annum, 65% faster than the current rate. Boleh kah?
2014-06-25 11:18
MR.Koon, not only below, but our higher learning education university also the same. CRONIES!!!
Posted by Koon Yew Yin > Jun 25, 2014 10:19 AM | Report Abuse
The worst corruption is the awarding of the water, highway and electricity concessions without open competitive tenders by the Barisan National Government. Even elected Members cannot question these irregularities in Parliament.
2014-06-25 11:24
Sorry, if you count from the year 2009 at US 6,897 to US 37,293, we need to grow at 18.4% per annum in order to reach there in 10 years time.
2014-06-25 11:25
with rich natural resources in placed but with such a pathetic growth rate comparing to neigbouring country !!! surely there must be something very wrong with us.
our educational system play a very important role ! beef up else keep producing 3rd class mentality, we will just step within the same place. :(
2014-06-25 11:32
That's the reason why more and more people migrate to oversea for better future of their kids. It is sad to see that.
2014-06-25 11:33
matrix6050 i totally agreed with u on this.
Nonetheless, if we earning daily usd300, we still unable to cope with the rising costs in malaysia. We need to have a car (public transportation sux), we still have to rent an apartment (high rental in maincity), our children education (local uni is sux, so better send oversea).
All above concluded we need to have a better life, say australia. I dont choose singapore because the lifestyle for our children is ginormous pressures, and people are not helpful either.
2014-06-25 11:41
The current NEP with its corruption must be dismantled and replaced by a Government which attracts and nurtures talents, upholds the constitution, ensure exemplary good governance and fair practice of the rule of law and " ACTIVELY PLANNED & PRACTISE ECONOMIC COMPETENCE" with an affirmative action plan for the underprivileged and poor irrespective of race, religion, color or creed.
2014-06-25 11:43
sunzthe, agreed with your statements but those are too wide the scope.
it all boil down to 'root', if we are being educated right in the first place, all things will follow it right way but too bad we are 'programmed'.
2014-06-25 11:45
The current NEP with its corruption must be dismantled and replaced by a Government which attracts and nurtures talents, upholds the constitution, ensure exemplary good governance and fair practice of the rule of law and " ACTIVELY PLANNED & PRACTISE ECONOMIC COMPETENCE" with an affirmative action plan for the underprivileged and poor irrespective of race, religion, color or creed.
Once this fundamental flaw of NEP and its corruption in Malaysia had been taken out, the Malaysian economy will ascend beyond one's wildest dreams!
2014-06-25 11:47
The choice is very clear:
Either you the Malaysian voters vote for economic competence or continue to vote for economic incompetence. The choice is yours to make.
2014-06-25 11:50
The current Petronas CEO Tan Sri Shamzul Azhar Abbas lamented in his recent interviewed with The Edge, "It's so difficult to do an honest day's job".
In his own words: "I'm a Malay too, I'm proud to be one... you think I don't want to help my own people? Of course i want to help them, but in a proper way ...not through handouts and spoon feeding." It is indeed tough to be good. Rumours are rampant that he will leave his post.
http://www.theedgemalaysia.com/business-news/295600-edge-weekly-petronas-president-speaks-out-fearlessly-amid-rumours-he-is-under-pressure-to-leave.html
2014-06-25 11:52
Tan Sri Hassan Marican the former Petronas CEO’s appointment in Singapore showed Malaysia’s failure to plug its talent leak.
Hassan as a rare talent and the latter has been widely appreciated abroad and among big multinational corporations “but not at home”.
This is extremely sad, especially when Tan Sri Hassan is widely credited as the man who turned Petronas into the leading international oil and gas company that it is today.
Will Malaysia let Tan Sri Shamzul Azhar go to Singapore?
2014-06-25 12:14
Sigh, same fate like Tan Sri Hassan Marican, the well respected former CEO of Petronas, who is now chairman of Singaporean companies like Sembcorp Marine, Singapore Power, Pavilion Energy and Lan Ting Holdings. These include companies linked to Temasek Holdings, the Singaporen government investment arm. Sadly enough, he is not seen in any Malaysian listed oil and gas company.
2014-06-25 12:28
Let look at MAS, listed below is an abstract of a study on corporate governance failure and its impact.
For Malaysia Airline Systems (MAS), the governance failure occurred when Tan Sri Tajuddin Ramli via Naluri Berhad who is the single largest shareholder in MAS and held both chairman and Chief Executive Officer position entered into unprofitable business activities whereby he had over expansion the flight destination.
The capital expenditure increased due to placing many orders on planes. The company was in accumulated loss from 1998 to 2001. In the financial reporting, it was simply a mismatch between earnings and expenditure whereby earnings was mostly in ringgit while expenditure (jet fuel, aircraft maintenance and others) was in US dollar.
When MAS made new aircraft orders in 1995 the costing was based on RM2.50 but it ended up paying RM3.80. MAS was then re-purchased by the government for RM 8 per share which was more than double of the market price.
In fact the net tangible assets were only RM1.74 per share. This situation shows that corporate governance failure not only occurred at organization level but at national level as well.
The question was why an audit was not conducted before the government’s buyback which would have a very important bearing on the proper price of the government buyout.
2014-06-25 14:23
how to go forward if daily this monkeys are lifting up walls arround their minds
2014-06-25 14:29
Lorrain breaks his silence, read this article from The Malaysian Bar.
http://www.malaysianbar.org.my/news_features/lorrain_breaks_his_silence.html
2014-06-25 14:35
Tiu lor our PM cannot even manage own water bill, can manage hooligan intruding into penang assembly, during bye election, and now PM asking to start guerrilla group like terrorist. What kinda PM is this mangosteen?
On the front Liow gonna lead Transport. Die lor......bring back Hishamudin lar. Let him finish the job. Why PMI always like that? When Idris was doing good for MAS, he pull him out....when Wahid doing good for TM he got pull out to Maybank and now out also.......this is indeed a stupid country where the PM has no leadership in resolving religion problem, no leadership in resolving price escalation, no no no only.......what good has Najib done so far after 1 complete term? Nothing lot
2014-06-25 16:10
NEP has all the right concept, misused and misused and misued to the effects of power enhancement, personal and cronies enrichment, etc etc
2014-06-25 21:20
NEP is a powerful political concept to win acceptance and continued support from the masses but a powerful money making machine for the elites that planned and practiced economic incompetence.
2014-06-25 22:01
Shout and scream all you want but there is little hope of changing the present corrupt culture without changing the BN government and that alone is a monumental challenge fraught with uncertainties. The rot goes too deep after four decades of continuous decay. Even with a PR government, there is no guarantee of better governance, only the chance that things can get better. There's going to be a lot of pain coming our way, change or no change. That's how bad things have become. Too pessimistic? The many who salt away funds in overseas accounts don't think so.
2014-06-26 09:22
Whatever policies, you name it....we could not care less.... all gone to crocodiles and into the drains. Really frustration.
2014-06-26 18:13
ah if and really IF we have more people like Tan Sri Shamsul instead of frogs like Ibrahim etc I'm pretty sure we would have been one of the most successful country with the abundance of natural resources and not to mention the talents that has left the country seeking better opportunities for themselves and their future generation -
Shamsul lamented the fact that Petronas was under pressure to back inexperienced businesses, while he was more interested in stressing the importance of meritocracy.
"In 2010, we structured the whole organisation, including the composition of the board...I brought in new capable people. The talk was that I got rid of all the government servants, brought in the non-Malays, opened up Petronas, which belongs to the Malays, to the non-Malays.
"Are we not interested in competence? This is a predicament I am facing at this point of time...I am being pulled back by politics, by interested parties, by parties with vested interests, by agendas that are outdated...I am a Malay too. I am proud to be one. You think I don't want to help my own people. Of course, I want to help them but in the proper way. Not through handouts and spoon-feeding, " said in the interview published on June 21.
http://www.themalaysianinsider.com/malaysia/article/when-principled-men-speak-and-frogs-croak
ah jib gor where r u ah jib r u listening?????????
ah IF only :(
2014-06-28 04:47
we from inside PETRONAS want Dtk Shamsul to go and leave PETRONAS. We want someone like Tan Sri Hassan Marican & Tan Sri Azizan.
2014-06-28 05:44
Dtk Shamsul said ..."I am a Malay too. I am proud to be one. You think I don't want to help my own people. Of course, I want to help them but in the proper way. Not through handouts and spoon-feeding."
izoklse, Dtk Samsul wants to help Malays in the proper way and that is "NO HANDOUTS & NO SPOON FEEDING". Why do you want someone like Tan Sri Hassan Merican and Tan Sri Azizan? What is the difference in management policy between Dtk Samsul and Tan Sri Hassan Merican?
Do you agree with Dtk Samsul policy to help the Malays? Assuming that a Malay is helped by Dtk Samsul policy without handouts and without spoonfeeding and became very competent and successful, don't you think that Malays who had helped themselves to succeed on their own merits will be a shining example of success to the Malays and a long term confidence builder to the Malay psyche in general. Would a Malay who had been helped by handouts and spoon feeding have the self confident mindset? What do you think personally of the Malay tycoons who had been helped through the system of handouts and spoonfeeding?
What price will you attach to achieving success through own merit for a Malay? Why do the Malays always think they need to be protected and helped? Who is responsible for developing this dependency mindset amongst the Malays? Is this dependency mindset amongst the Malays created by their leaders or a natural mindset developed through birth?
2014-06-28 07:03
Posted by izoklse > Jun 28, 2014 05:44 AM | Report Abuse
we from inside PETRONAS want Dtk Shamsul to go and leave PETRONAS. We want someone like Tan Sri Hassan Marican & Tan Sri Azizan.
wah this fella izoklse very terra ha - maybe from Perkosa one hehe - halo saudara I think u living too long under the tempurung leh - Tan Sri Hassan Marican already cabuted to Singapore :(
http://drkokogyi.wordpress.com/2011/10/06/congratulation-tan-sri-but-we-lost-a-great-talent-again/
maybe you can request for Tuan Dato Ibrahim Ali or his deputy presiden Datuk Zul kikikiki
2014-06-28 07:21
oh by the way it's Tan Sri Shamsul la not just Datuk - respect la sikit :)
2014-06-28 07:32
ah maybe got some hope :)
http://www.thestar.com.my/News/Nation/2014/06/27/salleh-said-kerual-censures-ibrahim-ali-over-petronas-remark/
2014-06-28 07:34
Besides water, highway and electricity, hmm… there are other industries such as auto, air transport, ports, education, construction, property, banks, central bank (forex), immigration, sugar, rice, media, plantation. Surely I have missed out on something!
2014-06-28 08:03
What can you say or do when the BN Government awards the Water, Electricity and Highway concessions without open competitive tender? These are essential monopolies we must have. Without competitive tender, all of us will have to pay higher rates. That is why Malaysia is lagging behind.
Can you imagine the Singapore Government awarding large concessions without open tender?
Elected MP cannot even question these in Parliament because they are under the NEP. Allah only knows when the toll collection will stop!
2014-06-28 08:04
NEP is a powerful money making machine for the elites. The long term impact of NEP is to FURTHER ERODE Malaysia's economic competitiveness and it had already done so ever since the NEP was introduced in the 80s.In the early 80s the neighbors such as China, India, Indonesia, Philippines, Vietnam were still sleeping. Now these countries had embarked on economic reforms to make them even more attractive to investors and consequently the regional/global competitive economic scenario is much more intense now with the entry of newer players. Somehow the Malay majority are still behaving sebagai "Katak di-bawah Tempurung and they still need tempurung for protection!"
New Business investment capital destined for ASEAN will go towards neighboring countries that will yield relatively highest return on their invested capital.
The ultimate losers are all Malaysians including the ordinary Malay folks. The gainers will still be the elites as they continue to earn very good profits and they cannot be questioned by the lawmakers in Parliament.
2014-06-28 13:03
Those days nep is effective but now not anymore coz it being leverage and used by d elite Malay for their own consumption and selfishness
2014-06-28 13:07
Frank Soweto we called him in PETRONAS Dtk Shamsul. Hassan Marican & Late Tan Sri Azizan is the one who bring PETRONAS to its glory and because of that we want someone like them to manage PETRONAS. Not Dtk. Shamsul. By the we in PETRONAS call him like that. Dtk Wan Zul can replace him also but too much at Dtk Wan plate already. We want someone like Hassan Marican and late Tan Sri Azizan to manage PETRONAS. We dont want dtk Shamsul. Please leave the company and we home govt will push him out of the company.
2014-06-28 13:30
How can NEP be effective and instill greater competition in Malaysia's economy if the end result is to create a dependency mindset amongst the Malays? Malays now think that they cannot succeed WITHOUT THE NEP? Why must this be so?
In the early 80s Malaysia was relatively more attractive due to the lack of competition from China,India, Thailand, Indonesia, Vietnam, Burma, Laos, Cambodia, Philippine. It is akin to a economic boxer who looked relatively good because there was hardly any opponents who were relatively as good or better than the Malaysian economic fighter. So over the ensuing years the NEP weakened the Malaysian economic fighter. During the same period newer and younger economic fighters had emerged with better economic strategies, fighting skills, better skillsets compared to the Malaysian economic fighter. The Malaysian economic fighter realizes now that it cannot fight to win now without much effort now as it had wasted so many years of opportunity to strengthen its economic fighting capacity and capability. However the elites who had promoted NEP had benefitted enormously from this powerful money making machine.
Unfortunately the stark reality as evidenced by Peseks's article is that the NEP policy over the years had weakened Malaysia's economic fundamentals and its economic competitiveness. Malaysian Talents over the ensuing years had left Malaysia to contribute to other nation's economic growth for better paying careers and for better economic opportunities for themselves. The question in everyone's mind is
"Why can't Malaysia create the opportunities for these talents to stay, work and thereby contribute to Malaysia's economic achievement in research and development field which requires talented skills and state of the art professional knowledge?"
" What had been the opportunity cost forgone by Malaysia as a result of its NEP policies?"
" How much could Malaysia economy develop in scope , width and depth if these talents work and contribute to Malaysia's economic growth?"
"Would Malaysia be ahead of achieving its VISION 2020 target before 2020?"
Now the global economic war is waged on the WAR TO HIRE TALENTS AND RETAIN TALENTS. Malaysia all these years had been nurturing and exporting talents. How can Malaysia ever fight in the new global economic war if it continue to export talents?
Malaysia endowed with the richness of its natural resources and home grown diverse human talents could have been the shining beacon of economic prowess now if it had retained and attracted more talents to contribute towards its economic growth and to push its economic potential to a much higher sophisticated level. Unfortunately due to the shortsightedness of its NEP policies where the elites see this as a powerful money making machine for themselves, it had squandered the golden years during the early 80s whilst the economic giants today were still sleeping blissfully in slumber land.
2014-06-28 21:25
Optimus so clever everyday gets kick out......he like Luis Suarez....bite bite and come back for more.....
2014-06-28 21:53
As a Malaysian, I think almost everyone knows d problems, and yet accept d facts. Simple reason is majority benefit from d goods n bads fr our government. But to develop into a better nation, d only way is to change a new Government at least for 20 years. And it will b good for all Malaysians including bumi n non bumi except Umno only. U agree?
2014-06-28 22:43
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Koon Yew Yin
The worst corruption is the awarding of the water, highway and electricity concessions without open competitive tenders by the Barisan National Government. Even elected Members cannot question these irregularities in Parliament. We all have to pay higher prices for these essential facilities.
Moreover, Allah only knows when the toll collection will stop. It is so ridiculous to increase toll when there are more and more people using the highways.
I hope someone will explain to koonsenile so that he can understand. If he refuses, he must be one of the BN cronies who has benefited.
2014-06-25 10:19