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Corruption, power abuse hampering economic progress

Corruption, power abuse hampering economic progress

KUALA LUMPUR: Corruption and abuse of power are the main factors hindering the country’s economic growth and income distribution, not the bumiputera empowerment agenda, said Prime Minister Tun Dr Mahathir Mohamad.

He also said the government’s agenda to help the bumiputra was affected by these wrongdoings, as the opportunities and support that were supposed to be given to the community were misused and siphoned by unscrupulous people.

That is why, Mahathir added, the 30% bumiputra equity ownership target set under the New Economic Policy did not materialise.

“As a result of corruption and abuse of power, the bumiputra agenda could not be achieved. This cancer has intensified and must be treated quickly.

“As a doctor, I only look towards treating the cancer. It must be cut out and removed,” Mahathir said when launching Shared Prosperity Vision 2030 (SPV2030) today.

On related matter, Mahathir also expressed concerns over the rise of foreign equity ownership in Malaysia, at the expense of locals.

He said that studies conducted on the country’s corporate equity position up to 2015 showed that bumiputera equity had fallen to 16.2% and the non-bumiputera share had also slipped to 30.7%.

However, foreign equity ownership rose to 45.3%.

“But in 2011, bumiputera corporate equity ownership stood at 23.4% while the non-bumiputeras held 34.8%.

“Foreign equity ownership then was only at 37.2%,” said Mahathir.

Bernama