Hypocrite Nazir Razak taking charge of CIMB is not about brain work.. its about money works...
NAJIB PROMISE TO MALAYSIANS
“I have to make sure that none of my siblings come into the path of potential conflict of interest, and that they are where they are because they deserve to be there. In any case, none of them are in government. One is a lawyer, one is an architect, one is in semi-retirement and there’s one in CIMB."
In the harshest rebuke yet of the abuse of the New Economic Policy (NEP), CIMB Group CEO Nazir Abdul Razak described the NEP as having been bastardised by deviating from its original purpose.
“I have strong opinions about how the NEP has been bastardised over the years,” he said in a question-and-answer session after delivering a talk at the Chinese Economic Congress this afternoon.
According to Nazir (right), while the NEP has come a long way from the social engineering experiment originally aimed at eradicating poverty, the policy has since appeared to enrich small pockets of people.
“At that time, no one knew what the outcome would be. It was a social engineering experiment that no one had ever done before in any country. So they gave it 20 years. And they felt that after 1969, they had to give it a try.
“But now it is so embedded in everything that we do – in every part of the government, in every part of businesses – that it has become a problem.
“And today, every time I mention the NEP, I get blasted,” lamented Nazir, when fielding a question from the floor on his thoughts on the policy.
“What I don’t understand is giving these people Approved Permits (AP). That should go.
“If you just want a small number of people to make money, might as well just give them money,” said Nazir, was reported to be the highest-paid GLC CEO back in 2007, drawing in an income of RM9.35 million then.
Incidentally, the main architect of the New Economic Policy when it was drawn up in 1971 was Nazir’s own father, the country’s second prime minister Tun Abdul Razak Hussein.
‘Ignore extremist groups’
Boldly departing from the normal comfort zone, the banker also said that the affirmative action needs a relook. “Now we need to address what kind of affirmative action we want to have. It is so infused in everything. But we will one day need to confront it one way or another,” said Nazir, who is the younger brother of current PM Najib Razak.
The NEP officially came to an end in 1990, but its policies still continue to this day. Najib has announced a New Economic Model back in March to reform and rebuild the Malaysian economy.
However, details still remain to be made public. Speaking after delivering his luncheon address titled ‘Strength in Diversity, Beyond the Rhetoric’, Nazir also told the mainly Chinese participants to look beyond party calls advocating the rights of their own race.
Careful not to name names, he advised the participants to “ignore them” when asked on his stand on such groups.
“We have to accept that in a free and open society, we have to expect extremes. A few noisy people in the corner do not make up the majority or represent the majority.
“We as the majority have the strength to ignore them. Don’t get too caught up with what others are saying, or what they are doing. Don’t waste your time engaging with them,” he said.
Earlier, Nazir also pointed out that he is a descendant of an immigrant family. “I told Tan Siok Choo (grand-daughter of one of MCA’s founding members Tan Cheng Lock) that her family came to this country earlier than my family,” he said in between chuckles.
This is only obvious that UMNO has now the final say in justice with their man Zaki as the Chief Justice. This is the obvious Justice of Malaysia, the laughing stock of the whole world, Malaysia should be boycotted by the world communities for their greatest injustices towards human rights and common normal justices. THIS IS MALAYSIA’S MALAY SUPREMACY AT ALL COSTS BUT GOING DOWN THE SEWERS THE PRIME MINISTER AFTER THE 52ST YEAR OF INDEPENDENCE.
Datuk Seri Najib Tun Razak is already having to answer questions about his four brothers — and their possible influence in his administration.
The cynics and the Opposition believe that his siblings will benefit from Najib’s ascension to power, drawing a bulls-eye on the back of CIMB’s Datuk Nazir Razak, one of the country’s top bankers.
In an interview with The Edge, Najib confronted this issue. He noted that Nazir joined CIMB well before he became the Deputy Prime Minister and had done well, judging by how the market viewed him.
“And yesterday, I read that he received the recognition of being the second best banker in Asia. So I think it speaks volumes for his performance in the bank… there’s no conflict of interest and most of the dealings of CIMB are with the Central Bank.
“So the Central Bank decides on a lot of matters, '' he said. Najib did not envisage a conflict of interest situation with his other brothers — Nizam, Nazim and Johari, pointing out, that “they’ve been quite scrupulous actually in terms of not wanting to put me in any embarrassing situation of potential conflict.”
But perception is everything in Malaysia and as Tun Dr Mahathir Mohamad and Datuk Seri Abdullah Ahmad Badawi found out, the involvement of family members in business can become a political liability.
As the pain of the 1998 financial crisis hit home and the political fallout over the sacking of Anwar Ibrahim became more serious, the involvement of Dr Mahathir’s children in business was put under the microscope by his foes.
Charges of cronyism and nepotism were tossed at him and it became one of the main platforms of attack which the Opposition used in the 1999 General Election. The heat persuaded Datuk Mokhzani Mahathir to sell off some business interests and take a lower profile.
Ironically, Dr Mahathir used this tactic successfully against Abdullah, accusing him of favouring his son, Kamaluddin and his son-in-law Khairy Jamaluddin. The potency and source of the attack made it necessary for Abdullah to publicly defend his son and Khairy.
In The Edge interview, Najib was asked whether he was worried of attracting the perception that Dr Mahathir and Abdullah had because of the involvement of their sons and son-in-law in business. And how he would tackle such a perception?
He replied: “I have to make sure that none of my siblings come into the path of potential conflict of interest, and that they are where they are because they deserve to be there. In any case, none of them are in government. One is a lawyer, one is an architect, one is in semi-retirement and there’s one in CIMB.
“So I don’t see any problem with that and they were where they are now before I came to the job.”
Solid answer, now he just has to manage the perception.
The police, judiciary, the AG's office, the Malaysian Anti-Corruption Commission and other civil services have all been bastardised.'
Nazir Razak says NEP 'bastardised'
Not Confused: What a cynical ploy to try and win support from Chinese Malaysians by underhand methods such as this. Is there anyone in Malaysia (who is not directly benefiting in a big way from the NEP) who doesn't know that the current NEP and its proposed successor are nothing like what was originally intended by the constitution and its architects?
Cala: CIMB chief Nazir Razak is not talking about anything new. When Dr Mahathir Mohamad decided to go big into business, what he cared most was the interest of his cronies, not the people. He appeared to be more concerned about holding on "to power and pursuing policies that essentially (were) good only for the privileged circle" (Wain, 2009, p. 346, para 3).
Indeed, the New Economic Policy has been given a new coat of paint (bastardised in Nazir Razak's more colourful words) by Mahathir.
Sarawakian: Nazir, tell it to your brother. He's the PM and the only man who can make the necessary changes. And it's not only the economy that has been bastardised. The police, judiciary, the AG's office, the Malaysian Anti-Corruption Commission and other civil services have all been bastardised - by Umno.
CheyTec: Nazir said this in front of a predominantly Chinese crowd in a MCA-backed event. Would he dare say it to an Umno crowd? As we can see from the recent media statements released by his big brother, the PM, they are trying to win back the Chinese votes, and I believe this is just another part of the strategy to do so.
I guess Apco is trying to earn its inflated contract paid by the Malaysian taxpayers with its concerted media strategy. Whether Nazir is good enough to be the CEO of CIMB is for another debate. He has indeed done very well so far.
Dingy: Speak this to the hostile Perkasa supporters, he'll be butchered.
Key Poh Ji: Hopefully the well-educated majority of Malays should have woken up after the political tsunami of March 8, 2008. The NEP is in fact not evil and bad intentioned, but it should have been implemented based on the social-economic policy of eradicating poverty. If so, Malaysia would be like present-day Singapore.
This CEO of CIMB is trying to please the Chinese. Would he dare to repeat the same speech in front of a bumiputera audience?
Tkc: To be sure, Nazir Razak has been quite consistent with regard to his opinion that the NEP needs reform. But the big question is whether his brother, Najib, has the political will to push through the reform - especially with Mahathir/Perkasa looking over his shoulders in addition to personal milestones around his neck.
Joe: What is Nazir Razak's point in telling a Chinese audience what he thinks about the NEP? The Chinese and the other non-bumiputera are victims of racial discrimination practised by the Umno government in the name of the NEP.
Nazir should address and direct his rebuke at the Umno government and at Umnoputras and the Malay conservative wing. They are the ones who are responsible for mutilating the NEP and for poisoning race relations and causing communal polarisation. They are the people who have selfishly taken advantage of the poor Malays to enrich themselves, their families and their cronies. They are the ones who deserve to be chastised for their opportunism, racism and injustice.
What Nazir said is nothing we don't know. The Umno government has made an utter mess of our political economy. I'd like Nazir to be up front and tell us what he thinks the government ought to do to correct the NEP distortions and deviations, and stop the abuses.
Merchant Banker: What is your brother, the PM, going to do about it? I guess both of you are fans of the Myers-Briggs behavioural theory (I learnt that from Harvard Business School) where you re-orientate your behaviour according to the situation: what your audience wants to hear.
Or has the family (the Razak brothers) decided that what you said will be the direction which the PM must go in order to avoid being demolished by Pakatan in the next GE?
Swipenter: Everyone knows about the bastardisation of the NEP and how it has morphed into a tool of racial discrimination and a means to enrich a few Umnoputras and non-Malay crony families.
Despite all the promises of reforms, we haven't been able to move beyond words in creating an equal society based on needs rather than on race. Why? It is because of vested interests. Look at how Najib's legs shake when Perkasa shouts. He also has no guts to discipline the right-wing Umnoputras. This is despite knowing how the NEP and the policies that come from it is killing the country slowly, and not so slowly nowadays.
NEP is the root cause of corruption, cronyism, nepotism and institutionalised racism in our country. That is why we need to start afresh and chuck everything out, including the kitchen sink. Umno/BN has failed the country and its people despite building a physically modern and progressive facade. Beneath its thin veneer, the whole country is rotten to the core.
The Malaysian: There are many poor Malays, Indians, Chinese, Orang Asli and others in our society who need help. Until we see real action, words do not move us, the ordinary folks who make up the 'masyarakat' of 1Malaysia.
Talk is cheap, it costs the CIMB CEO nothing, only his time. We want people like you and your brother to start showing some leadership, integrity and credibility. Otherwise, 'masyarakat' Malaysia is doomed.
The world has already judged us, as seen in the 81 percent drop in FDI last year.
KSN: This comment by Nazir is the truth. But he did not say who "bastardised" NEP's main objectives of eradicating poverty without regard to race and religion. A few cronies and family members were enriched by the NEP by leaving the poor from all communities poorer.
That being the case, why are some Malays, including Umno ministers, supporting Perkasa and its chief patron? Why are the Malay masses taking these abuses of our national resources silently? NEP discriminated within communities and among communities.
Patriot: Action speaks louder than words. Please do not just deliver speeches to please a certain target group that controls the SMEs (small and medium-sized enterprises), a vital stream of commerce and industry. Bring about change and support the NEM in its original form so that everyone benefits for the good of the country.
Let us not harbour feelings of losing out, or losing face, or losing control. Nonetheless, it was a bold speech.
Wong Chee Kong: The government may be in all sincerity wanting to implement the changes as stated in all these oral deliveries. But the actions that follow do not give much confidence to the people that they are said in sincerity.
In fact, most received such talks as part and parcel of a public relations exercise. Having been bitten over and over and over again all these years, it's not easy for the community that they are addressing not to be shy.
Anonymous: Congratulations to Nazir Razak for his hard-hitting speech. Yes, you are absolutely right, Nazir. In practically every sphere of Malaysian life, the NEP has been "bastardised". Only the rich and well-connected Malays have benefited under the pretext of NEP.
What about the poor Malays, as well as Sabahans and Sarawakians? Have they benefited in any way other than the 'amanah saham' (unit trust funds), which has been used as a sweetener to assuage the majority of the Malays? Hence NEM is the answer.
Of course, those who have benefited and continue to benefit from NEP would like NEP to continue. No wonder rent-seekers are aplenty, vying for contracts. And when they are not given, they vent their anger against the government, be it BN or Pakatan Rakyat. They simply cannot stomach that they have to compete with others.
Not Confused: I wonder if Ibrahim Ali will now come out and threaten Nazir for "playing with fire", confusing the rakyat and insulting the Agong.
Soapbox: Nazir, would you be CEO of CIMB if the system was not bastardised?
"The involvement of family members in business can become a political liability." Yes, very true, but does this stop you and the other UMNOputras from enriching all your family members? No it doesn't because you guys don't care what the rakyat thinks of you as long as you steal our money and become billionaires.
Mr. Najib, if you can blow up an innocent girl in cold-blood, do you really expect us to believe that you won't take our millions? Don't worry, the rakyat will be able to C4 ourselves in time to come.
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What we need is a competent leader with integrity,siblings of leader do not necessarily become a burden to the leader.However,a leader who have to carry a bunch of baggage,he actually becomes the burden to his siblings.
taking charge of CIMB is not about brain work.. its about money works...
Think f this way, dirty money goes in CIMB, came out clean.. who got the benifit non other then Najis and Co.
How can you make sure BTW??
BOYCOTT CIMB Bank ALREADY!!! ITS A MONEY LAUNDRY BANK for what I've know!
Hello! Hello! What have we here? Another statement from Najib who thinks we are stupid.
Mr Najib, its not only about conflict of interest, I'll come return to that later, its also about how your siblings, cousins, aunties, uncles came to occupy such positions. Is your brother really capable in managing CIMB? I hate to tell you this, within the banking industry, the professional bankers laugh privately whenever your brother's name is mentioned. He has no vision, no idea whats what, but instead rely heavily on a coterie of true financial pros to advise him. What the heck is your brother doing in CIMB is a wonder. Besides, many within the banking sector knows that the government gives priority treatment to CIMB and CIMB gets first hand knowledge of the government's finance plans. Although, such matters are hard to prove as there is no solid evidence, the very fact that CIMB acts with some pre-cognition of what the government plans to do is enough to raise suspicion. I guess that would at least suffice to cast some doubt on whether there is conflict of interest with having your brother in CIMB and you as PM of the country.
My hope is that you, Mr Najib, will continue to speak more about such issues. It will give us, the rakyat, an opportunity to learn more about your views regarding our perception and what you think of us. Its regrettable that you think the rakyat are generally stupid and are easily led around by the nose. This is the new millenium and not the 1960s - 1980s era where most people had no access to alternative opinions and unsanitized news reports.
An employer who learns that an employee is stretched to the limit financially, for example by having 3 children, caring for ageing parents and caring for a family member with Down Syndrome, may decide to exploit the employee, demanding that they work extra hours and extra duties, all without compensation, confident that the employee is so desperate for their pay-packet that they won't protest or resign.
Such scenario is made even more likely during a downturn in the economy, when employers will seek any means, fair or foul, to save money. The IRB plan should not be permitted, it is altogether the wrong medicine for the disease of over-deduction..
Hmm,C4 can say he is sqeaky clean even to the Koran. BUT we all know the difference. Very simple -- how come there are so many crimes in Msia, especially commited by ministers, well connected UMNOputras. I wonder why there are so many millionaires in UMNO alone than all of PK politicians put together. Very interesting
Filth and Evil never ever changes - it can hide, camouflage itself, but will never deliver benefits.
If you the rakyat votes in filth and evil, you deserve to get screwed (likely from the back after witnessing the penchant for posterior talents)
People get the governance they deserve. (so think wisely...)
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