Bumiputera policy needs an update: Ex-CIMB head
The Straits Times|November 09, 2021
Brother of Malaysia’s ex-PM says affirmative action policy crafted by their father is flawed
Shannon Teoh

Former CIMB chief executive and chairman Nazir Razak hopes his brother, Malaysia’s former premier Najib Razak, can prove his innocence in the 1MDB scandal, a theft of billions of taxpayer dollars which the banker says was due to abuses of the system left behind by their father Razak Hussein who led the country in the 1970s.

In his autobiography released yesterday, Datuk Seri Nazir echoes critics who say the system of proBumiputera quotas in awarding contracts, licenses and senior positions is now riddled by corruption.

The over-centralization of power has allowed those in key positions to influence, and even dictate how government funds are channeled to allies in both business and politics, he said.

Mr. Nazir writes that 1Malaysia Development Berhad – the state-owned firm which prosecutors say had US$4.5 billion (S$6.07 billion) siphoned from it – was “the clearest evidence yet that the system of politics, government and business, which could trace its roots back to my father, was now deeply flawed”.

“As his brother, I pray that Najib is able to clear his name,” said Mr Nazir, who is now chairman of Bank Pembangunan.

Najib, the eldest of Tun Razak’s children, is appealing against a conviction and facing dozens of further charges in relation to 1MDB.

Continue reading your story on the app

Continue reading your story in the newspaper

MORE STORIES FROM THE STRAITS TIMESView All

Microsoft Sets Off New Content War In Gaming

Its US$75 billion (S$101 billion) bet on Activision Blizzard comes as rivals jostle for position in the metaverse. Control of popular games like Candy Crush gives Microsoft new markets and opportunities to build a Netflix for gaming.

5 mins read
The Straits Times
January 21, 2022

400 Customers Hit In Crypto.com Security Breach

All those affected have been reimbursed, says CEO of S’pore-headquartered firm

2 mins read
The Straits Times
January 21, 2022

AlL Organisations Should Adopt Anti-SMS Spoofing Steps: Experts

One example is to sign up for registry to protect their sender IDs, they say

2 mins read
The Straits Times
January 21, 2022

Biden Predicts Putin Will Order Ukraine Invasion

US leader says it may not amount to full-scale invasion but Russia ‘will regret having done it’

2 mins read
The Straits Times
January 21, 2022

Jokowi Urges G-20 Countries To Set Up Global Health Agency

It could mobilise resources, provide funds and formulate standard protocols for travel

2 mins read
The Straits Times
January 21, 2022

Moe Teachers To Take Weekly Antigen Rapid Tests For 8 Weeks

Tests to be self-administered, says ministry; all public officers will undergo same regime

2 mins read
The Straits Times
January 21, 2022

Never Say Die Is The Spirit I Want: Conte

Spurs boss applauds team for 3-2 comeback win over Leicester as Bergwijn nets late goals

3 mins read
The Straits Times
January 21, 2022

Thailand To Resume Quarantine-Free Tourism'

Thailand will resume a quarantine-free visa programme for vaccinated visitors after its suspension last month helped the tourism-reliant nation curb a new wave of Covid-19 infections.

2 mins read
The Straits Times
January 21, 2022

US Firms In A Bind Over Vaccine Mandates Amid Misinformation

Companies in the United States are grappling with whether or not to move ahead with vaccine requirements for their employees, following a Supreme Court ruling last week that struck down the Biden administration’s vaccine-or-testing mandate for large businesses.

2 mins read
The Straits Times
January 21, 2022

‘MEANING' OF GAMES NOT LOST WITHOUT FANS

Tokyo Olympics chief says Beijing Winter Games won’t be affected by virus restrictions

2 mins read
The Straits Times
January 21, 2022
RELATED STORIES

THE GREAT ESCAPE!

Hero dad dives into flames to save twin girls

2 mins read
National Enquirer
September 27, 2021

Bangkok to Bali and Beyond

Sail to the cultural wonders of Southeast Asia.

4 mins read
Global Traveler
August 2021

Have «comfort foods» PUT YOUR healthy diet ON THE BACK SHELF?

Nutrition Myth Buster Jonny Bowden says toss out the old nutrition advice along with the junk food. It’s time to start fresh before you start having health issues.

3 mins read
Natural Solutions
December 2020

PARANOIA

MAGGIE LINDEMANN SPILLS THE TEA ON HER UPCOMING EP, TRAN- SCENDING GENRES AND COLLABORATING WITH POP PUNK’S FINEST.

5 mins read
Inked
January 2021

COVID-19 TURNS MALAYSIA'S GLOVE MAKERS INTO BILLIONAIRES

Owner of Riverstone Holdings is now a billionaire with his share prices going up, keeping up with the increasing demand in protective gloves across the world.

2 mins read
Industry Leaders
September 2020

Offshore Safety

Voyaging on the boat they built together

10 mins read
Ocean Navigator
Ocean Voyager 2020

The Virus Clips AirAsia's Wings

The region’s premier discount carrier may have to lower its ambitions

4 mins read
Bloomberg Businessweek
April 20, 2020

Plant Power

Dr. Jonny busts the palm oil myth and sheds light on an estrogen-affecting phytochemical.

4 mins read
Clean Eating
January - February 2020

Penang Looks Like A Trade War Winner

Malaysia’s electronics manufacturing hub is drawing renewed interest as China and the U.S. battle

3 mins read
Bloomberg Businessweek
November 25, 2019

READER PROJECT Custom-Chassis Muscle Mustang

Retro-realistic machined-metal muscle car

5 mins read
Radio Control Car Action
November 2019