GLCs forcing Malays out of business, says Dr M

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PUTRAJAYA: Dr Mahathir Mohamad has alleged that government-linked companies have put the Malays out of business instead of helping them.In an interview with FMT, the former prime minister said the GLCs, which blossomed during his first stint at the helm of the country, were initially established to help poor Malays who were incapable of taking up shares in business.He said Malays would borrow money, buy shares and sell them off to settle their debts, and he saw this as being against any plan to reduce the income disparity between them and the other races.It was to prevent them from selling off their shares in the market that the government set up GLCs to buy the shares, he said.However, he added, these GLCs veered from their original purpose when they began to set up companies that competed against each other and with others.Mahathir, who three years ago lamented that GLCs had…