Bumiputera equity rule highlights catastrophe in public policy

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From Murray HunterA Federation of Malaysian Freight Forwarders (FMFF) letter to the minister of international trade and industry Azmin Ali has highlighted the 51% Bumiputera equity requirement in many types of businesses.FMFF president Alvin Chua wrote to seek clarification of required bumiputera equity in freight companies when they seek a renewal of their Customs licences. Chua also requested an extension of time for freight forwarding companies to comply with the finance ministry ruling, due to the delay in receiving any clarification. The bumiputera equity rules were set down in an old Customs regulation known as Perintah Tetap Kastam, or Customs Order 45, July 1, 2014, stating that companies undertaking Customs forwarding work must have 51% bumiputera equity to be eligible for a licence. This rule was written by a civil servant, and never scrutinised by Parliament.Former p…