Freight forwarders call for clarity on 51% Bumiputera rule

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The freight forwarders federation has questioned whether owners are willing to lose control over their firms.PETALING JAYA: An association of freight forwarders has urged the government to clarify its position on Bumiputera equity in logistics companies, with only months left before an end-of-year deadline.Instead, the Federation of Malaysian Freight Forwarders has proposed that the requirement – possibly calling for a 51% Bumiputera ownership of their companies – be deferred to the end of next year.The federation’s president Alvin Chua said former prime minister Najib Razak had announced a revision of Bumiputera equity requirements in 2018 and said it would be reviewed again at the end of 2020. However, that has yet to materialise.In a letter dated Sept 18 to the government, Chua said the finance ministry had stated in January that all Customs brokerage licence holders must c…