Saturday, May 12, 2007

I Decided to CLOSE Maybank Account

I totally disagree with what Maybank has done on the '50% bumi equity requirement' measure, therefore I have decided to close Maybank account.

The issue is not whether it's bumi or non-bumi, but to make Malaysia a better country we must make ALL decision on ' MERIT' not race, not religion.

For those not aware of this issue, below are the news:-

The extracted from The Star dated 9/5/2007.

MCA: Maybank move discriminatory

KUALA LUMPUR: Maybank has come under fire from MCA vice-president Datuk Seri Chua Soi Lek for its requirement to law firms that it must have at least three bumiputra partners, one of whom must have a 50% stake, before these firms can do any business with the bank.

Describing the move as discriminatory, he said many Malaysians had expressed their disappointment with the bank for its decision.

“On one hand, we are talking about racial integration but on the other hand, we are adopting such positions which are racial in nature,” he said.

Dr Chua, who is the Health Minister, questioned the existence of such a ruling, adding how Malaysia could compete globally if a government-linked company like Maybank still adopted such a position.

Deputy Finance Minister Datuk Dr Ng Yen Yen also questioned the bank’s move as firms that provided the best professional services should be the criteria for selection.

“We should learn to be more competitive because we are liberalising our financial services. What Maybank is doing is not in sync with what the Government is doing,” the Wanita MCA chief said.

Dr Ng said the move taken by Maybank may be an internal decision but she said the Wanita MCA regretted the action as it had no legal basis and was certainly not in line with the spirit of the Federal Constitution. Another unnamed bank was also reportedly to have made a similar decision.

She said Maybank was dealing with lawyers who were professionals and ethnic composition should not be an issue, adding that law firms should be judged on their abilities.

MCA Youth chief Datuk Liow Tiong Lai urged Datuk Seri Abdullah Ahmad Badawi to intervene as the requirement was discriminatory, adding that the bank should withdraw the ruling immediately.

He hoped Abdullah, who is the Finance Minister, would step in to resolve the issue, adding that MCA Youth was disappointed with the decision as it would tarnish the image of Malaysian companies.

The Associated Chinese Chambers of Commerce and Industry also criticised the move, saying it prevented businesses from operating freely; while Bar Council chairman Ambiga Sreenevasan said all lawyers should be judged on their merit and that the council would be writing to Bank Negara on the matter.


2 comments:

Warren Buffett the 2nd said...

Basically, you can give up on this issue. It will be back time and time again.

Unknown said...

Dear KC - I salute you as I have saluted Toebear for having the courage to speak out against Mayban's discriminative policy.

We must however do more to ensure that this topic remains prominently in your blog to ensure that it s given maximum exposure to create public awareness.

This is what I have been positing in all possible blogs which I can visit - maybe anyone of you can help to post in other blogs you visit:-


"Hi,

I think all bloggers who are patriotic Malaysian should highlight the discrminative policy of Mayban (and AmBank).

Maybe all right thinking Malaysian should be asked to seriously consider whether they want to continue banking with such a Bank.
Should we not make out voices heard loud and clear. Should we not seriously consider withdrawing all our monies from Mayban (and AmBank), cut their credit cards into two and returned to them, turn down all their offer of banking facilities and switch our banking facilities to banks which do not practise discriminative policies? Should we not deliver this strong message to Mayban (and AmBank) in such a loud voice to be heard also by others who are practising or intend to practise discriminative policies - so they will stop such disgusting policies?

Think about it and let all of us who belong to the group of right thinking Malaysian highlight and create an action group to fight discriminative policies being practice by any parties.

Consider pls!!!!!"