Wednesday 9 May 2007

UPDATE! : Boycott MAYBANK for Its Recent Racially Discriminatory Policy

Read here earlier posting, "Boycott MAYBANK for Its Recent Racially Discriminatory Policy"

Read here related article by I.Bernadette, "Maybanks’ legal panel - what is the truth?" on LimKitSiang Blog

" .... In Malaysia, corporations linked to the Government and not just MayBank have fine-tuned the art of racial discrimination to a heart beat.

What right has MayBank got to go around telling private individuals who go into business as partners, how profits on their earnings are supposed to be distributed among them, what equity participation they should have in their private ventures and what internal policies they should or should not follow?

Isn’t this the responsibility of private individuals as free citizens?

Apparently it arises out of MayBank’s genuine desire to comply with what after all is Government policy..."
Read here for more

BAR COUNCIL ACTS : Read here for more on Malaysian Bar Council website

The Chinese daily, Nan Yang Siang Pau, reported that the Bar Council will hold an extraordinary general meeting to discuss the next course of action to be taken if the two local banks insist on not withdrawing the bumiputra requirement.

The proposed extraordinary general meeting was not purely “a fight for benefit of the industry” per se, but it was due to the unreasonableness of the ruling imposed on the law firms.

Banks should select law firms based on merit and competence in service provided, and not others.”

When asked on further actions the Bar will take, the source revealed that “it will all depend on the banks’ explanation and the way the issues will be handled.”

A reliable source told the paper that the Bar Council has written to Maybank and another bank and Bank Negara, expressing the Council's dissatisfaction with their policies.

The Bar Council is currently waiting for formal replies from Maybank and the other bank, explaining the reasons for setting the requirement and how they will handle the current situation or whether there will be any further decision made on this matter.

....if the explanation given by the two banks is unreasonable, or they refuse to call off the implementation of the requirement, the Bar Council will hold an extraordinary general meeting to discuss on the next course of action.

The Bar Council had stated in its letters to the banks that the said requirement is very unreasonable and that banks or the banking industry should NOT set any racial preference as a requirement in their course of dealings.

At the moment, only Maybank has made a public comment through a media statement, but the other bank and Bank Negara have yet to reply to the Council.

Maybank was reported saying they would review suggestions and feedback from various organisations, and clarified that it did not intend to impose a need to restructure law firms through the new ruling.

...the Bar Council will write formally to the Prime Minister, Datuk Seri Abdullah Badawi to state its dissatisfaction with the ruling.

No comments: