Tuesday, November 16, 2004

A.P's For Automobiles Should Be abolished.

I was quite shocked to read an article
presumably released by a parliamentary report(2003)
that over
6000 AP's out of 12,000 issued by Rafidah's ministry
was given to S.M Nasimuddin and his related
companies.Given the current market value of an AP at
$40,000, the total value of 6000 APs works out
conservatively at $240 million. Now the question that
begs to be answered is why does Rafidah's ministry
deemed it necessary to bequeath such astounding wealth
to a single bumiputra individual.APs are highly
marketable instruments and possession of it is akin to
a licence to print money.If the government is sincere
in wanting to help the bumiputras entrepreneur why
cant they distribute this instant money making venture
to several hundred bumiputra businessman rather than
to a single individual.Or is there more to it than
what the surface indicate.Perhaps, there are more than
single individual in Rafidah's ministry benefitting
from the deal.
Its about time the government abolish the
issuance of these APs.Its a vestige of the corrupt
past and the manner it is given out reflects poorly on
a lack of transparency.Giving out APs is surely not
teaching bumiputra how to be good entrepreneurs. My 10
yr old son can just as well know how to accumulate
wealth if he is given 6000 APs a year.