I beg to disagree with Tun that Malays hv the charactericts of natural losers bcos they are lazy and cannot be trusted to pay back their loans. .
Any race , when spoon fed by the govt , will do like what the Malays did under the NEP.
Banks know this . They are reluctant to lend to Malays not bcos of their race. Bcos many of them are politically linked and take for granted that the banks owe Malays a living.
Banks are scared of d moral hazard in lending to such Malays - they worry abt the political risks to their business if they take the Malay debtors to court. Its now standard guideline in Standard Chartered and foreign banks not to lend to politically connected persons -- whatever their race - jangan cari sakit.
When banks suffered in the 1997/98 financial crisis , its those banks who lent heavily to Malay corporates and GLCs. The old Bank Bumiputera suffered most .
How do I know ? Bcos we in Khazanah had to sell it off - it became CIMB with Khazanah becoming minority s/ holder. RHB also had to b rescued by Khazanah. I sat on RHB board as Khazanah owned part of it .
Who brought RHB down ? The Malay borrowers who were too political to be sued.
The Chinese and foreign banks were not so badly hit as they had v little loans to political Malays.
Today , UMNO is complaining banks are not lending or not lending enough to Malays. Tun M shd tell the Malays why .
FYI , I was chairing the Entrepeneur Rehabilitation Fund set up by BNM in 1988 for 12 yrs to save the Malay businesses who were being sued by banks for defaulting on their loans. If they were Chinese , the banks would hv declared them bancrupt. But as they were Malays , we had to save them bcos of d political repercussions.
As a civil servant , I did my duty. But I could see why banks got their fingers burnt lending to the politically connected.
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