Extortion or Hijack of non Malay rights in Malaysia

I am running a successful business and I started it from scratch and I picked up this business ten years ago by working at the middle level management of a company operating the same service.

My business was built on a brick-and-mortar concept and me, my family and partners have to raise the structure of the business level by level and we are what we are today because of our hard work, challenges and sacrifice. Since this is a service-oriented company our business was not badly affected by the current pandemic crisis.

All of a sudden someone in authority came by and said that I should give them 51% share in my company because that is the rule of this so call jungle. If I did not submit, I will not be permitted to trade in this business or in this area.

If someone who did nothing to grow the business or has no knowledge about the business ask 51% share, what do you call this…… Extortion or Hijacking. Both extortion and hijacking are legally a crime in the eyes of the law but now it’s a legalized crime and it is now enforceable.

Out of desperation I have to submitted as I have a passion for the business and I have a family to support and outstanding loans to pay. While looking at the low margin that I will be receiving now I think I can move on to sustain my commitments.

Now I don’t have the power to decide on the policy or the manner the company will be operated, because I am not the major shareholder. This will be a setback on the performance of the company because both the service or the product that we are going to produce will be of low quality. 

I once thought that I will take the company international and make the company expand but now it is just cari-makan and merely feeding the new shareholders.

Today’s global business environment is very competitive and we should be striving how to produce the same product or services differently and make it more attractive and marketable. If we were to still stick on the old ways of doing business we will be left out because our products and services will not be marketable. 

As a result of this 51% stack, we will end up in only running a business but there will be no push for innovation, competition or expansion.

Look up at Thailand, look at Singapore and turn left and right at Indonesia, are we at par with them economically? What are their economic policies, regulation and practice that are making them aggregately more progressive and advance that us ……………….

It is time to change all the existing old polices for the good of the nation.

Krishnan Karuppan

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