Sarawak business organisation wants 51 pct Bumi ownership requirement for forwarding companies scrapped

The Associated Chinese Chambers of Commerce and Industry Sarawak (ACCCIS) hopes the Ministry of Finance’s (MoF) requirement for freight forwarding companies to have 51 per cent Bumiputera ownership would be abolished.

Secretary-general Jonathan Chai said the MoF’s announcement yesterday that it would postpone the requirement’s enforcement for a year was not satisfactory.

“ACCCIM (Associated Chinese Chambers of Commerce and Industry Malaysia) has followed up on the 51 per cent Bumiputera equity issue, and the MoF has agreed to postpone the enforcement to Dec 31 next year. Initially, it was to be implemented by Dec 31 this year. But after getting feedback from the business community, MoF has agreed to postpone the enforcement to Dec 31 next year.

“But this (postponement) is not what we are satisfied with. We want it abolished, of course. Anyway, the postponement shall give us some time to allow ACCCIM to deal with the issue,” he said when responding to a question raised by an ACCCIS member during a virtual press briefing today.

MoF said in a letter sighted by Free Malaysia Today that the enforcement of the 51 per cent Bumiputera equity for freight forwarding companies had been postponed to Dec 31 next year.

The letter, dated yesterday, was addressed to the secretaries-general and directors of various ministries and agencies – such as the Customs Department – and was also sent to freight associations and companies.