Supermax Scraps RM73 Million Investment : Blames corrupt and greedy Malays!

Supermax Scraps RM73 Million Investment. Corrupt Malays are robbing Chinese 30% Stake Before Even A Single Brick Is Laid

Supermax Corp Bhd, a Malaysian medical glove maker that produces up to 2.4 billion pieces of gloves annually – accounting for 12% of the world demand – has scrapped a plan to purchase two pieces of freehold land in Setia Alam, Selangor.

The company plunged into a scandal last year when the U.S. banned imports of its Malaysian-made latex gloves due to allegations of using forced labors.

But the company has a bigger problem than investigations over human rights violation by foreign countries, which could be fixed by improving its poor labor practices.

How do you fix the government’s New Economic Policy (NEP), a controversial racist and discrimination policy introduced after the 1969 racial riots and was supposed to end 20 years later, but has been extended indefinitely?

The New Economic Policy, means 30% of company shares must be given to Bumiputeras.

Supermax was ready to splash a whopping RM73.49 million for the two pieces of land (RM35.01 million and RM38.48 million each), measuring 1.99ha in Selangor.

The sale and purchase agreement (SPA) was initiated on Sept 21, 2020. In March 2021, the Economic Planning Unit (EPU), a government agency under the Prime Minister’s Department, approved the transfer of ownership of the land to Supermax’s Maxter from SP Setia Bhd’s subsidiary Bandar Setia Alam Sdn Bhd with one stunning condition – 30% Bumiputera equity ownership.

On May 24, 2021, Supermax appealed for the EPU condition to be waived, but was subsequently rejected on Dec 15, 2021, forcing the company to walk away.

The EPU’s rejection to waive the discriminatory and unfair 30% Bumiputera equity ownership could be a wake-up call that the more money a local Chinese company makes, the more the corrupt and greedy Malay elites will want to rob.

The excessive greed has not only spooked Supermax into terminating the investment deal, but also delivered a blow to SP Setia, a property development company founded by Liew Kee Sin in 1974 before Permodalan Nasional Bhd (PNB) launched a “hostile takeover” for the company in 2011 after acquiring more than 30% stake in open market, triggering a conditional takeover.

It was a wise decision to abort the purchase of the land. Supermax owners and stakeholders should understand that the greed of the parasites will not stop at 30% Bumiputera equity ownership. In the same breath, there’s nothing to stop the Bersatu and UMNO rent seekers from forcefully demanding 51% of Supermax stake (or even 100% ownership) at a later stage…and there’s nothing to stop the lazy and greedy elite Bumiputeras from selling for a quick profit.

When push comes to shove, Supermax can always relocate or shift its headquarters to neighbouring countries, especially Singapore, to transform it as a foreign company, making the NEP rules invalid.

Do you think Stanley Thai is so dumb as to wait till the despicable UMNO crooks rob Supermax until there’s nothing left before taking the necessary steps to safeguard his business empire?

Comment : A lamentation .of a retired aging Bumiputra Chartered Accountant who has seen these Towkays grow using Malay Partners...to exponentially enhance their business plus honorifics to enjoy!

A very naughty article!

While it's true that the likes of Azeez ,Tajuddin, Bung and scumbags like them, enjoy crony benefits, there are genuine Malays, who work hard. Just go and visit Kelantan and Trengganu!

The likes of Supermax has not mentioned the massive financial benefits they have enjoyed...

And the fact that the 30% Equity is for Bumis does not mean free shares. The Bumis have to pay...one way or another.

Malays are not involved in gambling, liquor, and flesh trades which are the domain of Non Malays.

They don't have guilds with connections to China, the Motherland, nor do the Malays enjoy preferential treatments in some trading arrangements.

So, lets not blame Malays when u suffer losses

But keeps silent when you make tons of profit...