Which Eco-system did Nazir Razak come from?

The youngest son of the Father of NEP

The wake of so many Non Malays and Liberal Malays openly and bluntly questioning the New Economic Policy (NEP), CIMB CEO Dato’ Seri Nazir Razak yesterday made a scathing remark as “The NEP was bastardized”, thus insinuated that the socio-economic transformation plan failed to meet its objectives as set out 1971. He was a guest speaker at the MCA organised Chinese Economic  Congress.

The Star report on the congress:

Sunday August 15, 2010

See diversity as strength, not a weakness, says CIMB group chief

KUALA LUMPUR: Malaysia needs to build on its diversity as its strength and review the affirmative action policy created under the New Economic Policy, said CIMB group chief executive officer Datuk Nazir Razak.

Saying that it would not be easy to review the affirmative action, Nazir said the NEP as it is known today is “so embedded in everything Malaysians do in every part of Government and business that it becomes a problem.”

“It is time to review and ensure that the implementation of affirmative action is consistent with what we need and what we want as an economy.

Rapt attention: Nazir at the congress yesterday.

“NEP was a 20-year policy, and to me, the original aim was poverty eradication.

“Yet, there are so many aspects and so many policies that use the NEP’s name,” he told newsmen on the sidelines of the Chinese Economic Congress here yesterday.


It is blatant unfair for Nazir to speak against the NEP is this context, at the Chinese Economic Congress. The Malaysia economy had always dependent with the Federal Government as the main driving force. The first 50 years of nation-building process, Malaysians across the board were dependent on almost everything with regards to socio-economic development process as majority of Malaysians, especially the Malays and Bumiputera were deprived of infrastructure, education, health and socio-economic programs because of historical and geographical inherent issues.

NEP was launched by Prime Minister II Tun Abdul Razak Hussein in 1971 as an answer to grave socio-economic imbalance with a bold economic restructuring and transformation plan, to eradicate poverty and narrowing the socio-economic gap and standing between ethnic groups and the urbanites and rural folks. It is a part of an affirmative action plan involving socio-economic development programs which focused on infrastructure, education and socio-economic development which saw more opportunities being opened to the lesser privileged, particularly the Malays. NEP was a massive implementation plan that had been provided for the Malays and Bumiputeras as the majority and indeginous Malaysians, as per inscapsulated and enshrined in the Federation of Malaysia Constitution.

An economic graduate from the UK, Nazir Razak is undoubtably a product of NEP. The eco-system that was created particularly the on going stability and harmony between ethnic groups, which in turn allowed economic progression to flourish and thus strengthened the economy which include growth in the financial and capital markets. Nazir Razak benefitted directly from this stability, growth and opportunities that were opened up to him as a young investment banker. He was doing corporate advisory for CIMB; the right job at the right time.

The father of affirmative-action-NEP Malaysia and his five boys

At this raw age of early thirties, the rapid economic progress and bullish financial and capital market acitivities, which is translated in the form of the various IPOs, financing facilities and instruments being developed and marketed and termendous corporate advisory opportunities and deals that were opened up, Nazir was made the CEO of a fast growing investment bank. The growth and progression of then Commerce International Merchant Bankers Bhd. was meteoric and exponential that it was enable to ‘eat up’ Bumiputra Commerce Bank Berhad.

Then the whole group became CIMB Group and Nazir rose to be the CEO and eventually, a partial shareholder.

Needless to say, Bumiputra Commerce Bank Bhd. was a transformation from the original Bank Bumiputra Bhd., which was the ‘NEP Bank’ created in the 60s after the First Bumiputra Economic Congress held and discussed the serious lacking of the Malays in the position and role of the Malaysian economy and how it was very difficult for Malay businesses to have access to financial services, especially when all the banks then were either controlled by expatriates or the Chinese.

When Nazir joined and allowed to progress in CIMB, it was then part of Commerce Asset Holdings Bhd. ( an ‘UMNO-linked company’ – ULC), which was part of the web of ULCs such as Fleet Group, MRCB and other privately owned companies.

Nazir as the current CEO of CIMB still enjoy the ‘NEP’ eco-system that was created and grew to this level. CIMB is still the preferred Federal Government banker. In 2006, CIMB under his watch proposed that conglomerates that were created and formed as an NEP tool to address the Malay economy and provide a better distribution of wealth, Sime Darby, Guthrie and Golden Hope Groups be merged into one large conglomerate. CIMB’s special purpose vehicle Synergey Drive Sdn. Bhd. took the task to merge and rationalise these various conglomerates and earned a huge sum of fees from this mega-sized corporate exercise.

Didn’t Nazir personally “Bastardize the NEP”?

Tun Razak, Najib dan Nazir

Questions often loom that had Nazir not been in the NEP-induced Malaysian eco-system, would he had the opportunity to bloom himself this far? Had he came back from England in the mid 80s and worked in Singapore, would he be the CEO of the second largest banking group in the regional financial by now?

Like it or not, Nazir benefitted directly or indirectly by the eco-system of Malaysia, which growth, progress and opportunities created enabled his personal faster-than-average progression and achievements. His stance is reflective of his Liberal Malay-ness, which inadvertently defies the aspiration of the Malay majority. Whether he agree or not, the socio-economic decisions that have been made so far would need to take the Malays’ interests into perspective

Nazir must remember, what ever he utter will indirectly reflect on his father, who was the architect and mover of NEP and his brother, who is the sixth Prime Minister and seventh President of UMNO. He should do his best to ensure that NEP worked better for the Malays, instead of bickering from a very narrow and skewed spoilt Liberal Malay perspective. This is more so with the  New Economic Model now being planned. The Malays are already skeptical with the NEM and remarks like this, will not pacify the Malays closer in giving PM Dato’ Seri Mohd. Najib Tun Razak the strong support he much needed.

Nazir to conveniently forget that it was the NEP eco-system made him the man that he is today, would probably earn him the title “Kacang lupakan kulit“. Just because he directly no longer require the bridge, he suggested that the ‘bridge be burnt’ for the many who have little choice but to be dependent.

It is very unfortunate for PM Najib to take the flak on the things that Nazir said and slight the Malays further.

Published in: on August 16, 2010 at 14:30  Comments (32)  

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32 CommentsLeave a comment

  1. In fact Nazir should find ways to boost the Malays in the economic field rather to shows his ‘taji ayam’to complaint the NEP..You are correct.this is the byproduct of new Malay Liberal of ‘kacang lupakan kulit’who talked nonsence because his uprising in the corporate world is because he is the on who bastardized the Malay and NEP.

    • Bukan saja lupakan kulit. Ini sudah lupakan daratan. He walks on air, his feet not touching the ground, spitting here and there this arrogant young upstart.

      The question is: who let him be there? “joined and allowed to progress in CIMB, it was then part of Commerce Asset holdings Bhd, an ‘UMNO-linked company’ (ULC), which was part of the web of ULCs such as Fleet Group, MRCB and other privately owned companies.” Was he placed there at the behest of the brother?

      Was the fellow not a part of the ‘NEP’ eco-system, was he not an agent of NEP, supposed to play a part in the banking sector to help create more true and genuine Malay businessmen? If “in 2006, CIMB under his watch proposed that conglomerates that were created and formed as an NEP tool to address the Malay economy and provide a better distribution of wealth, Sime Darby, Guthrie and Golden Hope Groups be merged into one”, wasn’t he having responsibility and the lead role to identify and promote deserving, able and willing Malays to partake in the businesses generated by those big companies, those who would not cause rising Malay businesses to go bankrupt because of non-payment of services rendered? Indeed, isn’t he the one who had bastardised the NEP? Damn the fella for saying those very degrading and demoralising words when he should be owning up responsibility in accordance with the meaning of those words.

      Who owns “CIMB special purpose vehicle Synergey Drive Sdn. Bhd. that took the task to merge and rationalise these various conglomerates and earned a huge sum of fees from this mega-sized corporate exercise”? How did he come to having shares in those conglomerates?

      This kind of pengkhianat bangsa must be exposed and told not to do or say things that injure the interest of the Malays and provide the canon balls for the critics of NEP to shoot it down.

      Is he told to do that by his PM brother who didn’t appear keen to have NEP in his NEM? The PM mentioned about retaining NEP target in Parliament only after Perkasa, Gertak, Melayu Bangkit and the over 100 Malay NGOs spoke up. If so, UMNO must seriously consider finding an alternative leader. Even if not so, allowing a top ranking banking brother to say things that appear to sabotage the NEP is very unbecoming unless he likes to see more of such said to justify dropping NEP at a later date. God forbid.

    • Has anybody said that he has bastardized himself? Is he not doing his brother’s bidding?

      He said, “It is time to review and ensure that the implementation of affirmative action is consistent with what we need and what we want as an economy.” He is speaking his brother’s mind. His brother Najib was not keen on NEP, didn’t mention NEP in his first NEM draft. Only after Perkasa etc made noise did he say in Parliament that the 30% NEP target will be retained.

      The question is whether he was asked to do so by his brother or did it on his own volition.

      They have never had it so good the these sons of Tun A Razak. Najib came back from England and was soon given plum positions in politics and in the Government. The Malays loved Tun A Razak and made way for him. Imagine becoming an MB at such a young age – was it in his thirties? Tun Dr Mahathir made him a Deputy Minister, perhaps out of respect and gratitude for Tun A Razak and he rose to important ministerial posts after that.

      We had expected he and his brother would be the sons of their father, fighting for Malay rights and interests. What a shame, they don’t appear to be so. All they need to do was rectify the implementation of the DEB, throw away cronyism and nepotism and dish out the NEP benefits to a wider range of Malays. Don’t talk as if they do not want the concept of DEB to continue.

      The younger brother should be helping to identify and build Malay businessmen to become tycoons and promising Bumiputera companies to be international sogososhas. What has he done in these respects? Saying “bastardised NEP” will sure make him a bastard in the eyes of the Malays many of whom, as you said, BD, still need to depend on it.

      For goodness sake, the Chinese have a culture of profit taking, risk taking, doing business and wealth accumulation for thousands of years. The Malays don’t – we have a history of being seafarers and a culture of “berdagang” i.e barter trading for daily needs, exchanging goods on the basis of “patut”, no weights and measures, no pricing, no element of profit. Read the book, “The Malay Civilization” published by The Historical Society of Malaysia, 2007. That society was established since British colonial times and membership includes Professors in History and in Malay Studies.

  2. Inilah jenis Melayu mudah lupa bila dah kaya raya sebaris dengan Khalid ngan Zaid ni . sedih .

  3. yang cerdik ayah dia. yang bodoh anak anak dia. dpt kesejahteraan dan kemamkmuran melalui nama ayah dia je. harap kan nak anak dia, mmm.. , tukang jual ubat kat chowkit lagi hebat. tukang toreh getah kat pekan tu dan tukang jaga kuda sultan pun lagi terer.
    tp seperti biasa, bila dah naik junjung lupa asal usul. melayu mcm tu dah biasa aku tengok.
    kalau ada lagi mei 13, lebih baik tembak ini org dari bangsa lain. ni la dia melayu bastard.
    may you root in hell, nazir. amin.

    • ….krn org melayu nie byk sgt pantang larangnye,Bulan posa nak balik cepat,hari raya cuti seminggu,raya haji nak pi mekah berbelas2 hari cuti,org cina mana ada masaalh ini…sebab itu bank dia pun dia bg org cina jaga….org melayu sesuai jadi kuli ajer kat bank dia….kalu tanya dia melayu ker bukan….pasti dia kata saya malaysian!!!!inilah produk malaysia ciptaan yahudi….

  4. Talking about NEP, we remembered then billions were channeled to fund PKNS or in short, SDEC. Dimana mereka? Kemungkinan besar duit sudah habis, suara juga lesap sama sekali.

  5. “…Didn’t Nazir personally “Bastardize the NEP”?”

    He did. He’s a living product. Forgive him for he knows not

  6. Mulai hari ini orang melayu perlu bersatu hati gunakan kuasa ‘consumer’ untuk mengajar puak2 yang anti melayu ini. Perkasa boleh mulakan kempen ini.

  7. Kita menyanjungi Dato Razak Hussien kerana kepimpinannya membantu rakyat dalam pembangunan negara ketika beliau menjadi PM, dan ketika itu anak anaknya hidup dalam kesenangan dan mendapat keistemewaan sebagai anak PM dan kelebihan ini berterusan hingga mereka membesar, segala laluan untuk mereka mendapat tempat dan kemewahan dibuka luas atas dasar mengingati akan jasa Dato Razak Hussien. Kita tahu bagaimana Najib yang dalam usia yang amat muda dengan begitu mudah dilantik sebagai timbalan menteri tanpa melalui getir politik, begitu juga dengan adiknya mendaki ketempatnya sekarang tanpa halangan. Kini kedua-duanya telah mula lupa dan cuba menongkah arus Melayu dan NEP. Permainan politik oleh Najib dan sepupunya yang hampeh lebih membahayakan Melayu malah lebih bahaya dari Pakatan Pembangkang yang menindas Melayu di PP begitu juga adiknya dalam dunia koporat dia merasakan dia terlalu tinggi tidak setaraf lagi dengan orang Melayu yang berjaya hasil NEP, sungguh halus permainan mereka, oleh itu orang Melayu amnya dan UMNO khususnya harus berwaspada dan bertindak sebelum terlambat. LETIH aku dengan pemimpin Melayu yang tak sedar diri ni!

    • Saya sokong pendapat tuan. Mari kita laungkan kuat kuat supaya mereka ini sedar diri, tukar haluan, patah jalan, akui dirinya Melayu, pertahankan hak Melayu, majukan kepentingan Melayu.

      Kita minta UMNO diberbagai peringkat mengambil langkah mendapatkan mereka ini berbuat demikian. Jika tidak, cari gantinya dan usahakan gantiannya.

      Telah dilakukan gantian tidak lama dahulu – Tun Abdullah yang merosakkan kepentingan Melayu secara pemerintahan “flip flopping, auto-piloting and sleepY”, membiarkan sahaja bangsa lain mengungkit Kedudukan Istimewa Melayu.

      Adakah nyata DEB dimasukkan kedalam MEB sekarang? Jika tidak, pimpinan sekarang ini juga perlu digantikan.

  8. It is facts of life that any member from nobel family with huge wealth seldom fail. The truth is we will never know he will be succeed on his own without the power connections that he enjoy especially now. Even sadder truth, Malaysia socio economic and political system is fast mirroring India and Indonesia caste system where there is huge gap of between the rich and less rich. Now our noblemen are controlling Malaysian political system with our acceptance. It will be there for sometime unless change happen as demanded by people.

    • Let’s demand the change, friend. Say it out. That we want it changed.

      Those who have the wealth that is not ill-gotten can keep it. But they cannot denigrate the Malay rights and interests. They cannot make light or pooh-pooh the NEP from which they have gotten their wealth.

      Once they do, they must be got rid of from their positions of power.

  9. […] This post was mentioned on Twitter by Tun Faisal and Tun Faisal, azmi ibrahim. azmi ibrahim said: Which Eco-system did Nazir Razak come from? http://bit.ly/aXt37j […]

  10. UMNO need a quantum leap, but are the leaders prepared to shed unnecessary bagages to leap ?

    Are the leader prepared to make changes to existing UMNO ‘life styles’ and back to serveice the Rakyat ?

    Just hope it could happen but then …

  11. I wish to hear heartedly a comment from our great leader and Negarawan Yang Berbahagia TUN Dr. Mahadir Mohamad over this issue particularly on the Nazir’s statement “Bastardized the NEP’ and to be followed by comment and stand by PM Najib Razak.

    I hope Ybhg. Tun will post the comment in Tun’s blog for the rakyat to read.


  12. the bridge has always been there. saja bebudak kampung rather go rempit than to study hard and score As in their exams. pure fact

  13. Ini bukti org Melayu bila kedudukan dah tinggi maka mereka akan bekata “I am beyond race. I am talking on behalf of humanity”.

    PM perlu buat keputusan drastik sebelum Syawal agar PRU13 berpihak kpd BN/UMNO.

  14. Unlike their father who, although born and brought up in a ‘bangsawan’ ambiance in Pekan, Najib and Nazir were more attuned to the British stiff-upper lip class. It was only when they were thrown into the ring and needed local support that they pander to the Malays…otherwise…

  15. Did Nazir realise that by personally bastardizing the NEP, he is in effect bastardizing the creator of NEP – his own father Tun Abdul Razak?!

    Both Najib and Nazir were born with silver spoons in their mouth, were educated in Britain and had been westernized. They are in fact the liberal Malays!

    So what can we expect from a liberal Malay PM like Najib?

  16. Aku kesian kat Mak dia dan Arwah Pak dia aje.

    Bank dia aku dah malas nak masuk sejak dulu lagi. Lembab giler

    Dulu Mana la Si Jay ni berani cakap banyak, masa tu dia tukang bawak beg james bond Munir Majid saje.

    Ananda krishnan, Kwok brothers, Syed Mokhtar yang di bantu Kerajaan dulu puuun tak berani cakap cam gini.

    Dah tentu lepas ni Rosmah akan piat telinga si Nazir ni.

    • Aku rasa tidak. Rosmah akan pelok dia, puji dia, urut tangan dia. Sebab Rosmah pun sama fikiran macam dia. Sama fikiran macam Najib. Kan dia sekeluarga orang l i b a r a l, konon. Najib pelahapkan undi Cina. Hak dan kepentingan Melayu apa dia peduli sangat.

      Najib ingat Melayu sayangkan bapak dia mesti undi dia jugak. Dia ingat Perkasa, Gerta, Melayu Bangkit dan lebih 100 NGO Melayu yang sudah bersuara itu sikit saja. Sampai berani si Tony PUa cadang ketepikan diskaun perumahan Bumiputera itu. Kan itu sudah jadi hak Melayu. Mula dibawah NEP sejak 40 tahun lalu.

      Najib, Rosmah, Nazir dll sudah kaya raya, apa dia peduli sangat pasal Melayu lain. Amacam kita Melayu?

      • dia tak pernah rasa susah macam arwah Tun Razak dulu. pasal tu cakap ikut sedap mulut.

        Kalau si nazir ni bukan adik najib anak arwah Tun Razak, silap hari bulan dia satu team dengan KJ, kerja nak menghancurkan Melayu.

        Kesian aku kat Tun Rahah. Mesti dia rasa malu

  17. Kalau tidak silap ingatan saya, ketika umurnya masih muda benar dia telah dilantik sebagai salah seorang pengarah bank yang berpusat di Sarawak. Bukan pegawai biasa.
    Dia tentunya tidak akan menikmati keistimewaan ini kalau tidak kerana DEB.

  18. yes… “The NEP was bastardized”, if not, it would have achieve its objective – malays should have 30% economic holding already by now… but we only achieved 20% or less now….

  19. Nazir? He should sell bak kut teh (halal one la!)at Petaling Street to the Malays if he’s so good..and dont even think of asking for Tekun scheme! Why still raping the GLC with fat bonuses? He thinks CIMB can be this big if not for BBMB? He thinks he can be at his position now if not for being the son of Razak and the brother of Najib? Poodah…He stinks like hell now!

  20. […] it is better for Nazir Razak to look into the mirror and revisit the statement he made back in 2010 before lambasting a policy which benefitted mostly […]

  21. […] rekod, Nazir pernah menunjukan sifat anti-nasionalis beliau apabila ‘Menggampangkan Dasar Ekonomi Baru’ semasa menjadi panelis dalam […]

  22. […] rekod, Nazir pernah menunjukan sifat anti-nasionalis beliau apabila ‘Menggampangkan Dasar Ekonomi Baru’ semasa menjadi panelis dalam […]

  23. […] the least amount of risk but with the maximum returns he could garnered. Basically it is better for Nazir Razak to look into the mirror and revisit the statement he made back in 2010 before lambasting a policy which benefitted mostly […]

  24. […] the contrary, Nazir Razak ‘bastardised’ NEP. He did receive a leg up, which enabled for him to the opportunity to demonstrate his […]

  25. […] attitude and actions by Nazir is intolerable. If Nazir is not supportive of some of the Federal Government policies and has issues of retaining his personal opinion of some of these matters in the public domain, […]

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