Anti-Jew policy in Germany inspired Dr M’s banking reforms, says Sanusi

Tun Dr Mahathir was inspired by Germany’s past policy of limiting Jewish financial influence to help the Malays but it was later thwarted by Datuk Seri Anwar Ibrahim, former Cabinet minister Tan Sri Sanusi Junid said.

Sanusi told a Malay economic forum that Dr Mahathir and former Finance Minister Tun Daim Zainuddin were hoping that Malays would control the economy but when they saw progress was slow, they decided to follow the German example of not granting banking licences to Jews.

But the plan failed when Anwar became finance minister and approved two banking licences to non-Malay banking groups — Alliance Bank and Hong Leong Bank.

“We thought that if we can’t control the economy, we would follow Germany,” Sanusi said at the Malay Economic Congress here. “In Germany banking licences are not given to the Jews.”

He said while pre-existing licences had been given to non-Malays, Daim made sure that all banks had Malay directors, which was important to ensure all banks had Malay influence.

“But unfortunately a huge disaster happened (kecelakaan besar); when Anwar became finance minister he approved banking licences for Alliance Bank and Hong Leong bank,” he said. “We didn’t want to give.”

Sanusi said that as a result there are now “two non-Malay banks without Malay influence.”