Malays have political power because they are smart

Former Kedah Mentri Besar noted that normally political power is held by those who have economic power.

“But Malays have political power because they are smart,” he said.

Sanusi told a Malay economic forum that Malaysia’s banking system was formerly largely controlled by the Chinese but many were taken over by or forced to merge with government-controlled entities, former Cabinet minister Tan Sri Sanusi Junid said.

The loss of Chinese-founded banking institutions is widely perceived by the Chinese community as of one of the ways they have been discriminated against under the guise of helping the Bumiputera community.

The Umno-led Barisan Nasional government however had previously maintained that direct intervention was required to uplift the Bumiputeras and that mergers would help create stronger banks that could withstand globalization.

The Najib administration has said however that it will gradually liberalize the financial sector and any banking mergers should now be based on market forces.

Sanusi also said at the forum that Malays were unable to accumulate wealth as while they earned money, it was ultimately spent in non-Malay businesses.

“Who is rich? We are? Where is the money? There is none. It goes through the channels of non-Malays. The money only passes through Malays and that’s why we are unable to accumulate,” he said.