From The Singapore Straits Times, 21st April 2000

Mahathir says they want bumiputra firms dead as they are frustrated by failure to take over the banks and companies during the economic crisis

KUALA LUMPUR -- Prime Minister Datuk Seri Dr Mahathir Mohamad said yesterday that outsiders, frustrated by their failure to take over Malaysian banks and companies during the economic downturn, will be out to sabotage bumiputra economic recovery.

He said they would label any recovery measure as a bail-out and this spoke of their desire to see bumiputra companies, big and small, dead.He added that foreigners were also bent on wrecking the New Economic Policy, which to them, blocked their chances of taking control of the country's economy.

The New Economic Policy was drawn up in 1970 to help the country's majority Malays and other bumiputras catch up with the wealthier ethnic Chinese, following racial riots sparked in part by disparities.

The Prime Minister warned bumiputras that there was evidence that the foreigners had succeeded in sparking an economic crisis and weakening a country.

"They have been able to buy over banks and industries for a song as the IMF pressured for 100-per-cent opening of the economy as a condition for problem-ridden countries to secure loans," he said, referring to the International Monetary Fund.

"While they criticise us for what they term as government bail-out, they have no qualms about mounting bail-outs for their companies."

Dr Mahathir was launching the Malaysian trust-fund week and inaugurating the country's newest trust-fund scheme, the Malaysia Trust Fund, at the Putra World Trade Centre here yesterday. He said the majority of the Malaysians were not even aware of the economic downturn and major perils that the country had gone through.

This was because the government was able to ward off economic and political onslaughts to the extent that the impact on the people was negligible, he said.

He asserted that attacks, under the guise of globalisation, against Malaysia and countries known as the Asian Tigers would persist.

Unless the people were enlightened on these onslaughts and if they did not organise their defence, the country may be subdued by the neo-colonialists, he warned.

According to him, foreigners were amassing their "troops" through mergers of giant companies which, if combined, would crush local companies and banks the moment they were able to penetrate national borders through globalisation. -- Bernama, AFP

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