I don't usually do wordy blogs.
According to the Star dated 10 May, 2007, the Cabinet has ordered Maybank to withdraw their letter which states that panel law firms must have a bumiputra partner with at least a 50% stake before they could do any business with the bank.
Take away the specific words requiring 50% stake, and apply it on other panel partners/vendors/business associates that received the directives such as the letter issued to Panel Valuers below, would that be acceptable, then?
According to Bar Council chairman Ambiga Sreenevasan, “The level of equity is irrelevant. It’s still discrimination. No company has the right to stipulate the racial composition of firms that it will give work to; this is certainly no way to deal with professionals.”
What say you?
Update 12/05/2007: It was sighted on The Star that AmBank Group has withdrawn and apologized on the letter sent to panel lawyers, and Chinapress reported that the above letter sent to Panel Valuers by Maybank has also been withdrawn.