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AS1M share scheme – will it really help B40 Indians?

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(The Malaysian government recently announced 1.5 billion units Amanah Saham 1 Malaysia for Indian community and another RM500 worth of units for the B40 category of Indian community. Will it really help the Indians? explores former Senator and DAP stalwart S.Ramakrishnan)

The election goodies promised by MIC/BN to Indian community seems very generous at first glance. But on closer look show hallow and dubious scheme.

S.Ramakrishnan

RM1.5 billion worth of AS1M shares offered to Indians does not enrich or enable the community. In fact, they have to withdraw money from their interest earning savings account to buy AS1M shares the maximum being RM30000.

The question is how does the AS1M share scheme enrich the B40 Indians? MIC and SEDIC promoting AS1M shares as though it is the game changer.

The least MIC leaders should ask for senior executive appointments for Indian community in AS1M Sovereign Investment Funds. It is Job opportunities and business exposure are the dire needs of Indians.

To enable B40 Indians to own AS1M shares, BN government has announced a loan scheme for RM500 million. Some 100,000 B40 Indians are to be selected to receive the RM5000 worth of AS1M shares through loans. But only 20,000 Indians will be selected per year.

MIC President Dr S.Subramaniam announcing AS1M shares for Indian community on 27 January 2018 flanked by SEDIC Director General N.S.Rajendran and PNB chairman Abdul Wahid Omar

At this rate It will take 5 years to use up the RM500 million loan schemes. These RM5000 AS1M shares bought through loan may be repaid with dividend payments. If the dividend is 6% then it will take 17 years to repay this loan. How can this paltry returns, terms and condition of loan in anyway help the B40 Indians?

Prime Minister’s offer to Indian community now will reach them in 17-year time if all goes well now. Until the 17 years end these shares are of no use to the family of the recipient.

B40 Indians need deserving employment, education opportunities, scholarships and housing ownership. The Government announced civil service intake very recently for Indians. But the civil service is bloated. Where is the job opportunity? There may be temporary intakes for contract works which may be terminated after PRU 14.

The STAR has reported MIC president claiming that RM240 million was channeled to training institutes and Indian NGOs since 2014. How has this allocation uplifted Indian community?

Has gangsterism dropped? has Indian businesses performed better from these support? more Indian students got places in public universities?

MIC president should focus on results and not keep harping on how much is spent on Indian community. MIC and SEDIC should not follow the path of past MIC leaders who have left Indian community in the lurch.

It is election time and therefore making tall claims, slogan chanting and false motivations to buy Indian votes will not uplift Indians in any way.

-S.Ramakrishnan

(The views expressed here are entirely that of the writer and do not represent the views of selliyal.com. We do not take responsibility for accuracy or veracity of facts and/or information stated in this article)

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