I mean, why couldn't they say that it is a must that non bumiputra should hold 50% stake in the law firm before they will start thinking of doing business with the law firm? I don't get it.
I can understand the argument of Maybank where they are trying to help bumiputra but would this argument hold any weight? By having bumiputra holding 50% equity in the law firm, I think it will only do more harm than good.
They will feel that they are invincible thus might have negative impact on their personal development because they think that it is a policy that Maybank has come out with and MayBank is the largest bank in the country. Their business is huge so if law firms were to survive, they will have to comply to Maybank's policy. Otherwise Maybank will not provide business for law firms. It is just simple. When you are in power, there is a chance that an abuse of status will occur, just like AmBank.
It is a good decision by the cabinet to ask MayBank to drop its policy (only deal with law firms with bumiputra having 50% equity in the firm) with immediate effect. Bravo!