PUTRAJAYA: Abuses in Bumiputra business financing, from loans secured through political connections to recipients selling licences for commissions, must stop, says Datuk Seri Anwar Ibrahim.
The Prime Minister said some aid recipients were never serious about their ventures, splurging on vehicles and other indulgences while trading licences to earn commissions.
"Some splurged on expensive vehicles and others took another wife. This has to stop," he said when launching Perbadanan Usahawan Nasional Bhd’s (PUNB) SParK 2026: Transformasi Niaga here on Saturday (July 4).
The flagship initiative brings together entrepreneurs and industry players to drive digitalisation and business development, part of a national transformation ecosystem to build a resilient business legacy.
PUNB is targeting financing approvals of up to RM2.25bil.
When met after the launch, Anwar said funds would be increased if the corporation delivered.
"If they do well, we will increase," he said, adding PUNB was implementing with focus on set priorities and in cooperation with other agencies.
In his speech earlier, Anwar said tens of billions of ringgit in Bumiputra equity had been wiped out, along with a long trail of failed financing.
"I know many are not comfortable with my rebukes, but this is the reality," he said, adding that everyone wanted to champion the Bumiputra cause but few dared call out the shortcomings.
He also criticised financing backed by support letters from ties to certain individuals, describing it as a management failure that ended with funds going to uncommitted borrowers.
"Some are using their connections with certain individuals who issued 'yellow, blue or green' support letters. That is a problem in our management where in the end, we assisted businesses that are not committed," he added.
Anwar stressed that business failure in itself was not the offence. He noted that even among start-ups backed by a prominent California foundation, only about 30% survived and 15% excelled.
"It doesn't matter if the disbursement of the loans has shown some cracks because the businesses did not succeed. That's not an issue. But their transparency and commitment, that is what must be measured," he said.
Anwar said Bumiputra development was a national agenda binding the entire government machinery, calling the view that only Bumiputra agencies should run such programmes obsolete.
At Finance Ministry, Bank Negara or bank events, he said, the framework was the same: drive growth while ensuring fair and equitable distribution, including the Bumiputra agenda.
For the past two years he has chaired a Bumiputra economic development meeting hearing reports from every agency, and recently called in the heads of all government-linked investment companies.
Anwar said he was not inclined to set up new Bumiputra agencies, preferring to empower existing ones such as Mara, Tekun Nasional and Amanah Ikhtiar Malaysia.
"If they are weak, we strengthen them. If they are truly not up to it, we take over," he said.
"We are only the catalyst," Anwar said, cautioning PUNB against a top-down approach and suggesting successful businessmen be roped in to share their experience instead.
After the event ended, Anwar headed to Johor, where he is expected to attend 15 events in relation to the state polls from July 4 till Sunday (July 5).
