MCCM: RM1b fund to be ready this year
KUALA LUMPUR: The Malay Chamber of Commerce Malaysia (MCCM) aims to mobilise a RM1 billion investment fund for the development of entrepreneurship, especially among the Bumiputeras and Malays, its president Syed Ali Alatas said.
"We expect to have the fund ready within this year. We have already drawn up a working paper and hope to complete the proposal within two weeks," Syed Ali told reporters here yesterday.
He said the chamber is currently finalising the mechanism and structure of the proposed fund, including identify who is the best to manage the fund.
"Twelve years ago, the chamber and various non-governmental organisations and associations have managed to raise RM700 milllion to invest in Dana Johor within 15 months.
"But somehow, we (those who chipped in to collect RM700 million) have not gained any returns. Where has the money gone to?" he questioned.
It was learnt that Dana Johor, which is under Johor Corp, has incurred heavy losses.
As such, Syed Ali said the chamber needs to find the best people to manage its proposed fund for entrepreneurs.
"We need to be very careful, so as not to be trapped in hiring corrupted or irresponsible managers," he said, in reference to the current situation in several government-linked companies and government agencies.
In this regard, Syed Ali has called on the agencies and GLCs to refocus or revert to their original objectives and roles in helping to develop entrepeneurship among the Bumiputeras.
Source : New Straits Times
Date : 20 January 2012
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