KUCHING: The government’s distribution of dividends in the newly unveiled Budget 2023 has come under scrutiny, with concerns raised over the fairness of the approach in the Amanah Saham Bumiputera (ASB) initiative.
Speaking with New Sarawak Tribune yesterday, Malaysia Venture Capital Management Berhad (MAVCAP) chairman Tunku Alizakri Alias spoke out about the initiative to distribute more ASB dividends, stating, “While dealing with investments, caution is key, and investing in ASB should guarantee a 100 per cent return on investments. However, this particular initiative seems to have a socialist bent. The redistribution of returns from certain groups to others raises doubts about fairness. Is this really an equitable and just approach?”
Tunku Alizakri, who is also former Employees Provident Fund (EPF) chief executive officer (CEO) further pointed out that investing in Amanah Saham Bumiputera (ASB) is not just for the wealthy, and that having high savings does not equate to being rich.
“Not everyone who invests in ASB is rich,” he noted, driving home the point that the government needs to be mindful of fairness and equity in the distribution of dividends. As questions surrounding the newly announced Budget 2023 and the ASB initiative continue to circulate, his remarks are a timely reminder that wealth and savings are not always synonymous.
In the recently announced Budget 2023, Prime Minister Datuk Seri Anwar Ibrahim announced that there would be an increase in ASB dividend distribution for those in need.
Specifically, 87 per cent of members with savings under RM30,000 received a dividend of 5.1 sen per unit, while those with savings exceeding RM30,000 received a dividend of 4.6 sen per unit.
Along with this announcement, the government plans to increase the total individual investment limit of Amanah Saham Bumiputera (ASB) and Amanah Saham Bumiputera 2 (ASB 2) from RM200,000 to RM300,000.
Additionally, the Amanah Saham Malaysia (ASM) fund will be increased to about RM5 billion. However, concerns about the effectiveness and fairness of these initiatives remain.
