Former Yayasan Peneraju CEO Ibrahim Sani, 42, has questioned the effectiveness of the 30 percent Bumiputera equity requirement, saying no comprehensive impact study has been published to show whether it has improved the community’s economic standing.

He warned that the requirement could encourage proxy ownership, with bumiputera named as shareholders merely to meet the condition without genuinely participating in the business.

“This is the problem. It’s not real equity ownership. It’s just participation in name only,” he said.

Ibrahim was speaking at the “Equity by Decree? Rethinking Bumiputera Empowerment” forum organised by the Kuala Lumpur and Selangor Chinese Assembly Hall (KLSCAH) and Engage in Kuala Lumpur last night.