‘Sarawak’s paper millionaires’


(Free Malaysia Today) – The state government claims that they have created 2,000 millionaires through the Native Customary Rights JV concept, but others claim they are only paper millionaires.

The Sarawak government claims that they have created 2,000 millionaires through the new Native Customary Rights concept but detractors say they are “paper millionaires”

Sarawak PKR chairman Baru Bian says that they are only paper millionaires.

He was refuting claims by assistant minister in the Chief Minister’s Office (Bumiputera Entrepreneur Development) Mohd Naroden Majais’ statement that 2,000 participant in the NCR exercise were now millionaires.

Naroden had said that through the NCR land development and new concept through JV, about 2,000 landowners who have 50 acres and above now are holding assets worth a million ringgit.

“Therefore, we can say that the scheme has created not less than 2,000 rural Bumiputera millionaires,” the assistant minister had said.

Bian who is also the Ba’Kelalan assemblyman.said: “His statement is misleading. In terms of acreage you may say they are ‘paper millionaires’.

“The truth is that they are ‘bankrupt millionaires’, because they have not been paid their dues by the investors and government agency’s agent like Pelita or LCDA (Land Custody Development Authority).

Read more at: http://www.freemalaysiatoday.com/category/nation/2012/10/19/sarawaks-paper-millionaires/