I cannot agree more with the author of the letter Asli's 45% figure yet to be proven wrong. This is a sad day indeed beginning with the announcement of the retraction of Asli's report by its president, Mirzan Mahathir, followed by the resignation of Dr Lim Teck Ghee, author of the report.
Why was this necessary? I am amazed at how emotional some parties have become in discussing this issue. I would think that in a mature society all that is required is for the government to disclose how their figure of 18.9% was arrived at.
Then allow us, the Malaysian public, to decide for ourselves if that methodology is reasonable vis-a-vis that employed by Asli in its report. But sad to say, the way the matter was handled by those in the government shows a measure of insecurity that can only breed suspicion as to the motivations of those in power.
As a former equity analyst who spent a considerable number of years analysing the value of companies listed on the stock exchange, I have followed the developments involving the bumi equity percentage with great interest.
Based on one disclosure alone (that the government's figure of 18.9% is calculated based on par value), I have to say this: it is clear to any first-year commerce student that the methodology employed by the government is grossly flawed.
Until and unless the government comes clean with us on this matter, I, for one, will have yet another reason to distrust those in power.