Starting as a 'get rich' move three decades ago, the 'Ali Baba'  practice is now an ideology to live by among bumiputera youths, lament former finance minister Tengku Razaleigh Hamzah.

Referring to the practice of selling off benefits received to assist bumiputera entrepreneurs to the Chinese – or from proverbial Malay 'Ali' to the Chinese 'Baba' – he said this is now a "belief" which underpins political movements.

"'Get shares, sell them; get contracts, sell them too' – this is an oft-made remark to the extent that it is no longer considered strange to get rich quickly this way.

"What is more concerning, such ways of thinking has now become a belief held by youths who defend it using political parties.

"What will happen when this group take over the country?" he asked in a lecture at the International Institute of Islamic Thought and Civilisation (Istac).

He was speaking at a forum jointly-organised by the Malay Economic Action Council (Mtem) and the Malaysian Anti-Corruption Commission (MACC) on the topic of corruption.

Super Malays

He said that as it is, the New Economic Policy (NEP) now coupled with the rampant Ali Baba practice is only assisting the 'super Malays', who are usually "political elite and cronies", and not all deserving Malays.

"In the extreme cases, this group get all the amenities, capital without costs, licences and all forms of incentives to run a big-scale business and compete internationally.

"But what happens is that the business goes bust, the money is nowhere to be seen and yet they remain with their status, prestige and luxury," he said.

He added that the "rent-seeking" practice of the 'Alis' who "rent out" their bumiputera status is also to blame for failure of the NEP in meeting its target of 30 percent bumiputera equity.

Beyond the economic cost of higher prices for inferior outcomes, the practice also has a deeper social cost of "lowering the stature of the Malays".

"The Ali Baba scourge has also caused the Malays to lose the respect of others, as they are now seen as unable to compete even after years of assistance.

"There exists an embarrassing perception is that bumiputera entrepreneurs are known as 'overnight millionaires and billionaires' who have no 'know-how' but just 'know-who'," he said.

He said that combatting this culture should start with acknowledging that it is a problem and avoiding finger-pointing.

"We must try not to justify such a practice – it is wrong."

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