A local think-tank's study which said the bumiputera corporate equity ownership was at 45 percent could lead to confusion among the Malays and make them complacent, warned an Umno leader.

Umno vice-president and Malacca Chief Minister Mohd Ali Rustam said the Asian Strategy and Leadership Institute (Asli) should correct the figures as they were 'inaccurate'.

Since the study incorporated the equity held by government-linked companies or GLCs, the results were debatable, he added.

"The manner in which Asli calculated the figures is incorrect and confusing ... the government's calculation is more accurate ... it is not proper to say that GLCs belong to bumiputeras.

"They (Asli) should correct the facts and figures because it can confuse the Malays," he was quoted as saying by Bernama .

The government claimed that the New Economic Policy's 30 percent corporate equity ownership target for bumiputeras had yet to be achieved.

The Asli findings have been rejected by numerous quarters, including Prime Minister Abdullah Ahmad Badawi.

Arguing further, Mohd Ali said Asli incorporated the equity owned by GLCs such as Telekom Malaysia, Tenaga Nasional Bhd and Petronas - companies that represent the interests of the whole nation.

"Telekom shares are held by non-bumiputeras, so are the shares in Petronas and Tenaga Nasional. It would be proper to take into account agencies such as Lembaga Tabung Haji, Mara, the Armed Forces Fund and Amanah Saham Bumiputera," he added.

He said the bumiputeras only held 18.9 percent equity of which 14 percent was owned by individuals and the rest by such agencies.

Alternative methodologies

Asli's Centre for Public Policy Studies (CPPS) director Dr Lim Teck Ghee previously said the study was undertaken by a multi-racial group of scholars and consultants as part of work in connection with the Ninth Malaysia Plan.

"The corporate equity study was based on a combination of primary and secondary research. The study found that the official methodology for computation of corporate equity distribution first used in the 70s and continued till today - is narrowly based, unrealistic and has resulted in an underestimation of the true volume and value of bumiputera equity.

"Using alternative methodologies, the study has estimated that the bumiputera corporate share is considerably higher than the official figure of 18.9 percent in 2004 in fact it may be as high as 45 percent. This is because, besides the original listing requirement of 30 percent, the bumiputera share has been considerably augmented by that held by government-linked companies (GLCs), which are among the major holders of equity in corporate Malaysia," he added.

According to Lim, the study was submitted to the prime minister, cabinet ministers and other government leaders in February 2006 as part of a bigger report which included findings of studies on education, the civil service, low-income communities and the Penan.

Meanwhile, Mohd Ali urged the Malays in Penang to use their strength and advantages to uplift their economic status.

Successful Malay entrepreneurs in Penang should also collaborate with their peers in other states, especially Malacca he added.

"If there is political strength and internal strength among the Malays, I believe the future of Malays in Penang will be brighter...," he noted.

Umno has accused the Penang state government - controlled by the predominantly-Chinese Gerakan party - of sidelining the Malays there.