Minister of International Trade and Industry Tan Sri Muhyiddin Yassin reports that his ministry has received requests from AP holders for the AP system to be extended until 2020. The AP system was originally scheduled to end by December 31st 2010, which is the end of next year. But what’s even worse news is that according to StarBiz’s unnamed sources, the government has already tentatively approved for the AP system to be extended until 2010. That’s more than a decade of hand-outs to go. Is this the eagerly-awaited NAP review they’ve been talking about?
Tan Sri Muhyiddin said the government would try to “lead errant AP holders back on track”, and convert them into viable businesses instead of just very rich paper traders. He also said he found out that permits were sold to “parties who shouldn’t be owning them”.
Some AP holders have successfully built proper businesses from the money they earned through APs, though many will argue that it is still an unfair system in whole because only a selected few are handed out this chance to earn enough capital from the APs to grow their businesses. Naza is one prominent example. They’ve even recently gone into the F&B industry and that is working out quite well for them. Just look at the queues outside Bubba Gump in Mutiara Damansara.
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