Stop giving loans based on endorsement letters, Anwar tells Bumiputera agencies

Free Malaysia Today

The prime minister says some recipients of startup funding have misused the money on luxury cars and extravagant offices instead of business development.  Read More:  https://www.freemalaysiatoday.com/category/nation/2026/07/04/stop-giving-loans-based-on-endorsement-letters-anwar-tells-bumiputera-agencies  Laporan Lanjut:  https://www.freemalaysiatoday.com/category/bahasa/tempatan/2026/07/04/henti-amalan-surat-sokongan-agih-dana-bumiputera-kata-pm  Free Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs.    Subscribe to our channel - http://bit.ly/2Qo08ry   ------------------------------------------------------------------------------------------------------------------------------------------------------ Check us out at https://www.freemalaysiatoday.com Follow FMT on Facebook: https://bit.ly/49JJoo5 Follow FMT on Dailymotion: https://bit.ly/2WGITHM Follow FMT on X: https://bit.ly/48zARSW  Follow FMT on Instagram: https://bit.ly/48Cq76h Follow FMT on TikTok : https://bit.ly/3uKuQFp Follow FMT Berita on TikTok: https://bit.ly/48vpnQG  Follow FMT Telegram - https://bit.ly/42VyzMX Follow FMT LinkedIn - https://bit.ly/42YytEb Follow FMT Lifestyle on Instagram: https://bit.ly/42WrsUj Follow FMT on WhatsApp: https://bit.ly/49GMbxW  ------------------------------------------------------------------------------------------------------------------------------------------------------ Download FMT News App: Google Play – http://bit.ly/2YSuV46 App Store – https://apple.co/2HNH7gZ Huawei AppGallery - https://bit.ly/2D2OpNP  #FMTNews

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00:00Prime Minister Anwar Ibrahim has warned Bwiputra agencies to stop issuing loans based on endorsement letters.

00:08Anwar said such cronism had been widespread for 30 years and had contributed to the collapse of many Bwiputra agencies

00:16when borrowers failed to repay their loans.

00:43Anwar, who is also the Finance Minister, said loans should not be granted simply because applicants were close to certain

00:50individuals.

00:51He said he would not hesitate to take firm action against those who broke the rules.

00:57Anwar also said the government had no plans to set up new Bwiputra agencies and would instead strengthen existing ones.

01:06He said Bwiputra economic empowerment should not be left only to Bwiputra agencies as ministries, government agencies, GLCs and GLICs

01:17all had a role to play.

01:18The Prime Minister called on successful entrepreneurs to mentor new companies, saying real business experience was more useful than relying

01:27only on theory.

01:28Natasha Bust, FMT

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