AP Controversy
Nasimuddin was implicated in the AP controversy of 2005, when he was dubbed the "AP King". It was claimed that he and three other prominent businessmen were monopolising the issuance of Approved Permits (APs). APs are government-issued permits to import cars for bumiputras. The practice of APs helped shift dominance of the car import industry from the ethnic Chinese to the Malays. Former Prime Minister Tun Dr Mahathir Mohamad described Nasimuddin as an example of the New Economic Policy's (NEP) success, Bernama reported.
He said Nasimuddin had an extraordinary approach in developing his business, starting with selling imported used cars from Japan and then going on to collaborating with foreign companies to produce and sell local cars under his own brand name.
"He proved that the NEP was capable of producing successful bumiputras if they seized the available opportunities well. If all had the same opportunities and did what he had done, we may have achieved more than the NEP objectives," Dr Mahathir told Bernama.
Read more about this topic: SM Nasimuddin SM Amin
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