Why has the NEP been like Three Mile Island?

The basic thrust of the NEP was to create some multi-millionaires who would in turn spawn other captains of industry. However the selection criteria were never specified so that the quality of candidates was dubious in the least and bordering on suspect motives.

For those who are below 40 years and those who are not nuclear scientists, Three Mile Island was a nuclear accident that occurred in the 70s.

The NEP is of similar vintage and began in 1970 with the expiry date of 2005.
However, since the results have apparently not been achieved, some are clamoring for the program to be converted into a Never Ending Policy.

The Three Mile Island accident occurred because of a design failure and human intervention that could have resulted in a catastrophe costing the loss of many lives.

The NEP too was fraught with many dangers. Whenever a disaster threatened, PETRONAS and the EPF Prevented a Financial Meltdown.

These two institutions played a major role to prevent a financial meltdown of Malaysia in that they have been used to bailout ailing companies, financed dubious projects with questionable returns and paid for mega-projects with mysterious pricing. No one knows how much money has been spent on this program that lasted 35 years.

A movie, The China Syndrome starring Jane Fonda, was screened about the time of the Three Mile Island incident. In that movie, there was a scenario created whereby the nuclear accident would cause a meltdown and create a “hole” all the way to China.

The NEP too has created a hole with a bottomless pit and instead of just sealing off the top of the hole, some politicians are demanding that more funds should be channeled into that pit so that the magic number of 30% ownership can be established.

Will we see the continuation of such wanton folly? Will all the nation’s reserves be sucked into a bottomless pit? Let us see if wiser heads will rule.




photo: USA government. DOE