A university research paper has found that the 30 percent bumiputera equity ownership as targeted under the government's New Economic Policy had been achieved about a decade ago.

The research, done by Universiti Malaya academician Dr M Fazilah Abdul Samad, was based on a 10-year analysis of bumiputera equity ownership between 1988 and 1997 of public listed companies on the Kuala Lumpur Stock Exchange (KLSE), now called Bursa Malaysia.

It found the 30 percent bumiputera equity ownership target was reached in 1997 when it hit 33.7 percent.

According to the 2002 study, the 33.7 percent figure was made up of bumiputera corporate equity ownership (30.6 percent) - which is equity held by bumiputera companies - and individual bumiputera share ownership (3.1 percent).

The remainder were held by 'others' (32 percent), those under foreign ownership (24.9 percent) and government-held ownership (9.5 percent).

However, the 'others' category consisted not just of non-bumiputera ownership but also nominee companies ownership. A nominee company's sole function is to hold shares or securities on behalf of someone else.

Many economists would argue that nominee companies are not solely under non-bumiputera ownership as a number of them are held by bumiputeras.

Fazilah, when contacted by malaysiakini , declined to comment on her research.

She also refused to entertain questions on the issue of bumiputera corporate equity ownership, saying that as an university staff, she has to comply with the university's 'Akujanji' (pledge of good conduct).

Under the 'Akujanji', academicians are barred from making media statements without prior approval from the university's authority.

The government has always maintained that the country has yet to achieve the 30 percent bumiputera equity ownership target.

It's figure, calculated by the Economic Planning Unit, is based on the par value of shares of 600,000 registered companies.

Critics allege that the government underestimates the bumiputera share of corporate equity - which stands at 18.9 percent - to justify the continuation of the NEP and its related policies which give favourable treatment to bumiputeras.

Academicians also questioned the methodology used in the government's computation as it is based on par value instead of market value of company shares, the latter generally considered as a more accurate measure of wealth.

Interestingly, the UM equity study was based on the par value of the KLSE companies, not their market value.