Favouring foreigners over locals
The National Assembly passed the Financial Services Bill last week. I voted against it. I did so because the Bill seems to favour foreign investors over our own people and companies. Section 50, on restrictions on ownership of financial institution and investments by financial institutions, reads: No person shall hold more than the following percentage of interest in shares of a financial institution: (a) in case of an individual, 10 percent, (b) in the case of a company not being a financial institution, 20 percent (c) in the case of a company being a financial institution, as per the…