and Shell refused to surrender their concessions and negotiate with PETRONAS. Owing to this tough stance, Razaleigh served a notice to all foreign oil companies that after 1 April 1975, they would be operating illegally in Malaysian waters if they do not start negotiating with PETRONAS. After many months of discussions, foreign oil companies surrendered their concessions to PETRONAS. Permodalan Nasional Berhad (PNB) The company was founded on 17 March 1978 based on an idea from Tengku Razaleigh Hamzah, as an instrument of the Government's New Economic Policy to promote share ownership among the Bumiputera, and to develop opportunities for deserving Bumiputera professionals to participate in the creation and management of wealth. Today, PNB is a major investor in Bursa Malaysia, investing nearly 10% of the market capitalisation of the bourse, across most major Malaysian corporations and also actively contributing towards the nation's human capital development through scholarships and employment opportunities. Setting up banking firms and other institutions He also set up Bank Pembangunan Malaysia and founded and established both Bank Islam and Syarikat Takaful, an insurance company run in accordance with Syariah principles. Institute of Marketing Malaysia (IMM) was founded by Razaleigh in 1977 and he became the institute's first Patron. Malaysian & Asean Chamber of Commerce Razaleigh was President of the Malay Chamber of Commerce and Industry, Malaysian Chamber of Commerce and Industry and consequently the President of the ASEAN Chamber of Commerce and Industry. He played a major role in the strategic restructuring of the Malaysian economy. The Malaysian Chamber of Commerce acknowledged his expertise in the petroleum business and once called him the "Malaysian Oil Prince." In the 1975 Malaysian Chamber of Commerce resolution, Razaleigh was named "Father of Malaysian Economic Development." Political career Joining UMNO As the former president of the Malayan Students Union in London and the secretary of the Malay Society in Britain, Razaleigh has been in politics since the early 60s. He formally joined UMNO in 1962 and was unanimously elected the chairman of UMNO's Ulu Kelantan Division at its annual general meeting. He had returned to Malaya earlier that year to attend his father's funeral. A few months later, Razaleigh was chosen to be a part of Malaya's delegation to the United Nations for the 17th Session of the U.N. General Assembly in 1962. The leader of the delegation was Ismail Abdul Rahman, the then Minister of Internal Security. Tunku Abdul