(image)

It does look like a blatant abuse of power by the federal government to direct the Employees Provident Fund (EPF) to inject RM5 billion into ValueCap Sdn Bhd. It wil be in a form of loan from EPF.

Reason: to shore up “undervalued companies” on Bursa Malaysia.

Now most of us have our monies there, and it is supposed to be kept for retirement. After being used for bail out of companies during former PM Mahathir Mohamad time, now Najib Tun Razak, new finance minister and PM hopeful, is singing the same tune.

Does Najib have the right to direct the EPF to do such a thing? Loan RM5bil to a company to prop up its value in the share market?

The EPF is supposed to have independent consultants and experts to invest our monies in profitable companies, not to “maximise returns instead of investing for the purposes of supporting the stock market”, said DAP MP for PJ UTARA Tony Pua. Tony also asked a few questions (Malaysian Insider):

(1) What measures have been put in place to ensure that the RM5 billion will be utilised in a fair and transparent manner and not be used instead to bail out Government-linked or crony companies whose stock prices have plummeted during the current financial crisis?

(2) How will supporting the prices of stocks listed on Bursa Malaysia actually change the fundamentals, including but not limited to the efficiency and productivity, of our economy and its companies?

(3) Shouldn’t the government leave stock prices to market forces and focus spending on areas that will generate “high economic multipliers”?

While Second Finance Minister Tan Sri Nor Mohamed Yakcop said:

(1) EPF will make a profit from the RM5 billion that it is to lend to Valuecap Sdn Bhd

(2) This was based on the past performance of Valuecap which has grown its portfolio from RM5 billion initially to RM8 billion now.

(3) He believed that Valuecap will do well and EPF will certainly get their returns.

(4) Valuecap has good infrastructure, good staff that know better about the market and have a knowledge on what is happening (in the global market.

So, what do you think? Should RM5bil of our hard earned money go for this? Why aren’t the trade unions protesting about this?

78 responses »

  1. […] are not responsible for the content published. We encourage you to read the full article/post from the original source here. This entry was posted on Wednesday, October 22nd, 2008 and is filed under From Blogs. You […]

  2. matt says:

    You just wonder what will be left with all this plundering going on,we have forgotten how mbsb which is a component of epf went into the red by bailing out cronies.The guy to watch is our own bum of a 2nd finance minster who don’t forget was a legened in losing money on the forex markets and was still retained.God bless Malaysia as i think only he can save us.

  3. Drachen says:

    Say bye bye to the RM5 billion.

    Anyway, what’s RM5 billion? We’ve lost a lot more than that and MCA, MIC, etc still believe in BN. That’s the premium we have pay for having such a fine government.

  4. Hitam Had says:

    What is frightening is the reported comment from FM2 that the EPF will make a profit from the loan. He clearly does not know the difference between an equity investment and a loan. Hopefully the loan is a capital guaranteed islamic one with profit (and not loss) sharing features, if such a thing is possible……..maybe only Malaysian islamic rules?

  5. monsterball says:

    Mahathir steals our money and left cans of worms and dirt in every government Department.
    Dollah cleaned up the Departments…using same method….squeezing and strangling us…but let us live.
    Najib will surely follow the other two..and if we don’t change the government….Malaysians voters are to be blamed….encouraging such crooks to continue.
    If that happens in next election…letting UMNO still manage the country….the limit of squeezing us…have reached the peak…therefore….Malaysians deserve to be poor…and be treated like idiots and be slaves to …to be fed like dogs…from UMNO.
    But many Freedom Fighters…wanting change of government..will take to the streets…sacrificing their lives….all over again….to save those selfish ….cowards…afraid to change.. idiotic….some fanatic..voters.
    Like it or not….majority want changes ….and UMNO can go to hell.

  6. Anonymous says:

    Pray hard that the US and the Europeans are able to save their markets; or at least cushioned the impact to the less extent.
    With Asian economy powerhouse Singapore sliding into recession, I do not believe that Malaysia is immuned. Whatever the politician says, be realistic!

  7. Moo.. says:

    (1) EPF will make a profit from the RM5 billion that it is to lend to Valuecap Sdn Bhd

    Comment: How can EPF makes profit unless it is a JV or investment.

    (2) This was based on the past performance of Valuecap which has grown its portfolio from RM5 billion initially to RM8 billion now.

    Comment: Does it makes sense that if we make money in the past and future profit will be guaranteed?

    (3) He believed that Valuecap will do well and EPF will certainly get their returns.

    Comment: The FM 2 only believes that Valuecap WILL DO WEll…. I also believe I will be rich in future but when…. ha ha ha ha

    (4) Valuecap has good infrastructure, good staff that know better about the market and have a knowledge on what is happening (in the global market.

    Comment: Good staff and infra…. can rhey control the external market forces…. Investment banks in US and Europe also have good staff and infra but still badly affect….. what makes Valuecap so special.

  8. Bentoh says:

    Re FM2’s stupid 4 points:
    1) EPF will make a profit? Can Finance ministry then tell us, what will be the % interest? How long will it take for valuecap to return the loan? What is the risk factor?

    2) RM 5 billion to RM 8b now is like nothing… Consider the inflation, I dare say the Valuecap did not appreciate for even 10%…

    3) The problem is no one believe in you Mr Nor Mohamed!

    4) If Valuecap is THAT good… Why it was not heard about over these few years, until Najib actually mentioned about it?

    Nah… Valuecap sounds like Valuecr@p to me…

  9. fong says:

    We have never experienced any racial discrimination in any form whatsoever the many years I have been in Canada.

    A Vietnamese sushi chef here I know was once a refugee at Pulau Betong. He like many others, I know has prospered and his children have all gone through university.

    Malaysia loss of talents to other countries is the result of the pervasive special rights now entrenched in the constitution.

    It was meant to last for 25 years to allow – in the words of the first prime minister – “the malays to catch up with the Chinese”. It is now 50 years later.

    In foreign countries such as Canada, it is the majority that has to take care of minority rights be it the gays, the natives, the women and whatever groups there are. We pay heavy taxes but these go for the low income and poor people irrespective of color, creed or race.

    So Umno, you may keep your rights and perpetuate them. Such things are archaic. Who loses in the end? Your country, which should have been a first world one by today.

  10. Alex says:

    Please refresh the scandal involved Tan Sri Halim Ali who was the chairman of EPF while ” lending” al most RM 10. billion in subscribing the Islamic bonds issued by Malakoff Berhad where Tan Sri Halim was also the the group chairman.

    Please be noted that Nazir Razak, CEO of CIMB is the invement panleist of EPF, while the bank also acted as the underwriter for the 5.6 billion Intisna Bond issued by Malakoff.

    Check if the Risk Managment Unit of EPF ever exist? It was left empty during Dr. Mahathir’s era. Why?

  11. reek says:

    Sad to say without the Chinese and other non-malay races in Malaysia and Indonesia, the region will be the backwater of Southeast Asia.

    The malays cannot stand on their own feet. Just compare the GDP contribution of non-malays present and past against the malays.

    Sadly, the most Middle Eastern civilization are Islamic based on their God Allah and they are a failure compared to Western civilization based on human ideology.

    This is partially why Malaysia “tak boleh maju”, as its policies are based on religion and race.

    Oh wait, to some malay who says “majority is always right”. Certainly, you still have a long way to go. You are not sons of the soil. The Orang Asli, not the malays, are the rightful owner of Malaysia.

    You guys stole the land from them, just like your Arab brothers who tried to force their religion on others by “military conquest” in hopes of dying for your God and copulate with the 72 virgins in Muslim paradise! Cheers.

  12. monsterball says:

    Right now…UMNO minister….Rias Yatim.. said…the UMNO election is about buying votes.
    He is not the first to say so.
    The devil himself…admits corruptions is huge in UMNO.
    So…EPF money..bail out who?
    You see…most Malaysians do not know…who owns Bursa Malaysia…including me.
    But I bet you…..it has something to do with UMNO.
    I wonder …what happen to that man from MAS..accusing Mahathir using him…to steal billions.
    You see….so many corrupted cases….unsolved….makes them brave to do anything they like.
    Poor EPF contributors.
    All UMNO needs…is to declare less r 2% dividend…..and hundreds of millions….stolen from Malaysians. It s that easy.

  13. romsam says:

    In the 1980s when Mahathir was asked to comment about the brain drain, he curtly replied that, “If he open the doors of this (Malaysia) country wide, a lot of people would be happy to come in.”

    His message to the non-malays was leave if you want to, the more the merrier, because for every 1 of you leaving, 10 people from outside would be more willing to come in to replace you.

    What Mahathir uttered reflected Umno’s agenda of wanting more non-malays to leave, and more Indonesians, Pakistanis, Arabs – in fact anyone Muslim to come in to replace them.

    That way they would eventually have a Malay/Muslim country with Ketuanan Melayu being more meaningful, and not a Malaysian country with the playing field being level for all races which they would oppose at all costs!

    A Ketuanan Melayu country with all its defects stemming from all kinds of brainless cods is more preferable to them than a progressive Malaysian country, with equal opportunities for all races being able to take its place among the best in the world!

    Their warped logic as reflected by Mahathir is why should this country be progressive when the malays do not benefit.

    Better to have a regressive country with malays benefiting and always dominating the others.

    But retribution will come eventually, although not in our lifetime. Maybe a hundred years from now, they will wake up and find that all that pampering, muddling and coddling of the malays would have the ironic effect of making them degenerate into spineless creatures, reflecting a chaotic mess which will hinder them from competing with the best brains in the sweeping era and tide of globalization which knows no borders.

    The world is increasing becoming a global village. As the popular saying goes, the world would not care who we are (malays) or what we stand for (Ketuanan Melayu) – only what we can offer to compete with the best.

    And going by the future is predictable. By the prophecy “melayu takkan hilang di dunia” will be fulfilled in reverse. An epitaph to Umno!

  14. The decisions of the ruling elites consistently invites international approbrium . Such is the quality of our leaders that we look into the future with trepidation, knowing that whatever decisions are more for the interest of the cronies than the Rakyat.
    If all of us has the will, make sure that the existing power is completely eviscerated come the next election, otherwise no good can come out of this country with the existing egregious team of corrupt and racist leaders

  15. prof JOHN B says:

    Hi,

    Think you will have to accept the realities of our civil servants, politicians and politics. It’s not something new that you and I have experienced. The ones who go about with these twisted principles and their applications are as I have observed, very unique people. It’s no co-incidence that they see no power greater than themselves. Not surprisingly, they are very strong-willed people. They are so self-absorbed with their self-centredness, that their wills are supreme. They have all the abilities to lie to themselves as well as others, and to insist on being unaware od their own indiscrepancies and wrongdoings.

    Their thinking and principles are distorted. Rather than have the humility to admit and accept their blatant corruptions, they would go to all lengths, often at much expense of energy – set about trying to sweep their misactions under the carpet. They would use all the power at their disposal to impose their wills onto someone else in order to protect their own sick selves. nd that is where the corrupted destruction is executed. It’s the unspoken pay offs that they are attached to. Not the interest of the people.

    So just hang in there and exercise some patience and have some optimism for the future. I believe that God is watching from a distance to all these manipulations. HE has got great check and balance. Have a pleasant day.

    JOHN B

  16. tshock says:

    We have people who are now going through very trying times to make ends meet and also to fulfill their financial obligations. We also have seen proposals on how EPF could help us lessen these financial burdens. All these proposals have been shot down with the answers that EPF was created to help us for our old age. So why are we taking RM5b to put into the equity market? To help those political linked companies? Why don’t we help the contributors who are now going through these difficult times?

    However, even if this RM5bn is splash in the market, will we be putting in good money to chase after bad money?

  17. Nudibranch says:

    Can I as a contributor to EPF make a police report on the RM5 billion loan ?
    If there is a lawyer out there, please, your advise ?

  18. wandererAUS says:

    If you can, get your money out! It is safer in your wallet than to trust it in the itchy hands of politicians.
    It is nothing new that EPF has always been treated like a ‘high class whore’ frequently abused by doggy UMNOputras. It makes no difference to these unscrupulous men whether it is a contributors’ money kept as a national reserve or for for them to use the money as if it belongs to them to savage UMNO invested companies.
    What puzzle me, did’nt the new Finance Minister recently said our financial position is very sound and Malaysia is not badly affected by the global financial difficulties…monkey business starting again!

  19. Eagle says:

    What is RM 5 billion. When he was in MINDEF he simply throw billions as and when he likes. And now as Finance Minister who hold the “Jelapang” term used by PM, ahah……siapa raja,,..ahah saya raja!!!

  20. Bentoh says:

    Anyway, RM 5b is more than enough to fund for upcoming UMNO election…

  21. Zhongy says:

    (1) EPF will make a profit from the RM5 billion that it is to lend to Valuecap Sdn Bhd
    What if Valuecap make a loss from the RM5 billion loan and not able to return the loan to EPF?

    (2) This was based on the past performance of Valuecap which has grown its portfolio from RM5 billion initially to RM8 billion now.
    If they were doing well, why need the loan?

    (3) He believed that Valuecap will do well and EPF will certainly get their returns.
    Your belief is based on what? And what if Valuecap really couldn’t return the fund?

    (4) Valuecap has good infrastructure, good staff that know better about the market and have a knowledge on what is happening in the global market.
    Probably. But if they are that good, why need this loan in the first place?

  22. Collateral Damage says:

    Our money will be used to prop up the share price of crony shares to avoid margin calls on said cronies. Its as simple as that.

  23. Yippee F'ed says:

    Why support the market? To truly make money for its shareholders, they should let the market crash to the bottom then only make their purchases; unless the true intention is to support the cronies to sellout before the impending crash.

  24. hc says:

    5b is about 2.5% of current total EPF fund.(5b/200b)
    i think this year EPF dividend will much lower than the 2007.(5.8%)

  25. Anti-BN says:

    The rich get richer by robbing the poor of their meagre savings.

    This is Bolehland.

    Time for regime change.

  26. My2cen says:

    Ridiculous! Our hard-earned money should be invested wisely, not loaned to underachieving companies! These companies are weak, and unable to perform, let them compete or let them close-up. It’s not the rakyat’s job to save them, after all their towkays already made money when stock price was good. This is pure Mahathis economics, always help cronies. People, let’s write to our MPs and tell them that we can’t do this anymore. The rakyat is already poor enough, we cannot be cheated of our EPF savings!

  27. The Simple Man says:

    Susan,

    Maybe you should do a search about who really owns Valuecap Sdn Bhd. What we also need to check if the Govt. can use the funds in EPF before getting approval from Parliment. Is this practice legal? Yes Mahathir used it before but then at that time the BN has more than 2 thirds of parliment. I am just a laymen so maybe some clarification would be good.

  28. tired says:

    “(2) This was based on the past performance of Valuecap which has grown its portfolio from RM5 billion initially to RM8 billion now.”

    Is this RM8 billion, computed from market capitalisation, i.e. paper worth only? Was this before the KLSE plunge, i.e. it could even be below RM5 billion TODAY? Let’s not have half-truths.

  29. Pengundi Senyap says:

    Enough is enough-please BN gomen, used other way to save BSKL. Pls don’t use people’s EPF contribution money.

    You have many economists -is this the solution offered by them?

    Huuh…pls

  30. Ahjajal says:

    hi Najis UMNO has not pay up the outstanding bills on the 2004 election MR 208Million Now you want to use my EPF contributions go have a check up and see your brain is in place. This is not your fathers money or UMNO.

  31. malaysia born says:

    I don’t remember signing up to give a blank cheque to these crooks?

  32. tired:

    I agree with you, the 8Bilion might be base on july report.

    I saw an advertisement about CIMB principal unit trust base on july report this morning.

  33. Nudibranch says:

    As reported by NST

    THE Dewan Rakyat descended into 10 minutes of chaos yesterday after a deputy minister used the word “buttocks” on an opposition member.
    Deputy Transport minister Datuk Seri Lajim Ukin was chided by opposition MPs and was forced to retract the word, which he used on N. Gobala-krishnan (PKR-Padang Serai).

    The argument was triggered when an accusation of bribery was heard in the house when Lajim was answering a supplementary question by Datuk Mohd Sirat Abu (BN-Bukit Katil) on the upgrading of the Batu Berendam Airport.

    Lajim’s reply to Sirat was interrupted towards the end when he implied that Pakatan Rakyat could not afford to build the airports even if they did take over the government as the current government spends billions of ringgit to build one.

    At this juncture, a member was heard shouting , “that is a lot of money, half of it must be bribes”.
    The clearly agitated Lajim then replied “Macam la, waktu Anwar jadi menteri kewangan, tak ada rasuah (As if, when Anwar was the Finance Minister, there were no bribes).”

    The above reply from Lajim implies that rasuah is acceptable because it has happened in the past thus a precedent to carry on rasuah-ing. This is the mentality of our leaders…………..Sheesshhhh !!!!!

  34. Detektif Conan says:

    How’s that sucker, next year is only 5% dividend only. So many sucker still out there voting for BN. Next election, do not vote this mother f****r.

  35. SameSame says:

    So our monies are used to bail out whom? Who is Valuecap? Who is behind Valuecap? Why never heard of such a company? What are they involved in? Tell me will we be ISA-ed if we question where and how our savings been handled? EPF is suppose to be our savings yes or no? All and sundry whom contributes should ask this question and should be asked permission before such an amount goes out to bail someone’s son or bro-in-law or wife’s company or f-i-l’s company or s-i-l’s company!!!!

    For all we know it could a ‘phantom’ company. Hey with such track records of our wonderful ‘authorities’ I wont put it pass them!!!

    Enough of thinking they can hoodwink us again and again! We are not that STUPID….

  36. freewave says:

    “This was based on the past performance of Valuecap which has grown its portfolio from RM5 billion initially to RM8 billion now”

    What a vague statement. 8billion in cash or in debt? Or probably is it in shares? When the market plunged, RM8 billion and become RM8 ringgit also. It’s share market we’re talking about, not some solid technology or properties.

  37. monsterball says:

    Nudibranch….You need to know the terms and conditions…how your EPF money can be managed by the government.
    If one of the clause says…government have the power to invest..then you cannot do anything….but pray.
    I am sure…UMNO have all the strings tied up…to safeguard themselves….similar to..our Petronas billions….that they are doing things… as they like.
    Although..these are not direct savings from Malaysians…oil is God gift to us…like water.
    Bottom line…we need a complete non corrupted…trust worthy government…that value their dignities and reputations….more than being rich ….with stolen money.

  38. machitam says:

    and the loser is……..the epf members. don’t expect any increase in dividence on epf savings. you may get only 1%! ……so, you can vote… BN again…..

  39. Khairy Kemulutin says:

    If nuclear testing is not harmful why not test it in France asked a Pacific island dweller.

    If Value cap is so profitable why not asked En. Nor to invest himself? Why use EPF money?

  40. hang jebat baru says:

    why is malaysian so tolerant? we are so use to being rob and cheated that we
    consider it as ” like that one LoL” when I tell my friend that I attend RPK candle light
    vigil they say you not scare ah? Let us learn from our neighbor Thailand.the former
    PM is charge and prosecuted for corruption.I bet all my EPF that the gomen dare
    not touch Mahathir – The Vulture.

  41. Gan says:

    # 1.What measures have been put in place to ensure that the RM5 billion will be utilised in a fair and transparent manner and not be used instead to bail out Government-linked or crony companies whose stock prices have plummeted during the current financial crisis? Will ValueCap for example, be investing a substantial amount into Malayan Banking Berhad who has been hit badly, to a large extent due to its purchase of Bank International Indonesia at exhorbitant prices?

    # Secondly and more critically, how will supporting the prices of stocks listed on Bursa Malaysia actually change the fundamentals, including but not limited to the efficiency and productivity, of our economy and its companies?

    # Most importantly, while agencies such as the EPF are under the purview of the Finance Minister, he has no basis to direct the EPF to make particular investment decisions. EPF investments is led by an investment panel, headed by Y.Bhg. Tan Sri Samsudin b. Osman and they should be given the leeway to decide what they regard as the best investment approach to protect and grow the hard-earned savings of ordinary Malaysians.

    http://tonypua.blogspot.com/2008/10/our-epf-savings-in-jeopardy.html

  42. george says:

    these morons never forget to come up with all sort of excuses to support their plan to get more and more rakyat’s money…

    Let’s probe who behind Valuecap!!! then we know the whole story behind… it not tat difficult to know, rite?

  43. george says:

    the 5 bil RM of rakyat money should reinvest back to rakyat most desired and improve the life and substance for face the financial recession rather to support those BN cronies… hum,,, another side of story goes like this…

  44. freewave says:

    ValueCap Sdn Bhd is jointly owned by
    Khazanah Nasional Bhd
    Permodalan Nasional Bhd
    Pensions Trust Fund Council

  45. Gan says:

    Valuecap is needed to save UMNO crony companies

  46. storm62 says:

    halo Najis, kalau Valuecap is a sure profit then all the Alongs would also like to invest boleh tak?

    there goes my “funeral savings”

  47. hang jebat baru says:

    I will rather use my EPF to gamble in genting, even if I lose at least I know

    the money stay in malaysia.If invest in valuecap it may end up in mamakland-

    2nd finance minister grandfather hometown.

  48. freewave says:

    “It wil be in a form of loan from EPF”

    At what interest rate and how long is the tenure? When can EPF start getting payments back?

    For example, when you take loan to buy properties or do business, if you cannot pay the installment, the bank will come after your properties because the agreement say so. In the case of ValueCap failed, I guess there should also be an agreement to protect the EPF that belongs to the majority citizens right? No? Or was it that the agreement has been design to protect valuecap and GLCs just like the highway concessionaires agreements?

    We want transparency.

  49. hang jebat baru says:

    malaysia where got transparency ?

    Itu sebab aminah mati

    Belum jadi PM sudah begini

    Sudah pergi badawi

    Si najib sama kaki

    Nanti EPF kami akan lari

    Mesti lah mandi di hang tuah punya perigi

    Baru lah ada tranparency

  50. storm62 says:

    najis cakap minggu lepas “Malaysia’s economy still strong”, “Don’t worry, no recession this year” , “Malaysia is not like other country, fundamentally still strong”…….woi, Najis 5 billion cukup ke? Tabung Haji dan wang zakat lagi ada banyak lo, mau pinjam tak?

    bila mau bayar balik? interest berapa? siapa garuantor? ada sign agreement tak?

    habis duit peluh Rakyat.

  51. hang jebat baru says:

    Najib answer

    bila mahu bayar balik ? nanti dapat commision bayar lah

    interest berapa ? abang pinjam adik tak apa lah

    siapa gurantor ? bank negara, kita bolih cetak wang lagi !

    ada sign agreement tak ? orang kasi saya usd 500 juta pun tak payah sign

  52. freewave says:

    awak kelakar betul lah

  53. freewave says:

    Found this link with google below for those who is interested to know more about ValueCap Sdn Bhd (there is a link in there to download the full company profile).

    http://bongkersz.com/tag/valuecap-sdn-bhd/

  54. hang jebat baru says:

    EPF pun mahu curi

    Lu ingat bolih lari ?

    satu hari kena gari

    kita tahu apa sebab aminah mati

    satu hari akan kena gantung sampai mati

    valuecap mesti rugi

    sebab si najib tu kaki curi

    Habis lah EPF kami

  55. 1961 says:

    I am no economist but I know 5 billion is a lot of money-5,000,000,000
    surely more time is needed to make such decision.There are so many abandone
    housing project which I beleive the rakyat will not object if you borrow to revive
    such project for the benefit of thousands of family.Think ThinkThink

  56. amoke says:

    Wah, so easy to take out 5 billion ringgit. Who is Value cap going to use the money to bail out? UMNO companies?

  57. Payback Time says:

    The name of the company says it all..Value Crap !! Anything of value will turned into crap that passes through those greedy hands. Prop up our share market !!! Fcuk!! Saving their cronies is a better word

  58. Jed Yoong says:

    Haven’t we been “abusing” public funds, EPF etc anyway? So what’s new? Kee Kee…..

  59. whispering9 says:

    ‘I am no economist but I know 5 billion is a lot of money-5,000,000,000’

    Actually, RM 5 billion is liken to using a pail of water to save a dying lake. Atmost, you can bail out a few fishes. It is not enough money to store up Bursa or save the world lah.

  60. […] EPF money: To abuse or not? (image) It does look like a blatant abuse of power by the federal government to direct the Employees Provident Fund […] […]

  61. ah long says:

    whispering 9…..who is talking about saving the Bursa? These guys are only talking about saving the priviledged few.
    My name and your name is NOT on that list of people going to receive the benefits…..but all our names are on the list of people making the donations……..hehehe

    If they want to help the economy they should lower the price of petrol and put a few extra ringgits in our pockets to spend. This will benefit everyone including the shops whose business have slumped in the past few months.

    Or better still give everybody a 1,000 ringgit x’mas present.

  62. ktteokt says:

    Gone is my retirement plan!!!!!

  63. […] bookmarks tagged provident EPF money: To abuse or not? saved by 3 others     gaasakuXsasusaku12 bookmarked on 10/22/08 | […]

  64. SameSame says:

    Thanks bongkersz, saw it.

    All also Malay one thats why la its so value-crap. Who are these people? Are they for real?

    Sorry not to hurt anyone’s feelings ok.

    We have ‘kena’ so many times la this time to be immune also cannot. Its MONEY!
    Its our live savings…like one blogger said..FUNERAL MONEY!!!! For some its actually our PENSION!

    Seriously, is there any way we – the contributors – go against this utter rubbish nonsense. If its so wonderful a company, why did this happen? Obvious there some foul-play involved. It does NOT ADD UP!

  65. ktteokt says:

    Thanks to Mahathir’s idea of privatization (more like piratization), the government has been relieved of so many responsibilities – post, water, electricity, telephone, etc…. Then these government people formed private companies and charge the rakyat for their service at the whims and fancies, raising prices as and when they like. This is like having two or three inlets into their pockets. On the one hand, they are receiving remuneration as MPs, Ministers and what nots from taxes paid by the rakyat. On the other hand, they milk the rakyat through these companies owned by them. They are really enjoying the BEST OF BOTH WORLDS!

  66. Penang says:

    People !

    Stop whining !!

    It’s time to MOVE OUT of this goddamn country !!!

    Mebbe we ought to ask Susan how’s Bangkok.🙂

    Susan, you like the Tomyam or not??

  67. zizi says:

    Dear reek,
    You know what, that is really a good idea actually. Why not you all, non-malays go back to you all punya home town, like China or India and see whether we, Malay can stand on our feet or not. I dare you.

    Or maybe you could ask your friend in India (recent news – no documents to come back to Malaysia), just to stay there instead of crying to be here. This country is not good enough for him.

    By having better GDP than Malays, don’t you think it is something that you should be grateful about.

  68. monsterball says:

    Penang…You move out.
    We prefer to stay in our country and face it …for better or for worst.
    If you intend to stay put in Malaysia…..don’t hint to others…to move out.
    So please pack your bags and move out.

  69. tamade says:

    Value Cap?

    Rakyat’s hard earn money DEVALUED?

    Cronies pocket FULL VALUE?

    VVIP’s wallet VALUE PACKED with commissions and cut backs?

    RAKYAT? You people die, dielah.

    Nothing to do with the VVIP and the cronies.

  70. kingcrimson says:

    We prefer to stay in our country and face it …for better or for worst. – monsterball

    Rubbish. You stay and be the famous freedom fighter only good for walking around trying to make presentations to Royalties. Maybe you think you can collect royalty for doing such walk walk.
    Others want to go let them go, it is none of your blardy business. Don`t spoil other people`s lives with false hopes.

  71. kingcrimson says:

    Like loafers they walk around wasting time talking big. Loafing, smoking cigars, talking big, wasting time, looking for bohsias.

  72. William Wang says:

    I never trusted a single word that this 2nd finance minister said. Remember the 1997 asia financial crisis? Same guy who had lost us billions in supporting ringgit, against speculators. He knows nut about macro-economics. If he thinks Valuecap is so good and professional, it should at this moment has 2/3 in cash & 1/3 in stocks, there is no need to borrow from EPF.

  73. azee72 says:

    hahaha we all being cheated, in front the money is taken to help the country, at the backdoor, the money is used to help the UMNO cronies and proxies.
    This rich country is getting poorer day by day.

  74. doomday says:

    Billions of ringgit have been abused every year. Even as a PM in waiting, he had already abused few of the multi billions deals. The Hell-copter, Maybank, Telecom and now EPF. Just look at these will give you goose bump. For example the Hell-copter deal, 2.3 billion just for 12 Hell-copter. Each coper comes to rm192 million

    The below is the extra/abused monies for the Hell-copter ONLY.

    Let says, there is a medium cost condominium cost rm250,000.00 per unit.
    Each level has 8 units. There fore each level cost rm2,000,000.00.
    Using rm192 million, we can purchase 96 level.
    Our KLCC is only 88 levels… and one Hell-copter can purchase a 96 level of medium cost condominium.

    The worst thing is, if our Mindef chose the 2nd bidder, Malaysia will saves rm1.5billion.
    So if to use 1.5billion, we can purchase a condominium of 750 levels. Just imagine how much is 1.5 billion… in Malaysia .. abuse/corrupt billions of ringgit.. is a norm… been doing this for years.

    Using a rm100.00 note.. measuring at 150mm for the length of the note.
    One kilometre is 1,000,000 mm.
    In one kilometre how many are the if a hundred ringgit note laying side by side ( length wise) = 1,000,000mm divided 150mm = 6,666.6 pcs.
    6,666.6 pcs. means rm666,666.00. Means we need rm666,666.00 to cover one kilometre.
    Using the extra/abused monies for the above Hell-copter deal, rm1.5billion. rm1.5billion can cover how many kilometre?
    It is equal to .. 1,500,000,000.00 divided by 666,666.00 is equal to 2,250 kilometre. It is just like laying the rm100 notes from the tip of johor baru to the kayu hitam town …. 4 TIMES.

  75. doomday says:

    Malaysia will be doomed.

  76. doomday says:

    Billions of ringgit had been abused every year. Just a DPM he had already abused a few deals; Maybank, Telecom, Helicopter and now the EPF. Take the instance for the Helicopter deal which cost 2.3billion for just 12 units of helicopters. Instead of geting the 2nd bidder at a cost that can save 1.5billion it goes to the to the higgest bidder. Well the BN style of awarding contract.

    THE BELOW IS BASE ON THE ABUSE OF THE HELICOPTER DEAL ONLY.

    2.3billion for 12 units of copter. There for for each unit of copter is equal to approx. rm192,000,000. Let says there is a medium cost condominium with 8 units per floor. There for each floor , it cost = rm250,000 X 8 = rm 2 million. Using 192 million divided by 2 million = 96 floors.
    Thats means using the price of one single unit of helicopter can buy a block 96 floors of medium cost condominum and our KLCC has only 88 floors. It give me goose bumps.

    If we to take the abuse 1.5billion, it is eqivalent to a block of 750 storeys of medium cost condominium.

    If you take out a rm100.00 note and measure at the length wise it is equal to 150mm. In one kilometre how many hundred notes are there if we were to lay it side by side ( lenght wise) is equal to 1,000,000mm divided by 150mm
    and the total numbers of rm100 notes will be 6,666.6 pcs.
    There for in one kilometre there are 6,666.6 rm100 notes is equal to rm666,666.00 . So how many kilometre will 1.5billion cover; it is equal to
    1,500,000,000 divided by 666,666.00 will be 2,250 kilometres.
    In other words.. using the hundred ringgit notes we can cover from the tip of Johor baru to Bukit Kayu Hitam … 4 TIMES.

    As i said before Doomday.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s