Philosophy Politics Economics |
- National Feedlot Centre Chief Lying Through His Teeth?
- Request to Meet Transport Minister over RM3.9b KLIA2 Scandal
- Pakatan Memorandum to EPF on Low-Cost Housing Loan
| National Feedlot Centre Chief Lying Through His Teeth? Posted: 11 Feb 2012 04:56 PM PST I am completely shocked to read that National Feedlot Centre (NFC) Chief Executive Officer Wan Shahinur Izmir making the claim that the NFC "had the right to use the RM250 million government loan as it deemed fit" as long as it repaid the interest. "The issue of NFC managing its loan monies amounting to RM250 million is the company's responsibility to administer and utilise... NFC retains the prerogative to invest the funds in the best interests of the company," Izmir said. The CEO of NFC, who is also the son of Datuk Seri Shahrizat Abdul Jalil, responded as such to additional exposes that the NFC loan has been used to purchase 2 new luxury condominium units in Singapore worth RM17 million each under the name of Datuk Seri Mohamed Salleh Ismail, who is the chairman of NFC as well as Shahrizat's husband. These purchases were on top of another luxury condominium in Singapore, 2 luxury units in Bangsar as well as a piece of land in Putrajaya. However during our Public Accounts Committee meeting on the NFC scandal on 23 November 2012, the senior Ministry of Finance (MoF) official was very specific in saying that the loan cannot be used for purpose other than that specified, and there was definitely no provision for the loan to be used for property "investment". The senior MoF officer even explained that the purpose for each drawdown must be clearly stated. When further queried, the officer confirmed that the MoF who provided the RM250 million loan facility had never received an application to purchase propety. Therefore if the senior MoF official was telling the truth when testifying with the PAC, then Wan Shahinur Izmir must be lying through his teeth to defend the indefensible. During the meeting, the PAC has specifically requested for documents relating to the NFC scandal be presented to the committee for review and verification. These documents included the loan agreement, the schedule, terms and conditions of loan drawdown by MoF, financial reports of the NFC as well as other relevant documents. It was decided during the meeting that the next meeting shall be held at the soonest possible time in January to ensure that the PAC is able to get to the bottom of the scandal. It is unfortunate that no meeting has yet been called by the PAC chairman to date on this matter, as well as on another matter - the 1MDB projects - to date. We hope that the matters will not be delayed further as the rakyat deserves to know the truth, and nothing but the truth as soon as possible especially on these projects which have scandalised the nation.  |
| Request to Meet Transport Minister over RM3.9b KLIA2 Scandal Posted: 10 Feb 2012 11:48 PM PST The cost of the new "low cost terminal" KLIA2 had increased drastically from the originally estimated RM1.7 billion in 2007 to RM3.9 billion last year. The underlying reason was the shift of the airport from the originally proposed northern site (KLIA North) to the current western site (KLIA West) which is under construction. The shift of the site has caused the cost of construction to bloat because KLIA West was already identified as unsuitable for the construction of an airport due to it being a peat swamp. This is increased the cost by at least RM1.2 billion. In addition, the shift to KLIA West has resulted in the need for a 3rd runway costing RM270 million as well as a 2nd control tower costing an estimated RM300 million, which would not have been required had the new low-cost terminal be built in KLIA North. However despite knowing full well that the KLIA West is unsuitable for airport construction and will incur substantially higher cost, MAHB has intentionally chosen not to disclose this crucial information to the relevant Government officials involved. The Transport Minister, Dato' Seri Kong Cho Ha has only since responded a month ago that I was "deliberately politicising" the issue and that he doesn't "have much to answer because the decision was not made by Ministry of Transport". I will now be writing formally to the Minister to seek an appointment to receive clarification from him over the issue. As the Minister-in-charge of airports in the country, and with the Ministry's Secretary-General Dato' Long See Wool sitting on the Board of Malaysia Airports Holdings Bhd, the Minister cannot disclaim responsibility over the fiasco which involved tax-payers' monies. Tan Sri Bashir Ahmad, Managing Director of MAHB had on 29th November 2011 had the cheek to deny that public funds will be used to fund the drastic increase in cost of KLIA2, the new "low-cost" airport. The cost of the airport first announced in July 2007 by the Transport Minister then Datuk Seri Ong Tee Keat was RM1.7 billion. The airport was also supposed to be completed by September 2011 but has since been delayed several times to the now April 2013 deadline. Despite Tan Sri Bashir's denial that public funds will not be used, MAHB has announced to Bursa Malaysia on 30th January that it will raise approximately RM598 million from a proposed share placement exercise. The action by MAHB to raise additional funds from the market proves that public financial interest has been compromised as a result of the RM2.2 billion increase in cost of KLIA2. Existing major shareholders of MAHB which act indirectly as trustees to Government and public funds are forced to dilute their shareholding by 10% as a result of the exercise. In addition, MAHB has announced that "assuming that the net earnings of the MAHB Group for the financial year ended 31 December 2011 remains unchanged, the earnings per share (EPS) of the MAHB Group will be reduced proportionately with the increase in the number of MAHB shares". The above proposed issuance of new shares to raise funds, is on top of RM3.1 billion in debt MAHB has raised in 2010, of which RM2.5 billion has already been drawn down for the purposes of financing the new KLIA2. The Minister of Defence, Dato' Seri Zahid Hamidi had cordially invited Pakatan Rakyat Members of Parliament to seek clarification from him over the defence procurement controversies such as the RM9 billion Second Generation Patrol Vessels (SGPVs) and the RM7.55 billion Armoured Personnel Carriers (APCs). The Minister of Health, Dato' Seri Liow Tiong Lai, who is also Dato' Seri Kong's party colleague had also welcomed us to the Ministry of Health over Kedai Rakyat 1Malaysia (KR1M) health infringements. Our request for a meeting will be faxed today to his office and I am certainly that Dato' Seri Kong Cho Ha will have nothing to hide and similarly welcome us to the Ministry to provide all the necessary clarifications of the drastic overspend by MAHB on KLIA2 to the tune of RM2.2 billion.  |
| Posted: 10 Feb 2012 11:33 PM PST S Pathmawathy | 1:31PM Feb 8, 2012 Although not all their questions have been answered, Pakatan Rakyat MPs are somewhat comforted by the Employees Provident Fund's (EPF) clarification on the RM1.5 billion home-loan plan. "It will not be loaned directly to house buyers... it's given to the government and backed by a surety 2.67 times the value of the total loan amount given by EPF," Petaling Jaya DAP MP Tony Pua said today. "We were also made to understand that it's not up to RM1.5 billion as announced by Federal Territories and Urban Wellbeing minister... for the time being EPF is only lending RM300 million." In their memorandum, however, the Pakatan MPs urged EPF's directors and investors to reject the loan scheme. "EPF's purpose is to prepare retirement interest for their members... therefore Pakatan Rakyat is of the opinion that it is wrong, cruel and immoral to gamble and expose hard-earned savings to such risk to parties with weak credit levels," they said in the memorandum. The minister, Raja Nong Chik Raja Zainal Abidin, had said last week that the money would be used as an "easy financing scheme" for 20,000 eligible Public Housing Project (PPR) tenants and potential buyers who cannot obtain bank loans. According to Prime Minister Najib Abdul Razak, the scheme is designed to help the lower-income group who have failed to obtain housing loans from financial institutions. Pakatan, then accused the government of encouraging "sub-prime" lending. Pua, together with parliamentarians Nurul Izzah Anwar (PKR-Lembah Pantai) and Dzulkefly Ahmad (PAS-Kuala Selangor) submitted a memorandum listing out their qualms to EPF's deputy chief executive officer of investments Shahril Ridza Ridzuan, who briefed the MPs on the proposed loan scheme. According to Nurul Izzah, EPF will monitor how well the plan is meted out before channelling the rest of the fund in trenches. Dipping into retirement funds "We have the assurance from EPF that they will impose strict terms and conditions to ensure the funds of contributors will be protected and defended," Pua told reporters after the 45-minute meeting at the EPF headquarters in Kuala Lumpur. On top of the surety, EPF funds will also be managed and distributed by a financial institution and not the Federal Territories Foundation, he said. "So that the work will be transparent, loans will not by given to those who don't qualify and (there is) disciplined collection." However, Pua posed a question to Raja Nong Chik asking for the rationale on dipping into retirement funds entrusted to EPF when commercial banks can also impose stringent terms before giving out loans. "Why can't commercial banks also set similar regulations and directly disperse loans to house buyers just like for a regular housing scheme," he quizzed. The opposition MPs have been staunch opponents of the move saying that EPF's role was to ensure the financial security of the retirement funds of its contributors. Both Pua and Nurul Izzah suggested turning to Bank Rakyat and Malaysia Building Society Bhd for the purpose instead. Nurul Izzah also demanded to know why, when the proposal was mooted in 2010 Raja Nong Chick had announced that the government had identified nine banks which would be dispersing loans to house buyers who qualify. "We will continue to monitor the situation, our main concern is how the funds are used. "With asymmetric information how are we to know for sure that the people's money with not be wasted?" she added. Stressing that the institution should not be exposed to risks, Dzulkefly reminded the government that the EPF "is not in the business of doing micro-credit lending or retail lending to individuals". "We would like to assert that we are always in support of those who need to buy houses but not in this manner... but with the explanation today, we have been vindicated and consoled," he said.  |
| Pakatan Memorandum to EPF on Low-Cost Housing Loan Posted: 09 Feb 2012 11:42 PM PST EPF PROVISION OF RM1.5 BILLION LOAN FOR LOW-COST HOUSING IN KUALA LUMPUR On behalf of Members of Parliament from Pakatan Rakyat, we hereby submit a memorandum calling upon the Employees Provident Fund (EPF) Board of Directors as well as its Investment Panel to review and reject the proposed plan to extend RM1.5 billion in high-risk loans for low-cost housing purchasers in Kuala Lumpur.
The EPF "aims to provide financial security for its members' retirement purposes. The fund is committed to preserving and growing the savings of its members in a prudent manner in accordance with best practices in investments and corporate conduct." Hence, it is Pakatan Rakyat's view that it is wrong, wicked and immoral to exploit and risk the workers' hard-earned monies and savings in a special home financing scheme for those with weak credit ratings. The EPF Board of Directors and its Investment Panel must exercise their powers in the interest of the contributors, above any other parties with vested interests, including the Federal Government. It is for the Federal Government to assume the responsibility of social welfare by providing a roof over the head of all Malaysians, and not the responsibility of the EPF. Thank you. Yours faithfully, NURUL IZZAH ANWAR MP Lembah Pantai TONY PUA MP Petaling Jaya Utara DR DZULKEFLY AHMAD MP Kuala Selangor  |
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