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Wednesday, November 5, 2008

RM5Billion EPF Money To Save Valuecap Sdn Bhd, Not Spur Economy

Again, Malaysians are being duped by Najib and UMNO/BN. We were told recently that a sum of RM5billion will be taken from EPF to be invested in our stock markets in order to stem the effect of global financial meltdown percipitated byAmerican Subprime Mortage Scandal. But then again, what else can we expect from Barisan Nasional except more lies.

While driving today over the radio (I can't remember which channel) the issue was discussed and opened for callers. One particular caller actually had a very interesting thing to say before he was abruptly cut off. He says that he disagrees with the money being put back into the stock markets. He wants the money to be returned to the people so the average joe can spend the money and spur the economy. After all, EPF is the people's money not the governments.

If the caller were to learn that the people's money is to be used to save Valuecap Sdn Bhd, i bet he will probably have more than that above to say.

According to a Malaysian Insider report, the RM5 billion EPF money is to enable Valuecap Sdn Bhd to pay it's debt to money lent to them by Khazanah, Kumpulan Wang Amanah Pencen and Permodalan Nasional Bhd. The amount due is RM5 billion and the dateline is February 2009. The money was borrowed by Valuecap back in 2001 to help Valuecap to prop up the stock market.

Since the KLSE has been hit also by the global financial meltdown and the death of capitalism, the shares that Valuecap has acquired in 2001 if liquidated will not be sufficient to pay off their debtors.

So, BN is forced to use the people's money in order to cover their failures from the people's knowledge. Not to mention a band of cronies that might stand to lose a lot from the fall of KLSE Index.

I think the caller may not know the inner workings of our investment and financial institutions, but his gut feelings may be telling him that the RM5 billion of his and his countrymen's money will be flushed down the toilet yet again. And the people responsible for it use the same lame excuse to save themselves from financial ruination.

Bravo Malaysians Bravo. You have truly done your patriotic duty, that is to use your hard earned money to save a few rich elites from ruination. Why do i get the feelin that we are living in the time of the Roman Empire?

Tulang Besi


And here is the rest of it.

12 comments:

Satish said...

how dare they touch the EPF money in the 1st place...

Which government in the world takes EPF money ?!

They always say that Malaysia has strong liquidity and reserves...if it's so strong, why don't they use that money to spur the economy ??

Why take the people's hard-earned EPF money !!

Anonymous said...

i think the govt will be better to cut income tax than to use the peoples money for such things. to spur the economy by reducing the income tax would be a better option than to dig into the retirement funds.

Tulang Besi said...

Or they cut corruption to a minimum nd mke sure UMNO is clean

That's sure fire way of increasing disposable income

robin hood said...

Yes. Bolehland does have strong liquidity and reserves in the form of two cash cows. Namely : epf and socso.Some say that socso has so much reserves, it doesn't even know what to do with it.

bn haramjadah said...

Or better yet ask umno to put up all the properties as coollateral for a bank loan , leave our money alone, or UMNO USES ITS OWN FUNDS, SINCE THEY ARE SOOOOO cash rich. oops I forgot umno also lost a lot of money in the stock market crash, so did the warlords on general election, umno election and since there seems to be this small problem of no more contracts to feast on from 5 states, the bottom feeders are desperate. too many sharks, buayas, and mouths to feed, you know with all the mistresses, bini 2,3,4 and the 15 children, expensive life styles. MY ADVICE TO UMNO PEOPLE, TUKAR CARA HIDUP.!!!! Hahahahahahaha

Anonymous said...

A change in government before Christmas would hopefully stop this process of using the people's EPF money to prop up the cronys' investments!

PR must now give notice and warning to the EPF board and the board of Valuecap that all the board members would be held personally liable for the full amount of any loss arising from the arrangement if they participates in such dubious arrangements!!

Act now ....Save your EPF money, your future - only PR can change the course of events which can see your hard earned savings flushed down the drain!

Bukit Chandan said...

Yes, you're right again TB. We smelled the dead rat a mile away. Now we are going after those who abuse the peoples' money, inshaAllah.

Best Regards.........

chong said...

just the thinking of the murder suspect gonna be our PM has made me real sick...

i'm just scared that one day the incident of indonesia; slaughtering the chinese will happen in malaysia...

you know, when malaysia has no more resources for the UMNO goons to rob, they will surely blame it on the chinese... and the hunger bumiputras will easily take the lies to release their angers.

that path is so damn clear...

amoker said...

I hate these bloody call in shows. You call to any of these stations and they only let you talk if you praise the government. And the DJ/ VJ will cut you off but muttering something like they got technical failure etc. If you watch NTV7 breakfast show, the same person calls again and again. LIke nobody else in malaysai

Anonymous said...

EPF belongs to the people and not the government. We have been paying taxes, use the tax money, you dimwit, don't splash on useless project or the UMNO retards.

If the government uses the EPF to bailout their own UMNO interest and for their own pockets and not forgeting their families. It's time for revolution.

If the US could change, SO CAN WE!

UMNO/BN, it's time for all you retards to vanish in the political arena.

troubadour said...

Salam TB aka RC,

We must not forget that it is the new finance minister's work!

There is a brilliant piece of expose by Dr. Dzulkefli Ahmad, the MP for Kuala Selangor in Malaysiakini. I posted in my blog at (http://wandering-troubadour.blogspot.com/) and also you may view at his blog (http://drdzul.wordpress.com/).

The article essentially stripped Najib of his economist's title (given by his paid writers I presume and echoed by others). We must expose this idiot's incompetence so that the people will se him as what he is, a daylight robber!

Cheers mate.

Anonymous said...

'how dare they touch the EPF money in the 1st place'

This is not the 1st time n certianly not the last..unless..umm..

Yalah,harga komoditi,logam,bursa saham semakin menjunam..kilang kilang ,estet estet sudah mulai goyang..very seriuslah sayang...harap barisan puaka nasional dikuburkan...

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