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Siphoning EPF money
On 'Why should Valuecap borrow from EPF?'
Syed Shahir Syed Mohamud: MTUC condemns the government's move to bail out Valuecap to support the local stock market using RM5 billion from EPF, as the provident fund is the custodian of the workers' money and not some sort of ‘automated teller machine' for the government.
If at all the EPF were to lend its money to the government, it has to be under the condition that there be transparency and accountability in the activities for which the money has been purposed.
We want to know who is doing what with the money that belongs to the workers. This is the hard-earned money of the workers, their retirement plan. How is this bailout plan going to benefit the workers?
We also question the reason for this bailout. If the economic fundamentals in Malaysia are strong and reserves sufficient as has been stated several times by the government, then why is there a need to offer so much money to the GLCs?
Second Finance Minister Nor Mohamed Yakcop should prove how the EPF would profit from this loan. Bernama had reported that Nor had given the assurance that the loan given out by EPF would reap profits for the fund judging from Valuecap's past performance.
But where is the paperwork and calculations to show that this move will benefit the EPF? MTUC is concerned that the loan might be mismanaged or misused and this, in turn, would affect the returns for the contributors.
Mere assurances are not enough. We want to proof that this RM5 billion will not go down the drain. (The writer is president, MTUC).
Sharyn: The government wants to use our pension money to prop up the Malaysian stock market which is the playing field of the rich people.
If so, the government must ensure that the EPF account holders - who are predominantly the poor to average citizens of Malaysia - be guaranteed all of our pension money with a compound 8% growth (interest).
It's so selfish and sick of the government to use the poor's pension money to help the rich to make more money with all the risks taken by the poor/average citizen.
We can better use the RM% billion loans to Valuecap for our children's education, shelter, medical bills etc.
Why not get those rich people to prop up the share market instead? Why should they park their money overseas and gamble with our EPF money instead?
Kumar14: Who is behind this Valuecap organisation? Why suddenly, this separate entity is allowed to access funds from the EPF?
Are they capable enough to handle it or is it just another desperate and blind move?
It has been a very infamous trend where the people's funds are channeled to a company for investment purposes and suddenly POP! the funds disappear and there is nobody to be held responsible but a RM2 shell company.
Charge who? Sue whom? The RM2 company (just a registered name)? We have seen this many times.
People in power and with connections allow such things to go through and reap/rob the people's wealth and then blame it on organisations which actually don't exist.
What if a lot of EPF funds are looted via such scams and nobody is to be pointed at? Where will the government get the funds to replenish the EPF?
The people are very bored, disappointed, angry and frustrated at seeing all these dumb and unaccounted for measures being allowed by the government with lame excuses.
Please, somebody verify the true purpose, integrity and capability of anybody attempting to use the people's fund.
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