Your MP's Question of the Week #31

EPF must be utilised for the sole benefit of the nation poor work force and not any other organisation.  It would appear that the Government is treating EPF as a financial ambulance for the stock market and certain selected GLCs. Last week the Government has utilized RM5 billion from EPF to bail out Valuecap in order to support the stock market. Second Finance Minister Nor Mohamed Yakcop has the cheek to give assurance that the RM5 billion loan given by EPF would reap profit. No one seems to know what Valuecap, a new corporate entity, is and who is behind this new entity.

Should the Government be allowed to treat EPF as a “financial ambulance” to support the stock market and bail out ailing GLCs?

– Terjemahan oleh Lee Wee Tak – Ucapan ribuan terima kasih dari Wee Choo Keong –

Soalan Mingguan Wakil Rakyat Anda Ke-31

KWSP mesti hanya digunakan untuk tenaga kerja negara dan bukanlah untuk mana-mana perbadanan. Nampaknya pihak pentadbiran menggunakan KWSP sebagai alat penyelamat kewangan untuk pasaran saham dan syarikat pertalian kerajaan tertentu. Minggu lalu, pihak pentadbiran telah menggunakan RM5 billion daripada KWSP supaya menerusi syarikat Valuecap menyokong pasaran saham. Menteri Kewangan Kedua Nor Mohamed Yakcop mampu berjanji bahawa pinjaman RM5 billion pasti akan dapat keuntungan. Namun nampaknya tak ramai orang ketahui butir-butir mengenai Valuecap, sebuah syarikat baru, serta siapa yang menerajui syarikat ini.

Patutkah pihak pentadbiran menggunakan KWSP sebagai alat penyelamat kewangan untuk menyokong pasaran saham dan membantu syarikat-syarikat pertalian kerajaan yang tenat?

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13 thoughts on “Your MP's Question of the Week #31

  1. anonymous

    The BN Government always treat EPF as their cash cow and milk them as it feel like it. We can only stop this by voting against then BN.

    So vote against the BN as and when you have the opportunity.

    Reply
  2. epf

    EPF is a cash cow for BN government. This is the type of Badahwi government. There is nothing we can do about it. we just got to vote them out.

    They do anything to safe thier cronies.

    Reply
  3. lee wee tak

    YB,

    let me answer your questions with my own questions

    1) is it alright for a son to take his father’s retirement fund and go to the gambling dent?

    2) is there any broker in the world that can guarantee your purchases in stock market will always be profitable?

    3) why are the GLCs ailing? Are they properly managed? Do they employ the best people and the best practice?

    Any financial planner will tell you that retirement sums must be protected, especially for those nearing retirement age. To take our safety net money to replace ever moving global hot money so that our share market looks good is just like a dirty old man taking out his life savings to hire a pretty girl to walk with him so that he’ll look good in the eyes of the neighbour

    If Najib says our financial system is strong, why must our life savings cum safety net be used for such desperate measures?

    The money, once goes into Valuecap, where is the control, check and balance? How do we know if Valuecap will return the money to EPF? If money is lost, how do we get it back? What’s the dividend rate for the coming years? Why waste money on submarines and choppers?

    Reply
  4. anonymous

    Lee Wei Tuck: This is the thinking of Bodohwi. Not only SLeepy Head but Empty Head too. No other government dares to touch EPF monies because it belongs to all the workers in the country.

    With five months to go, the Empty Head will f… up this country big time. We cannot afford even 1/2 a day of Empty Head!

    Reply
  5. resident.wangsamaju

    I think there should be a law regulating the use of EPF funds especially for bailouts. Also. does EPF have a framework for risk-assessing this kind of investments?

    2nd Finance Minister says in The Star the loan will make a profit- in view of public interest can he release the computation of the profit. Just saying in the press is no good; where are the calculations? We are talking about RM5b man.

    Reply
  6. hashim

    EPF belongs to all workers. The fund should not be used for bail out rich man. It is unthinkable for this governmen to abuse workers retiring fund.

    Reply
  7. Wangsa Maju Resident

    YB Wee, of course lah “NO!”

    How can the government ah take billions of poor people’s money and help the few rich people. This is not fair what.

    The 2nd finance minister says ah the RM5 billion can bring profit to EPF. I am not very clever lah and not very stupid also but I want to ask the 2nd finance minister Nor Mohamed Yakcop how lah this RM5 billion to help Valuecap can benefit EPF.

    You know lah all these years our EPF interest has been very low but the rakyat’s money is used to lend to other people and bail out businesses. Like this also I want lah EPF to help me in my business.

    Can Nor Mohamed Yakcop calculate for us the interest rate EPF will earn by lending this money to Valuecap ah? And for how long is this loan for and when it will be pay back to EPF?

    This is very important to us poor rakyat lah so we know our money is making money for us also.

    I also want to ask this lah. Why ah the government is helping Valuecap? Who are they? Who are the directors of this company? And what lah the basis the government use to pump money into this company in this bad time. How come other companies got no help from the government not lah that I agree.

    If people go into private business they must take risk lah. Where got sure succeed one. Like that also I want the government use EPF money to help me start big business and bail my company also when times are bad.

    YB, I like the way you say “ambulance” lah. Very funny also because I see picture of emergency and intensive care which means lah cannot help already. Sure die one.

    Nor Yakcop must not bluff us lah. You think the RM5 billion can help Valuecap in the stock market ah. America already pump in trillions and their stock market is still going going down and down. What is our RM5 billion for Valuecap. It’s like ‘taik hidung’ in the ocean lah. Cannot see one. All the stock market is now blackhole you know Nor Yakcop. There is no bottom one. You can pump and pump EPF money inside you cannot fill the hole lah. Why you so stupid?

    But we rakyat not stupid. This RM5 billion is for the directors of Valuecap to cash out true or not?

    EPF better take care of the poor rakyat money okay. This is our hard earn by blood, sweat and tears. Don’t do stupid things.

    Private business is private business lah. Why EPF money is use to help all this company who do not know how to do business?

    Reply
  8. Lee Wee Tak

    4. Anom

    I just want to point out something that has been bugging me for years. When I mentioned my name verbally, people would later spell it exactly how you did it

    Now, after my name appeared many times in this blog, you still spell it that way

    Reasons:
    1) MY IC and passport have been wrong all these years; or
    2) people just don’t care; or
    3) it is easier to type wei tuck than wee tak; or
    4) I have been spelling my name wrongly for decades

    Anyway, SELAMAT HARI DEEPAVALI AND HAPPY HOLIDAYS
    FREE HINDRAF 5, THE OTHER DETAINEES, THE 6 YEAR OLD GIRL AND THE TEDDY BEAR!

    Reply
  9. anonymous

    Mr Lee Wee Tuck: My sincere apology for the mistake. No ill intention is intended for this mistake. I know I should spell your name correctly.

    From now on trust me, I shall get your name right.

    Happy Deepavali to all my Indian friends, the Hindraf 5 and the others that have been detained under ISA. of course, including RPK!

    Mr Lee Wee Tuck, I observe that you have been doing the translation works for YB Wee’s Blog. Thank you for helping our MP so he will have more time to do other things. Lets all help our MP to make Wangsa Maju a better place for all.

    Happy Deepavali to all.

    Reply
  10. lee wee tak

    4, 10. Apologies accepted with humbleness but TAK, not Tuck. Fair Tuck was in Nottingham with Robin Hood. Wee Tak is in Wangsa Maju with Wee Choo Keong.

    Reply
  11. kassimselamat2

    YB Wee, please stop this rubbish. Organise a nation wide March and we will support you.
    If ever the Govt is really interested to save the PLC’s then they should ask the PLC’s to enlarge the capital and the Govt can take the stake.At least the money goes to the PLC’s and can be utilised for expansion and development. That in turn will filter down to the rakyat.
    What they are doing now is just to save the Khazanah’s investment portfolio and save some cronies from bankruptcy.
    YB Wee,please don’t let this pass by and do nothing.You are our only hope!

    Reply
  12. ww

    Another scheme to channel the money into their pockets!

    Are there still laws??

    Can i do anything seeing that the government is robbing my money??

    Can you mention this in the Parliment meeting???

    Can DSAI help??

    Reply

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