During the debate in Parliament today, I spoke on the controversy of the RM5 billion EPF loan to Valuecap to double its funds to RM10 billion to buy undervalued stocks and asked for a full and proper accounting of Valuecap since its establishment about six years ago.
I said that the Second Finance Minister, Datuk Nor Mohd Yakcop, who was at the time the Economic Adviser to the Prime Minister, Datuk Seri Dr. Mahathir Mohamad, had announced when Valuecap Sdn. Bhd., was set up in early 2003, that it would be operating with RM10 billion funds – and that the cash for the RM10 billion had already been provided to Valuecap by the three equal owners, Khazanah Nasional Bhd, Permodalan Nasional Bhd (PNB) and Kumpulan Wang Amanah Pencen (KWAP).
However, Valuecap actually had RM5 billion and not RM10 billion as stated publicly by Nor Mohd Yakcop.
I asked Nor Mohd, who is now Second Finance Minister and was in the House to shepherd through the Finance Ministry’s committee stage, to explain. Continue reading “Nor Mohd to give full and proper accounting of Valuecap tomorrow”