Isa, hands off our EPF money

Malaysiakini Your Say | Jun 24, 11

‘Isa, if you are so good at doing business why don’t you borrow from the bank rather than from EPF? Is it because EPF is forced to lend to you?’

Isa on RM6 bil EPF loan to Felda: So?

Brainless: These politicians from Umno/BN, whether they are ministers or chairpersons of government-linked companies are crooks and liars, typified by this man called Isa Samad, now Felda chief.

He still doesn’t get it that the court have found Felda guilty of cheating the settlers on many instances, it has made loses of hundreds of millions in its investments and now seeking to ‘con’ the rakyat, who are the Employees Provident Fund contributors, over this RM6 billion loan.

I, as an EPF contributor, like millions of other hard-working Malaysians, do not agree to this as this could potentially turn out to be a non-performing loan. It will reduce EPF annual dividends for one. If what Isa said is true, then go to the banks, please. Don’t raid the EPF.

Patriot: Let us agree with Isa that Felda has the business acumen to run the organisation and made it profitable.

Having said that, I would urge Felda now to borrow money from any of the international banks like HSBC, CItibank, Bank of China, OCBC and let’s see whether they will lend Felda RM6 billion.

To safeguard EPF, which is the people’s money, the BN government should immediately swap the lenders from EPF with any international banks, provided at all times, the federal government is not the guarantor.

If Isa can do that, then he is a good businessman; if not, he should take his dirty hands off our hard-earned EPF money.

Low Yat: If EPF is truly independent (of BN), I bet that Felda won’t even get one sen.

Onyourtoes: Isa, Felda is a company that has public interest. So whatever Felda does will attract the attention of the public.

Don’t be too arrogant. What do you mean by “so”? If Felda is not a government-sponsored and owned company, do you think EPF would lend them such a large sum of money?

One more thing, EPF is also a public body. The money in the EPF belongs to all the workers in Malaysia, not those managing it. In the end, if Felda fails to pay back and EPF fails to pay decent dividend to its contributors, we all know who shall eventually pay the bill.

It is not you, for sure, Isa. It is us, we are the ones ended up paying, and that include your more than lucrative salary.

SMC77: RM6 billion is not a small sum. Felda needs to explain to the public on the use of the loan proceeds. If Felda has a legitimate reason to borrow such a large amount of loan and not for self-enrichment, I believe the rakyat will support it.

Jamal Singh: We hope the loan will benefit both the Felda’s settlers and EPF’s contributors. We still have responsible people, EPF does not simply give away loans if they are not sure of repayment. Felda’s assets in property and plantations are unquestionable, they need cash to run business.

We should have more facts in hand before blaming EPF or Felda of any wrongdoing in this loan issue.

Dingy: Isa had been proved guilty of corruption beyond doubt by the Umno disciplinary committee and his membership was suspended in 2005 for three years. He was involved in money politics.

Making an untrustworthy person to be in charge of Felda is asking for trouble. If Felda is financially strong, why borrow RM6 billion from EPF? EPF is people’s money. Chances are EPF will not be able to recover the loan and Felda will be in serious debt.

Buffalo_Bill: For all those who contribute to EPF, we are barking up the wrong tree. We should insist that EPF CEO Azlan Zainol and the Board to Trustees provide us (contributors) the justification for providing such a huge loan to one single entity. Shall we start a signature campaign to get our trustees and CEO to either respond or resign?

Lau Eng Shinn: Since EPF money belongs to the people who contribute to the fund, it must justify why they giving the huge loan to Felda. What is the interest charge and for how long? It is time we demand an answer from EPF.

Kgen: Isa, if you are so good at doing business why don’t you borrow from the bank rather than from EPF? Is it because EPF is forced to lend to you as the banks will require a lot of feasibility studies?

Ksn: Why did Felda need such a big loan? How come Felda is having problems with cash flow? What was the money used for?

What are conditions of the loan in case, and most probably, Felda fails to pay up? How will EPF recover the loan? What are the returns? Could not the EPF find another place to invest with our money instead of the poorly managed Felda?

The public need answers as nobody is taking Isa’s word for it, especially with his shady background.

Dark Archon: I would not give a damn if Felda borrows money from any banks or financial institution. I contribute to EPF so that it help us, the little guys, to increase our returns upon our retirement.
It is EPF’s obligation to its contributors to maximises its investment ventures, and not getting involved in some bailout or shoddy deals to finance some sinking entity just because Umno leaders are in it.

Faz: This is another sick financial joke played on us. Felda borrows from EPF, both being government institutions under Umno-BN control. If Felda is so rich, why do you need to borrow so much money?

Under what criteria can anyone borrow from EPF? I smell a sweetheart deal here. This did not go down well with most Malaysians. So please be transparent.

Docs: “What is extraordinary. What is wrong? A company will always get a loan to conduct its business,” said Isa.

A case of RM2 billion for Umno, RM1 billion for me and the rest for Felda.