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Shame on you, EPF!

by P Gunasegaram
Malaysiakini
6:16PM Apr 12, 2013

Whatever possessed the Employees Provident Fund (EPF) to throw in the towel way before the fight had finished, leaving other minority shareholders aghast at its surrender even before the battle had started in earnest? Shame on you, EPF!

We are referring of course to the national provident fund’s meek capitulation by accepting national oil company Petronas’ revised offer of RM5.50 per MISC Bhd share yesterday, eight days before the offer was due to close.

By accepting the offer it has made it that much easier for Petronas to reach its target of acquiring 90 percent of MISC shares, a condition for Petronas’ takeover offer for MISC, and the level at which the oil company can delist MISC from Bursa Malaysia. Petronas has just under 80 percent of the shares now after EPF’s acceptance, 10 percent short of the offer becoming unconditional. Continue reading “Shame on you, EPF!”

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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.
Continue reading “Isa, hands off our EPF money”

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RM5 billion EPF funds to ValueCap – nation-wide protest

On Monday, Deputy Prime Minister and Finance Minister Datuk Seri Najib Razak announced that the government would inject RM5 billion from the Employees Provident Fund (EPF) to double the size of the highly-secretive government fund, ValueCap Sdn Bhd to RM10 billion to prop up the stock market.

The Malaysian Trade Union Congress (MTUC) President, Syed Shahir Syed Mohamud has rightly come to the forefront to condemn the government’s move to boost up 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”.

This is the second government attempt to raid the EPF to support ValueCap to prop up the stock market since the idea of ValueCap was first mooted by the Mahathir administration at the end of 2002 to shore up the stock market and bail out ailing companies. Continue reading “RM5 billion EPF funds to ValueCap – nation-wide protest”