So now the EPF is set to take over RHB.
The first question that comes to mind is, isn’t the EPF biting off more than it can chew? What does it know about managing a bank – or even supervising the management of a bank?
It already has plenty on its plate just managing its own funds – or rather, the public funds of EPF contributors – and ensuring that Malaysians get a decent rate of return on their pension savings.
If the EPF is so confident about managing a bank, perhaps it can tell us how and why it ended up holding a stake in a banking group which is now saddled with RM3.6 billion in debt.
That’s not all. I say, watch your EPF money closely. The EPF could also end up financing infrastructure projects under the so-called Private Finance Initiatives, which will finance RM20 billion worth of projects under the Ninth Malaysia Plan. I say “so-called” because the money is reportedly expected to come from the EPF, which manages public funds, your money – not private money.
This is the piece I wrote for Asia Times Online last October:
PENANG – Malaysia is poised to experiment with the next phase of its privatization process through the initiation of so-called private finance initiatives (PFIs). But the Malaysian version of the internationally recognized investment vehicles will be unique in that it will be the public rather than the private sector that takes the risks. Full article: Malaysia’s new-fangled privatisation fudge
EPF contributors have to stage a demonstration on this? Seriously. Is RHB still owned by the Sarawak CM/family? If yes, the answer is no way. Please stage a massive demonstration!!! It’s our money for goodness sake!
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Seriously EPF have no business getting involved in PFI ! Our money are meant for our retirement and that’s exactly what EPF was established. So, what the heck they are doeling into bank and valuecap and noe PFI ?
How to retire in old age when our money are screwed to hell ! Who will be there to care for us when they have invested wrongly or purposefully invested into companies friendly to them, e’g AirAsia where they had taken up lots of shares.
Can’t we have a commitee comprising MPs from both camps monitoring public companies such as EPF. In that way, at least accountability can be seen and investments will be under scrutiny. Get this special committee to have certain power to ask the chair person or the investment team to report all investments. Not when the socalled investment has had gone sour and beyond redemption. We need to take charge of our hard earned money or else when we retire, with low fund, EPF will likely pay out retirement fund by monthly installment instead of lump sum.
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