Monday, October 27, 2008
Govt has no right to touch EPF MONEY.
I totally agree with MTUC President Syed Shahir who oppose the govt for ordering EPF to lend RM 5 Billion to Valuecap for investment in the local stock market.The hard earned money of the workers does not belongs to the govt,hence the govt has no right to order EPF to lend RM 5 Billion to a secretive company named Valuecap which is owned by Khazanah and PNB.In the nineties when Daim Zainuddin was the Finance Minister,EPF was asked to give a personal loan of RM 400 Million to Tajuddin Ramli.Luckily,the MTUC representative in EPF know about it and MTUC expose this deal and it was subsequently aborted. I will not be surprised if the RM 5 billion will be use to help UMNO cronies who are in trouble as a result of the collapsed in the Bursa Malaysia stock market. It was reported that as at 15 October 08,Malaysia has a reserve of RM 371 Biliion.I can safely say that we do not have this big foreign reserves because if we have the money ,the govt need not ask EPF to loan the RM 5 Billion to Valuecap.It will not surprised me if our foreign reserves is ZERO. Another matter that worries me is whether Valuecap has thw ability to repay EPF or not.Somebody please advise as to whether how an EPF account holder like me can stop EPF from lending to Valuecap.