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Brunsfield? ECM Libra? So what else is new?

Posted by admin

Tuesday, 06 January 2009 19:05

This is one of the 'golden hand shake' for the power that’s going off soon after March 09.

The new KLIA-East may sound like a private venture between SD & Air Asia. Well, the corporate guys will put it through “PFI” flavor. This term is overly used to disguise using public money being channeled into private companies supposedly invested for long term public / govt facilities.

One look..and it seems good for the NS state govt and SD, as it should be paid by Air Asia.

Let us look into Air Asia (AA) main shareholders: Tony + Tony&gang company + Kallimullah (hey! he is in here too…!) + EPF!!

Do you remember last week, EPF mentioned having RM 360 bil of fund with only 0.5% invested in property; and willing to increase to 3 to 5% for property investment? Thus, it translates into about RM10 to RM18 bil that could be make available to invest in property venture… if EPF wants to. What is RM1.6bil, as shareholder loan & increasing EPF equity in AA, in return for a portion of an airport with supporting development in the 3,000 acres, which might be valued at potential RM10 bil (asset+cashflow)? Wouldn’t it be good, that if by injecting a bit of the fund into the venture by having more share and return on loan.. it would give EPF a bigger return from the project spin-off value of the RM10 bil? With those smart financial spinners (investment bankers, who else?), the numbers and assumption would look rosy.

Please read the rest here

Comments (13) Add Comment

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written by ahmadneil, January 06, 2009 19:14:47

These is what crooks are good at or otherwise they are the same as you and me.

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written by alan cheong, January 06, 2009 19:35:21

there should be legislation preventing/restricting:
a) EPF's gambling with OUR monies
b) third party, ie political, 'influential' and incumbent civil servants from meddling/interfering with EPF's objectives - totally hands-off, off limits.

said legislation should also:
a) compel EPF (the custodian) to open its books to US, the true owners, annually
b) provide fair and equitable (according to the times) result- and damages-oriented recourse for US when EPF fouls up
c) penalties to be imposed without fear or favour when EPF fouls up

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written by Ken Liew, January 06, 2009 19:53:08

other countrys EPF % rate compare with Malaysia EPF % rate??

lets compare it??? and see HOW THE UNMOral Gov misuse our money......

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written by eloofk, January 06, 2009 20:08:06

EPF Funds are monies that belong to the ratyat. Was there any debate in Parliament before EPF Board makes any decision to invest its funds? Who authorised the release of the funds for such investment purposes?

We need answers.

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written by Motherchell, January 06, 2009 20:37:19

Folks , these days all these robbers are using "horses". and the best part is these horses too speak. So pl don't be fascinated and diverted . As you see their horses and hear them speak the rob you from behind . So these days the govt is the Mafia . we are all slaves !

The govt best friends are the hoodlums who walk the corridors of power.
When car tyres are slashed , when molotovs are thrown and still the HOME Minister can be calm and quiet after having sold out lands that belong to Malaysia .
Who actually is in power in Malaysia. Goons or peoples Reps???
http://sjsandteam.wordpress.com/

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written by Dualties, January 06, 2009 21:12:21

EPF Investment Managers:

EPF is taking the risk against the funding of corporation investment venture which benefits only the promoter(s) of KLIA-East LCCT Airport.

These promoters enriched themselves with HUNDREDS of Million Ringgit while the caretaker of the EPF agreed to pay an average return maybe 5% -6% to the rightful fundholders of EPF between 10-18Billion.

Where is the logic when the fundholders take a higher risk they receive negligible simple annual rate of interest (5% -6%) while the free-for-all interest promoters received the balance of the 95% plus/minus !!!

Invite ECM-Libra manage the EPF and guarantee the fundholders of EPF for at least 30% rate of return instead !

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written by SocratesI, January 06, 2009 21:36:58

This has always been the modus operandi of the Barisan Najis/ UMNOputras, let the hardworking Rakyat carry the risk and take the lion's share of the returns for themselves ... and to add insult to injury, throw a few bones for the good docile doggy Rakyat to gnaw on (4 - 6% returns).

Why are they still voted in as the Govt.?? We must be crazy !! Let us vote in Pakatan Rakyat and let us start with Kuala Trengganu now !! actually we started on March 8th 2008, let us continue the momentum and drown the Barisan Najis b@st@rds !!

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written by savemalaysia, January 06, 2009 22:06:59

Corruption, corruption and more corruption. What else does UMNO know other than dig, dig and dig. UMNO is so corruption infected that it needs to be exterminated or this country will become the Zimbabwe of Asean. So you good KT folks, wake up to UMNO's dirty games behind the scene. Vote against UMNO on Jan 17 to send a clear message to them that you've had enough of UMNO's endemic corruption.

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written by DontPlayGod, January 06, 2009 22:17:23

We can curse UMNO and its leaders till the cows come home, but the fact is that they were elected into power by greater suckers for the last 50 years, and for the forseeable future, it looks like they will continue to get support from these suckers.

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written by Sagaladoola, January 06, 2009 22:21:50

People, good luck with your life savings a.k.a. EPF

Now I am like living for the day.. Kais pagi makan pagi kais petang makan petang. What to do?

Ask Najib what will he do with our EPF money.....

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written by Msian Idol3, January 06, 2009 23:27:16

We have leaders in power that are accountable to their pockets & their proxies. Nothing else matters. The rakyat are screwed everyday by our present govt. & they don't care. Say too much, the rakyat would be shown the pearly gates of KAMUTING.

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written by arazak, January 07, 2009 08:57:01

Yesterday, Sime darby dropped the IJN takeover bid after a massive public outcry. Pak Lah needs to compensate his cronies at Sime Darby for the futile bid while at the same time KJ needs his cronies at Air Asia to be "fattened". What better ways of robbing the peoples' money for redundant projects other than through the EPF.

If EPF is really serious into the property industries, they should use the money for the peoples' housing project just like what Singapore's SDB has done. Afterall, the money in EPF belong to the people, the hard working people of Malaysia! And. . ., the money in EPF does not belong to Pak Lah's, KJ's, Tony Fernandez or their cronies at Sime darby and Air Asia. . ., it is the peoples' money!

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written by SCM, January 07, 2009 11:58:46

But you left out Tony's right-hand man, the Minister of Transport himself, Mr. Ong Tee Keat. My little bird says he is even more corrupt than his predecessor Chan Kong Choy (if that is ever possible). Visit his office once in a while and sit outside and see all the parasite businessmen go in and out of his office regularly. They are not there to wish him well.

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