Friday, 11 March 2011

EPF Contributors! Beware. (Da Man)

Beware people! Our EPF money is placed in possible harm's way.
Our EPF (Employees Provident Fund) is planning to develop the 3000 acre RRIM Land in Sungai Buloh. On page 1 of the STAR – the people's paper yesterday, the PM announced Malaysia's Easy first home scheme. Young adults can get 100% financing for homes up to RM 220,000.
Is the government doing something to avoid a subprime disaster? Opening up relieve valves to reduce the pressure on property market? China has banned second home financing. Here we are doing nothing of that sort. As a result houses in the city- where we are going to be serviced by the RM 50 billion MRT and have our senses dulled and lulled by the scenic beauty of the RM 17 billion River of Life Project- will cost how much? Most of us can and will only do that as tourists in our city. After that we shall go back retreating to our RM 200,000 homes in Meru Kelang, in Kuala Selangor etc. meanwhile homes in KL and Greater KL- RM 500,000 and above? Can the majority of the working population ever afford to own such homes?
Kuala Lumpur is becoming a city from the rich, by the rich, for the rich and to the rich.
Two- is the Housing Developers Association people pressuring the PM? By proposing to the PM a scheme of financing homes up to RM 220,000- that can be an excuse for developers to start asking the government cheap lands or land payable by low premiums. A developer can propose to the government its readiness to build affordable homes provided the government gives him cheap land. Or pay low premiums.
There's a simpler way of making homes affordable. Place a cap on the prices of houses. Remove the RPGT. Stop the financing of second homes. The property price will come down. If China can ban second financing of homes, Malaysia pun boleh.
The other issues behind the Easy First Home scheme may be an interesting storyline to develop further. If you people out there have interesting facts please e mail me. But first for now, let's leave that hot issue.
I want to tell the story about our EPF. Cilaka punya orang.
In the StarBiz – it was reported; EPF APPOINTS CHIEF EXECUTIVE FOR KWASA LAND. Lu banyak kuasa ya?
EPF appoints a chap from MRCB to its wholly owned subsidiary Kwasa Land. Why is this chap Mohd Lotfy Mohd Noh following the trail of the 3000 acre land? Perhaps MACC should start investigating at such appointments.
Wasn't the earlier plan was for the EPF to hive off the land trough MRCB? Guess who was at MRCB at that material time who was supposed to handle the land deal? Our friend Mohd Lotfy, buddy to Shahril of EPF, protégé of NMY- Nor Mohamed Yaakob. Forgive the acronym- but the alphabet soup ETP, MRT, PDP, GTP, NEM, is getting on to me.
The plan was for MRCB to sell the land to some china men. The deal didn't go through. Or the deals didn't go through. So EPF brings back the land home and parks it now, under a wholly owned subsidiary. Who heads this subsidiary? Our friend Mohd Lotfy friend to Sharil protégé to NMY. EPF promptly announce that Kwasa Land will parcel out the development of the 3000 acre land. What EPF cannot do through MRCB, they will now accomplish under Kwasa land. And they have got the person to carry out the devious plan, parceling out the development of the RRIM land.
Here's the paradox. Out of the estimated 11 million contributors to EPF, maybe 10 million earn salaries less than RM3000 a month. They can now get a house up to RM 220,000. The question is where? In Sekinchan? In Meru Klang? Maybe the government can ask UEM to revive the housing project at Lembah Beringin?
EPF which uses OUR money to strike business deals has got a land bank of 3000 acres in Sungai Buloh. How come it's not coming out with plans to build affordable housing for its 10 million depositors? It has a MORAL DUTY to do so. You take our money; you want to develop the 3000 acre land into a new upscale township. All the 10 million depositors can do is salivate at seeing the new township components. How can they not when the property will definitely cost more than RM 220,000 per unit?
The deals that EPF is doing are serpentine in terms of visibility and transparency. It's almost like, there is an unseen hand orchestrating deals though our various GLCs that will end up enriching a coterie of protégés. At the end of the year, heads of GLCs will announce an impressive business record for the year and declare dividends of 50 sen per share. Who is to know while declaring a 50 sen per share dividend, the head of the bloody GLC is pocketing 30 sen per share? We don't know do we? Who is to know, people at Kawasa will sell out pieces of the 3000 acre RRIM land making huge commissions through those deals? Haiya- what is RM 50 million compared to the RM 500 million that went to Perimekar ma?
Some people can do these things precisely because heads of GLCs and their henchmen are running the government's business agencies behind veils of secrecy. And we wonder how come these heads of GLCs can drive in Ferraris, Lamborghinis, R8s, etc? No this is not business acumen- it may just be indicators of daylight robbery.
The problem here is the heads of our GLCs and those who handle public money – if they run circles, can just hoodwink the PM and cabinet ministers. The heads of our GLCs are in fact the PM of their respective domains- answering to no one and having the liberty to report to the PM in any manner they can. The manner is of course anything that pleases the ears of the PM.
How come we never hear of heads of GLC reporting about anything amiss in their organizations only to later discover, the organizations they head, have cans of worms? Before the billion Ringit fiasco of its Energy and Utility business, how come the management of Sime Darby wasn't forthcoming in their report to its board of directors? And when the rot was revealed everyone were clamoring for the removal of the Board of Directors but most of us were silent about the management team and line managers? Get the line managers first and ferret out the missing links! Incidentally I wrote for the removal of the BOD and ALSO the firing of line managers.
We appear to apply the most stringent tests on propriety and good governance on public officials and politicians. But we are shy of doing the same when it comes to investigating and questioning those people managing our GLCs- Sime Darby, Malayan Banking, TNB, EPF, MRCB and so forth? These people manage these organizations like imperial mandarins, impervious and very opaque.
On its Business Page news B3, the Star had this to report on EPF deals- "as it stands, there is still little visibility on the selection criteria" .
"As it stands, there is still little visibility on the selection criteria". I almost fell off my chair.
Hello people, you are looking at the wrong source to ask the question. Let me give an historical analogy. Remember, when the Perwaja Steel under the late Eric Chia was the focus of our anger the last time? Everyone says they couldn't locate Eric Chia? I remember Karpal Singh coming out with a statement- you people are looking at the wrong place. If you want to locate Eric Chia, look at the PM's residence.
Now- where do you go to unravel the opacity of the EPF deals? You go and ask Nor Mohamad Yaakob people- he is the one who appoints the KPI Brigade for the various GLCs. I think the PM should start looking at re aligning his ministers. The infective and meek Husni Hanazliah the FM2 who should be the one to look at the appointments of GLCs should be shown the way out. Lu lah jaga appointment to the GLCs brother.
Instead its Nor Mohamad Yaakob( NMY) ( the cabinet's money changer) who is looking after the appointments. It seems this man who lost billions when doing FOREX deals at Bank Negara sometime ago, is the only person in this country who understands about KPI and can identify those people who can translate KPI. Hence he chooses and picks people for KHAZANAH- who run our Sovereign Fund like a private fiefdom. He appoints his boys at TNB, EPF, Bursa Saham, MRCB , the government owned banks etc. He is Da man.
So if we want to unravel the mystery and opacity, go ask NMY. He is the only minister in the cabinet whose political secretary has been charged for corruption. So for good measure, maybe MACC should also look at the people whom NMY appoints to head the GLCs. Khazanah, TNB, EPF, MRCB etc. etc.
The heads of Telekoms, Celcom, PNb, EPF, MRCB, -you name it, PETRONAS too, who behave like they are the PM in their respective domains? Who shall oversee them? Nor Mohamad Yakob?
This man seems to be more interested in placing his people in strategic economic pies. He has his every finger in every pie in the country. He has his KPI boys in many GLCs- in EPF, in MRCB, in Khazanah, in Maybank, in the banks, etc. etc. the list goes on and on. These boys are just bean counters had they travel the normal course of career development but for Nor Mohamad Yakob's discretionary application of the power to appoint, they have become fabulously powerful and wealthy.
Of course they can report profits and dividends of RM1 per share- but who is to know whether 80 sen has gone into their own pockets? I think the MACC should investigate all the heads of GLCs. They have the power of giving out multibillion deals and here we are decrying the case of one YB receiving a mere RM 2000.
That's a lot of bull and morally twisted crap.

37 comments:

airman_1 11 March 2011 at 07:00  

aku baca smbil lalu aje.... fu...yoooo bodoh betul orang........

Anonymous,  11 March 2011 at 07:12  

Be very angry Dato' and you have reason to do so!
Many more out there will share the same feeling but alas! the power that be just couldn't be bothered.
Maybe next best thing to do if Jibby buat buat tak tahu... come next GE teach them a lesson for life that they will regret forever!
Damn it! disgusting!

Anonymous,  11 March 2011 at 08:07  

You said these people are 'bean counters'. In the plantation terminology we call them 'loose fruits'(oil palm). By the way, how many can afford a 200k house?

Anonymous,  11 March 2011 at 08:17  

Tahniah saudara.

Kita kena korek,korek, korek sampai action is taken i.e. we must force action to be taken.

There are bmany ways to skin a top cat , eg. below esp. the latest comments.

http://rockybru.com.my/2010/08/why-sia-is-worth-s187-b-and-mas-is.html

Littel Bird

Anonymous,  11 March 2011 at 08:22  

Dear Datuk Sak

Time for you to leave corupt UMNO and become a true political independent and voice of conscience like Dr Hsu Dar Ren (who just left GERAKAN completely).

Phua Kai Lit

Anonymous,  11 March 2011 at 08:23  

Go on Datuk. We support you.

Anonymous,  11 March 2011 at 10:05  

maybe MACC should also look at the people whom NMY appoints to head the GLCs. Khazanah, TNB, EPF, MRCB etc. etc.

You should also include Tabung Haji as well. I'm amazed how your own brethren Muslims continue to plunder it.

Anonymous,  11 March 2011 at 10:13  

For a mere RM 2,000, a father-to-be had to be questioned till the early hours until he could tolerate no more and then he decided to jump to relieve the pain within himself. The trouble was that he was so groggy that he jumped out.

Red Alfa 11 March 2011 at 10:26  

Salam Dato'

The future will owe you the "bull terrier" in you on this.

We trust you not to let go on this Malaysia Inc. ala NMY.

To think MACC has Ramon N, etc and now that blogger ... but all PAID only to advise! Their teeth REALLY got taken out! That's the game plan so's nothing will EVER happen!

The change of/in/to Government only will unleash the MACC that's supposed to be.

Anonymous,  11 March 2011 at 10:40  

Sak,
A big thank you for looking out for our hard earned savings.
Whats becoming of this government???

Anonymous,  11 March 2011 at 10:55  

The truth is the vote-buying of the coming 13th GE by Najib.
He is now sowing the money of the people. Najib does not use his own money on the people. The house buyers will pay all the costs of the house including legal and processing fees and Najib will stand to gain the votes of the house buyers. By spending the people's money and getting the votes of house buyers, it is a really wise move mooted by him. You know this is a crazy idea. It is an evil move that will put the house buyers in hot soup.

Anonymous,  11 March 2011 at 10:59  

Dato'

Well well ... a truly angry and frustrated Dato. Hey you are more like RPK the second LOL . So be careful.

Like I said before, more to come. This is only the midway ... the end game will be after the MRT.

Yes, at the end of the day , many rich Chinamen will make lots of money and sadly our remaining monies in EPF are used for construction purposes rather than for productive industries to generate more income for our future generations.

Well , we all know how capable are they . They only know how to Find a contractor , pass the project and get the commission kind of business.

This thing will go on and on and there is no cure because of the system we are having. There is practically 110% no accountabilities. If a project is milked dry, there is nothing wrong. Can still go on leave for holidays lah.

So why waste time earning a few miserable thousands , like Lim Guan Eng , and retire just with pensions when right in front of you billions are for your taking without risk.

Know why more and more Malaysians cannot afford a simple housing in KL/PJ? OUr net income is falling everyday since the day NEP started.

Inflation is natural part of life but what we are facing is loss of opportunities to create more income in line with inflation.

Well many bloggers here still trumpet the virtue of "vote for the devil I know, rather than the devil I do not know" .

Well the devil you know ..... YOU REALLY KNOW is sucking you dry until it is too late.

Phillipines sucked dry by their previous leaders, is now recovering and lately reported to be ahead of Malaysia in real terms.


Cheers... welcome to reality.

Meanwhile the Chinamen will continue to benefit from all these and yet flexible to go anywhere in South East Asia.

I read an advertisement for ASEAN scholarships from Singapore Govt.
Wow they start taking and giving full board and lodging scholarships to top Malaysian students from Form 1 ! Not just O levels.

Graduates from there earns US40,000 a year and ours Us7,000

Only Malays can help the country now
because at the end of the day, they are the ones going to lose out.

It is like killing the goose that lays the golden eggs... is so true here as other golden geese are flying away.

Anonymous,  11 March 2011 at 11:21  

Dato',

These "people" involved in the EPF land development deal are your own party people. They are doing what they do best......stealing the rakyat's retirement funds right under the rakyat's noses while having a great time doing it. These "people" are so used to having easy money from the Petronas coffers which is drying up so they are turning to the EPF coffers to continue their pillage. So what else is new?

Anonymous,  11 March 2011 at 12:53  

Assalamu'alaikum wa rahmatullahi wa barakaatuh.

( and I really mean it )

Dato',

Can you also korek what is happening at Bunga Raya KLIA? As you know, renovation / refurbishing works are being done there and that causes stoppage of SkyTrain. The ordinary passengers are transported to the satellite terminal using shuttle buses. A VVIP friend showed me images of a Porche being used to transport his entourage. I am not familiar with Porche but it is Porche P-----a. Panamera? Apparently there are 2 in service. This friend grumbled bcos his party consisted of 6 persons. Definitely the 2 Porches needed to make more than one trip to ferry the people and luggage. The question is, once the work is completed, who gets to buy the Porches and at what price? So Dato', you must korek fast. I know the closure is for 6 mths but I don't know when the work started.

-MAKORANG-

Anonymous,  11 March 2011 at 12:57  

Also Dato' , somebody made this remark. Shahnaz Majid, estranged menanti Taib Mahmud is claiming RM 400 million as her harta sepencarian. That's 1/3 of Selangor State Budget. Sigh...


-MAKORANG-

Suci Dalam Debu 11 March 2011 at 13:08  

Sir,

Petronas, Felda, EPF & ..........are all fair game for them.

Plunder IS the name of the game.

Hind it under Ketuanan Melayu and it is called ETPs....... NEPs and it becomes halal.

It is time you shed your UMNO credentials to cleanse yourself.

Anonymous,  11 March 2011 at 13:09  

Yes better leave UMNO quick!!! PKR love you to bits!!!

Cepat lah berambus dari UMNO org tua!!

rance,  11 March 2011 at 13:12  

Dear Dato'Sak
U said NMY-the cabinet's money changer - LOL sesuai Dato'.U want MACC to investigate they dont have the b....I think they have a cap- only RM2,000.

Anonymous,  11 March 2011 at 13:25  

Salam Dato',

Artikel ini adalah sebahagian dari penyelewengan dan penyalahanguna kuasa yg berlaku oleh kerajaan yg memerintah.

Kami berharap Dato' dapat terus melaksanakan tanggungjawab yg jujur ini utk pengetahuan rakyat.

Harapan kami Dato tidak berhenti menulis penyelewengan ini hanya kerana mengejar kedudukan yg bakal di sogokan untuk menutup mulut dan jari jemari Dato'. Kami tahu harganya bukan sedikit.

Semoga kejujuran dan keberanian yg Dato tunjukan dapat di kongsi bersama oleh warga negara yang ingin untuk menyaksikan pemimpin yg berwibawa dan bermaruah.

Penghormatan dari kamim

Drp; rakyat

Anonymous,  11 March 2011 at 13:54  

thanks for the posting sak.
I will go to EPF next week to withdraw whatever amount I can withdraw.
Less money in EPF will be less money for corruption.

Anonymous,  11 March 2011 at 14:24  

Sak,

NMY has to go.Many of the GLC heads who he touts have multi national experience are actually dead wood from these companies; they never got far in the MNCs as they were not good enough. Many were below par. However NMY plucked these people and they are doing the 'wonders' in GLCs today. FYI, many very good Malays etc from MNCs wanted to join GLCs; however NMY was not interested in them.Why? Go figure.

BENatang10,  11 March 2011 at 14:29  

Celaka Mahathir... the spin doctor and father of all these malaise!

Vote lah somemore for MCA crooks... padan muka!!!

donplaypuks 11 March 2011 at 14:43  

The real danger of escalating house prices in the Klang Valley can be seen when recently standard double-storey link houses were sold for RM1.6 million each in Desa Park City!

Compare this with $500K for a bungalow house in Seremban!!??

This is only possible because of:
1. Cheap 80%-90% mortgage financing
2. Many here do not declare their true earnings to Income Tax and will therefore launder their money by speculative investments
3. Banks do not exercise sufficent credit risk (verifying applicant's salary and IT declarations) checks

More and more we are seeing Rosemajib eschewing open tender and free market economy for backhander deals to GLC's where even blue chips like Sime Darby, MAS, Pos M'sia, MBSB (now absorbed by EPF) are floundering with poor management.

We should worry that EPF is venturing into direct ownership of banks, property developments and what not which is not their area of expertise. Someone should tell Rosemajib that EPF's money is not the Govt's and that contributors would rather put up with lower dividends than risk their savings and capital from permanent erosion.

dpp
we are all of 1 Race, the Human Race

donplaypuks 11 March 2011 at 14:59  

Bro

It would also be wise to recognise that many of the big M'sian players in property development today,leaving aside state SSDC's like PKNS, are not "chinamen". E.g:
1. Sime Darby/Guthries
2. TTDI Naza
3. Glomac
4. UEM
5. MRCB

Even several of the bigger non-Bumi developers such as SP Setia, BRDB, Gamuda, IJM etc. have substantial Malay and Bumi shareholders much of it through Khazanah, PNB, SSDC's etc.

So, let's leave out this racist slant; after all its UMNO/BN which is wholly responsible for the current state of affairs going back 54 years!!

dpp
we are all of 1 Race, the Human Race

ps any idea how Khazanah's 99%
$5 billion investment in Silterra is panning out? Broken chips? Fish & Chips? Lol!

Anonymous,  11 March 2011 at 15:11  

This daylight robbery is everywhere - Petronas, EPF, MAS, Felda, Sime Darby, and all GLCs.
The question I ask you Dato is, "What can we do about this"?

The 11 million subscribers cannot do a damn thing except to groan.
All of us are like frogs jumping on the road waiting to be run over by BN.
This is a nation here EVIL flourishes and triumphs.

Anonymous,  11 March 2011 at 15:24  

Datuk Sak,
EPF was the money spinner for that apanama Dr M. I remember he forced EPF to pay RM500 million to buy the then new KL international airport in 1998 bcos BN govt was broke.
PM Najib is an Oscar award hypocrite. So should all 10 million EPF members income below 3K join forces to question EPF why EPF can't build cheap RM220,000 houses for them on EPF owned 3,000 acres land in Sg Buloh?
Just too many wrongdoings has been committed without checks in the past 53 yrs!

Anonymous,  11 March 2011 at 16:01  

SAK, macamana lanun macam NMY masih boleh hidup? Apa saja yang melibatkan dia ni adalah berita tak baik dari zaman Bank Negara lagi... Suara dia dok kecik macam tu, tapi kencing kuat !

Anonymous,  11 March 2011 at 17:36  

Friend sent me email..hope its not true.
MayBank CEO earns RM 12 000 PER DAY..or RM 4,600,000 per annum.Presume this excludes perks like drivers,bodyguards,entertainment,
phonebills etc etc..

So,whats so fantastic about this guy?

So far in his previous record is merely lots of paper shuffling.

As a result UEM Group is now a shadow of its past>nothing new created & strengths diluted.Telekoms/Axiata is way behind the curve compared to MAXIS,DIGI in terms of profits,penetration or new business.

Yet someone thinks he is worth RM 25 ringgit per minute.In the time you read Sak's column he would be RM 250 richer.

Meanwhile,fresh graduates is paid only RM 2000 per month & virtually no increase for last 10 years?

Something is very2 wrong.

Anonymous,  11 March 2011 at 18:42  

Salam SAK,
Thanks for the revelation.
BTW, other companies eg Glomac, Gamuda etc and associated smaller companies are linked to perak royalties via the lawyer princess and d uncle K and sleeping directors of alymanns clan? Man, the royals already rich, give lah chance to other rakyat miskin!

Anonymous,  11 March 2011 at 20:01  

Yeah, go check Petronas too. Go ask upstream vendors nowadays, they will tell you that corruption in Petronas is getting from relatively manageable during Hassan Merican's time to increasingly rampant now. The employees had a lot of respect for Hassan. The organization is slowly rotting from the top. The boss does it, we can do it oso meh.. Shamsul Azhar is not as smart as Hassan, that's a known fact. He's more a yesman to PM. He also relies a lot on his right and left hand men (and few ladies too). Wrong advice from these people... Petronas will do a Pertamina.

Anonymous,  11 March 2011 at 21:51  

As a Malaysian , how we all can tahan this kinds of abuses is really beyond any human being in this world.

Yet we have soo many want to continue with it.

Just cannot understand. Robbed right in front of our eyes from EPF to Petronas etc.


ARe we all monkeys?

Anonymous,  11 March 2011 at 22:28  

Sak,

Some GLC seems to lie under the radar. One is the BLT Sdn Bhd in charge of RM5 billion police facilities. The CEO, Mohd Redza Yusof is the elder brother of Rashdan (Danny). He got the post through Fazlur (CEO of another GLC, Prokhas and relative of NMY). Talk to some senior people at Prokhas and you will be outraged how they deposed the previous CEO of BLT Sdn Bhd, Hatta.
Fazlur is one mean person and I hope his time runs out.

Anonymous,  11 March 2011 at 23:57  

Salam Dato,

Thank you for this revelation.

Please vote for the opposition even though you remain in UMNO.

Am glad that awareness has set in to you.

Idris

Anonymous,  12 March 2011 at 06:04  

Say a person buys a house costing RM200,000 and financing of 30 years. Until his retairement, he will still utang the bank

Anonymous,  13 March 2011 at 17:55  

Dato'
So what else is there to do? Seriously I think UMNO should be in the opposition for the greater good of our nation and the Malays.

Pak giLah,  14 March 2011 at 11:28  

Padan muka EPF-BN memebers!

Anonymous,  16 March 2011 at 20:04  

Here,there, and everywhere corruption Phooi !

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