The government promised that the RM5.1 billion loan from EPF's money would not be used to pay ValueCap defaulting loans due to their losses. Those losses are unfortunate and are act of god.The government assures that losses suffered will not affect EPF contributors as the government is paying for them and the RM5.1 billion loan from EPF is guaranteed by the government. The government has money to pay any losses as they collect tax and they also have massive income from Petronas. The Muslims should not be unduly concerned with the tax money as they pay zakat. As to Petronas money, they also should not be unduly concern as Petronas money is reaped from the ground and it was god who planted those oil underneath the earth to pay for those losses.
The good news is ValueCap often pays dividends to their shareholders even though they suffered massive losses. So the shareholders - Pension Trust Fund, Khazanah and PNB should be happy and delighted.
As such, the shareholders are prepared to refinance ValueCap so that they can make timely loan interest payment; thus ensuring that they are AAA-rated.
The government also said they are using Petronas money to finance all those losses and expenses and development costs including eurocopters, fungi-infected hospitals, MRR2 repair, Parliament leaks and defects rectification and Umno elections.Petronas has contributed to RM62.8 billions of the government's revenue this year which equals 44% of the total revenue.
Though we expect Petronas' revenue to shrink this year due to the lower crude oil price, Petronas should be able to continually contribute to substantially to pay for the excesses and losses. We must thank god that we will continually have oil and gas underneath. We must also thank Mahathir for money politics which have help to pay for the higher cost of living. We must thank Pak Lah too because he has raised thew price of fuel to RM2.70 and also lowered it down to RM2.15. We have high hope on Najib to contribute to the effective management of the nation's economy.
12 comments:
Is ValueCap a company with 2 ringgit paid-up capital? Lots of them in this country
what can i say... we are fortunate to have the blessing of god. if we screw up, then it the act of god too..
This is the 'korek' culture of BolehLand. The government korek from the rakyat, korek oil from the ground, korek all the forest away, korek from EPF and etc......
What to do some rakyat voted this 'Korek-tor' as their reps?
The problem lies with the Government of the day itself. It is perceived to be corrupt to the core and any action they take without public scrutiny will be considered as 'bad' and never in good faith.
Either way, the public is going to lose, be it from EPF or Petronas funds....as long as we have the current patronage Government. After 50 odd years of taking, it has now become a norm without having to be responsible or accountable.
Of course the gomen will use the Gift of god (oil etc.) to compensate for the loses due to the Act of gods (yes, many gods). How justified!
Btw, the forex lose of billion ringgit was due to the act of which god, is it the black mamak god? Then the Port Klang land deal by the chinese gods? The MRR2 defects by a hindu god? The list is endless lah.
Big blow to Najib as a finance minister. Pak lah had the last laugh!- mmudahlupa
This question comes to mind, if the govt can assure / guarantee the EPF of its funds, why can't they do likewise for ValueCap? Why the need to have EPF in the picture, if not to dispense the risk onto EPF?
From EPF viewpoint, they already have their machinery to purchase directly into the market, all they need to do now should have been to issue instructions to buy value small caps ( if that indeed was the intention ). Why assume risk and relinquish decision making process away? This does not add up.
The govt in their reckless / shortsighted forays will put at risk the savings of common people.
Oil at 55 bucks...
so when want to reduce the petrol price.
come to taking, sapu everything very fast & furious but come to giving back a bit... walk & work like pak lah... damn slow.
---crackodollah
damn! I can't wait till I can take OUT all my miserable EPF money!!
It's the ONLY time I wish I could age faster!!
Well, on the positive side : this will force more people taking out their EPF to cut off their housing loan, hence reduce EPF investment "burden". ;)
Did I miss out on the part where he said the govt collects taxes ? Errr, last time I looked, we are the tax payers.
What if ValueCap springs a leak like its counterpart, the frenchcap?
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