Justice For All Malaysia

Tiada hujungnya kerajaan Umno-BN sesuka hati menggunakan wang hasil dari kerja keras dan titik peluh rakyat

Posted on: December 3, 2008

MTUC slams RM5 billion loan to ValueCap
Syed Jaymal Zahiid | Dec 3, 08 5:49pm
A memorandum drafted by the Malaysian Trades Union Congress (MTUC) protesting against the RM5 billion loan from the Employees Provident Fund (EPF) to ValueCap Sdn Bhd to invest in the stock market, was handed over to Pakatan Rakyat MPs in Parliament today.parliament pakatan pc on mtuc 031208 syed shahirMTUC president Syed Shahir Syed Mohamud who handed over the memorandum said the body was concerned with the government’s decision to use workers’ money to invest in the stock market, given the current climate of economic uncertainties.”Each ringgit from the EPF is a result of the hard work by workers in this country.

“In recent volatile conditions of the stock market, using workers’ money to invest is unfair for them,” he told a press conference today.

Two months ago, the government came under heavy attack when it announced that RM5 billion from the EPF would be used to invest in companies with low share prices but strong potential.

Many quarters, however, alleged that the government had actually intended to bail out ValueCap from debts that are due in Feb 2009.

On Nov 11, Second Finance Minister Nor Mohamed Yakcop dismissed the claims in Parliament, stressing that the money would be used to invest in underperforming stocks.

He further echoed Deputy Prime Minister and Finance Minister Najib Abdul Razak’s assurance to EPF contributors that the amount is “100 percent guaranteed” by the government.

Anwar: Unfair to gamble away workers’ money
Shahir, however, said although the government had assured the people that investments would only be made on secure shares, workers were worried that their money would actually be spent to save crony shareholders.

“Who will be benefitting from these investments? We don’t want the RM5 billion taken from our savings to be wasted by going to shareholders with vested interests,” stressed Shahir.

He said it was better for the government to invest in sectors that would promise a secure income.

parliament pakatan pc on mtuc 031208 receive memorandumOpposition Leader Anwar Ibrahim, PAS’ Dr Hatta Ramli, DAP’s
P Ramasamy and PKR’s Abdullah Sani received the memorandum today.

Shahir said the memorandum was also handed over to a representative of the Finance Ministry this morning in Putrajaya.

Anwar, commenting on the matter, said the Pakatan coalition had already issued a statement protesting against the government’s move.

“Workers money is being gambled for the interests of certain selected and crony companies. This is unjust when we know the global economic scenario.

“In the current condition, to take EPF money to save a few crony companies is so unjust as it would be the workers that would be most pressed by economic pressure (given the global economic slowdown),” he said.

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