THE GREAT MALAYSIAN ROBBERY: Anwar unveils steps to protect LTAT funds from procurements graft

Condemning Prime Minister Najib Razak for "jeopardising" the pension money of the Armed Forces personnel, Opposition Leader Anwar Ibrahim unveiled a slew of safety nets including a major revamp in the LTAT, the manager of the country's military retirement fund.

"I am sure that with concerted efforts to weed out corruption, we can save a lot of wastages and leakages. These savings can be used to increase the welfare benefits of the military personnel and motivate them into becoming a source of pride to the people," Anwar told a press conference on Wednesday.

"Take the Scorpenes scandal. It has tarnished the image of the navy and the nation. But there is also an economic cost. We need to safeguard the pension fund of the Armed Forces from unscrupulous procurement methods of those who are now in charge. At the moment, the LTAT is a cash cow for these unscrupluos people."

The steps proposed by Anwar include:

1. Restructuring the LTAT decision-making board to include representatives who are not politically-aligned and will place the interests of the military personnel first;

2. Pakatan Rakyat proposes to raise the government's contribution in the LTAT to 20% of salaries versus 15% currently. The increase of 5% is to be managed separately from the existing LTAT funds and invested in programs aimed to yield monthly aid to retired personnel who are drawing pension as well as to those who are not drawing pension;

3.  Pakatan Rakyat proposes to launch a Special Dividend to retired anbd former personnel who are non-pensioners and dependent on the LTAT's annual profits and the additional 5% declared by the federal government. This Special Dividend will help the Armed Forces personnel who are currently without pension to cope with the hikes in costs of living, said Anwar.

4. Pakatan Rakyat will also ensure that the quantum of pension will be comparable to its proposed minimum wage of RM1,100.

Cash cow & the Great Malaysian Robbery

When asked where will the funding for the additional incentives come from, Anwar said there was more than enough money to fund better living standards and improve the condition of the military personnel.

Pointing to the latest Global Financial Integrity report that stated some RM200 billion of illicit outflows had left Malaysian shores in 2010, Anwar reiterated that his Pakatan Rakyat coalition would focus efforts on weeding out graft, especially in the area of arms procurements.

"I just have to refer to our own Auditor-General's report that leakages of RM20bil a year and yet there is no response at all from Najib, from the government. This is the Great Malaysian Robbery," he added.

"(If we control this) there is enough for the disbursement policy ... mindful and with a clear plan to reduce the deficit in the country."

Malaysia Chronicle