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Saturday, April 6, 2013

Malaysia Boleh or Malaysia Tak Boleh? - Chua Jui Meng


Malaysia Boleh or Malaysia Tak Boleh? - Chua Jui Meng
MALAYSIA’S non-commodity Khazanah Nasional, founded in 1993, is ranked 23 with US$34 billion in assets and a Linaburg-Maduell Transparency Index (LM-TI) of 5.
The world’s largest SWF is Norway’s oil-based Government Pension Fund-Global. It was set up in 1990 and is currently registered with assets worth US$664.3 billion with a perfect 10 LM-TI.
UAE-Abu Dhabi’s oil-based Abu Dhabi Investment Authority, established in 1976, is ranked second with US$627 billion with a 5 LM-TI.
At third ranking China’s non-commodity SAFE Investment Company which was founded in 1997 and now manages assets worth US$567.9 billion with a 4 LM-TI.
That’s the top three SWFs in the world. Now, let’s focus on our neighbours.
Nearest neighbors
Singapore’s non-commodity Government of Singapore Investment Corporation that was set up in 1981 is ranked 8th with assets at US$247.5 billion and a 6 LM-TI.
Following at 9th rank is another Singapore non-commodity SWF, Temasek Holdings which was established in 1974. It has US$157.5 billion in assets and a perfect 10 LM-TI.
Even countries like Kuwait, which was severely damaged by Iraq’s bombing and brief occupation, Libya, Kazakhstan, Algeria and South Korea which was far poorer than Malaysia in the 60s, 70s and 80s.
Malaysia Boleh! (Malaysia Can!) is thus really Malaysia Tak Boleh! (Malaysia Cannot!) under BN-Umno’s 55-year rule.

Sovereign Wealth Fund Rankings

Largest Sovereign Wealth Funds by Assets Under Management
CountrySovereign Wealth Fund NameAssets $BillionInceptionOriginLinaburg-Maduell Transparency Index
NorwayGovernment Pension Fund – Global$664.31990Oil10
UAE – Abu DhabiAbu Dhabi Investment Authority$6271976Oil5
ChinaSAFE Investment Company$567.9**1997Non-Commodity4
Saudi ArabiaSAMA Foreign Holdings$532.8n/aOil4
ChinaChina Investment Corporation$4822007Non-Commodity7
China – Hong KongHong Kong Monetary Authority Investment Portfolio$298.71993Non-Commodity8
KuwaitKuwait Investment Authority$2961953Oil6
SingaporeGovernment of Singapore Investment Corporation$247.51981Non-Commodity6
SingaporeTemasek Holdings$157.51974Non-Commodity10
RussiaNational Welfare Fund$149.7*2008Oil5
ChinaNational Social Security Fund$134.52000Non-Commodity5
QatarQatar Investment Authority$1152005Oil5
AustraliaAustralian Future Fund$832006Non-Commodity10
UAE – DubaiInvestment Corporation of Dubai$702006Oil4
UAE – Abu DhabiInternational Petroleum Investment Company$65.31984Oil9
LibyaLibyan Investment Authority$652006Oil1
KazakhstanKazakhstan National Fund$61.82000Oil8
AlgeriaRevenue Regulation Fund$56.72000Oil1
UAE – Abu DhabiMubadala Development Company$53.12002Oil10
South KoreaKorea Investment Corporation$432005Non-Commodity9
US – AlaskaAlaska Permanent Fund$42.81976Oil10
IranNational Development Fund of Iran$402011Oil & Gasn/a
MalaysiaKhazanah Nasional$341993Non-Commodity5
AzerbaijanState Oil Fund$32.71999Oil10
BruneiBrunei Investment Agency$301983Oil1
FranceStrategic Investment Fund$25.52008Non-Commodity9
US – TexasTexas Permanent School Fund$25.51854Oil & Other9
IrelandNational Pensions Reserve Fund$182001Non-Commodity10
New ZealandNew Zealand Superannuation Fund$16.62003Non-Commodity10
CanadaAlberta’s Heritage Fund$16.41976Oil9
ChileSocial and Economic Stabilization Fund$152007Copper10
US – New MexicoNew Mexico State Investment Council$14.91958Non-Commodity9
BrazilSovereign Fund of Brazil$11.32008Non-Commodity9
East TimorTimor-Leste Petroleum Fund$11.12005Oil & Gas8
BahrainMumtalakat Holding Company$9.12006Non-Commodity9
OmanState General Reserve Fund$8.21980Oil & Gas1
PeruFiscal Stabilization Fund$7.11999Non-Commodityn/a
BotswanaPula Fund$6.91994Diamonds & Minerals6
MexicoOil Revenues Stabilization Fund of Mexico$6.02000Oiln/a
ChilePension Reserve Fund$5.92006Copper10
US – WyomingPermanent Wyoming Mineral Trust Fund$5.61974Minerals9
Saudi ArabiaPublic Investment Fund$5.32008Oil4
ChinaChina-Africa Development Fund$5.02007Non-Commodity4
AngolaFundo Soberano de Angola$5.02012Oiln/a
Trinidad & TobagoHeritage and Stabilization Fund$2.92000Oil8
US – AlabamaAlabama Trust Fund$2.51985Oil & Gasn/a
ItalyItalian Strategic Fund$1.42011Non-Commodityn/a
UAE – Ras Al KhaimahRAK Investment Authority$1.22005Oil3
NigeriaNigerian Sovereign Investment Authority$1.02011Oiln/a
PalestinePalestine Investment Fund$0.82003Non-Commodityn/a
VenezuelaFEM$0.81998Oil1
US – North DakotaNorth Dakota Legacy Fund$0.52011Oil & Gasn/a
VietnamState Capital Investment Corporation$0.52006Non-Commodity4
KiribatiRevenue Equalization Reserve Fund$0.41956Phosphates1
GabonGabon Sovereign Wealth Fund$0.41998Oiln/a
IndonesiaGovernment Investment Unit$0.32006Non-Commodityn/a
MauritaniaNational Fund for Hydrocarbon Reserves$0.32006Oil & Gas1
Equatorial GuineaFund for Future Generations$0.082002Oiln/a
UAE – FederalEmirates Investment Authorityn/a2007Oil2
OmanOman Investment Fundn/a2006Oiln/a
UAE – Abu DhabiAbu Dhabi Investment Counciln/a2007Oiln/a
Papua New GuineaPapua New Guinea Sovereign Wealth Fundn/a2011Gasn/a
MongoliaFiscal Stability Fundn/a2011Mineralsn/a

Total Oil & Gas Related$2,989.4



Total Other$2,192.4



TOTAL$5,181.8


*This includes the oil stabilization fund of Russia.
**This number is a best guess estimation.
***All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their assets, from other publicly available sources. Some of these figures are best estimates as market values change day to day.
Updated December 2012
Biggest beef
My biggest beef with the BN federal government is this: Why is there no oil-based SWF for Malaysia?
Malaysia is the 27th largest oil producer in the world, rolling out 693,700 bbl/day. Only 114 countries are listed as at 2009 and 2010.
Compare Malaysia with the above mentioned countries that are doing better in SWF asset management: Kuwait (10th at 2,494,000 bbl/day), Libya (17th at 1,790,000 bbl/day), Kazakhstan (18th at 1,540,000 bbl/day), Algeria (15th at 2,125,000 bbl/day), South Korea (64th at 48,180 bbl/day) and Singapore (82nd at 10,910 bbl/day).
Petronas , founded in 1974, is today a global player in oil and gas exploration.
Why is the government just satisfied with an annual RM100 million CONTRIBUTION to Kwan since 1988? Are you treating Malaysians as monkeys and giving out peanuts?
Where has Petronas’ trillions of ringgit in revenue over the past 38 years gone to? Did Petronas’ oil and gas exploration presence in 32 countries outside Malaysia contribute or help facilitate the bulk of RM1.08 trillion in capital flight in the last decade?
Why avoid establishing an oil-based sovereign fund for the people and country? Is it because financial transparency and accountability would be a pain?
Drop in profit, rising national debt
Petronas’ Q3 2012 profits are down 22%. That is a significant drop in financial performance.
But all these beg the question: With such wealth over 38 years, why is Malaysia’s national debt, as reflected by Budget 2013, at RM502 billion or 1.3% short of the 55% legislated debt ceiling?
But Deputy International Trade and Industry Mukhriz Mahathir had let the cat out in an interview with The Edge last year, claiming that Malaysia’s debts were well managed as the bulk of the RM800 billion borrowings were domestic!
A debt is a debt! You have to repay all, whether domestic or foreign.
Also, which is the true figure for our federal debt? RM502 billion or RM800 billion?
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