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Saturday, October 22, 2016

FROM KWAP-SRC TO EPF? FEARS OF ANOTHER MASSIVE NAJIB-LINKED SCANDAL ERUPT AS CASH-COW EPF SEEKS HUGE LOAN

This news has not been reported by Utusan Meloya, Berita Harian, NST or Star. It means the gomen has given instructions to hush things up.
Only the Chinese Press has been playing this up. Messages were flying around that the EPF was borrowing RM12 billion.
The EPF has now clarified that they are not borrowing RM12 Billion. They are only borrowing RM1.2 Billion.  (Such a small amount). Here is EPF’s explanation why they are borrowing, which itself is strange. 
 

 
The news had earlier been reported in the Chinese media.

 
Lets analyse a little.
EPF says they want to borrow RM1.28 billion to protect against forex risks.
This does not make sense. To protect against forex risks you can buy some currency hedging. You can “lock in” a certain exchange rate  for the currency of your requirement. But you cannot lock in the exchange rate forever. They usually run for a few months. 
Some bank must provide this ‘lock in rate’ and they will charge an arm and a leg.  And there are major risks. This was how our Bank Negara lost all those billions of Ringgits. Still have not learnt any lessons?
If the EPF wants to refinance its assets in the UK, then they should be borrowing in UK Pounds. Not Ringgits. If you borrow Ringgits to refinance Pound Sterling it does not make good sense. This is what happened in the 90s economic crisis. Local corporates borrowed in US Dollar when their earnings were in Ringgit. A bad example : TNB.
Unless the EPF is borrowing in Pounds from DBS and Stanchart Banks.
 
So the cat is out of the bag – refinance means the EPF borrowed to acquire those assets. 
 
Borrowed in Ringgit or in Pounds? 
Oops.  Tapi kenapa nak rahsia sangat? Duit orang lah. 
http://syedsoutsidethebox.blogspot.my/

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