Did EPF Record RM600 Million Loss From Selling FGV Shares? Is EPF witholding other information?

Folks,  this is the power of the alternative media working for you. My blog and Donplaypuks have been asking the EPF to come clean on its shareholdings in the loss making and financially disastrous FGV Bhd. 

We have also been asking the EPF to reassure the public about that RM6.5 billion loanthey made to Felda in 2010.   

At last the EPF has replied indirectly by "leaking" an internal memo. 

I say EPF, why not just answer straight forward?  

Anyway, first here is the news:

EPF no longer has any stake in FGV. 

RM6.5bil loan taken by Felda Holdings Bhd not in default 
Felda continues to service loan
EPF practice high standards of corporate governance
with robust policies on risk control and strategic asset allocation
 
"As of today, EPF no longer holds any shares in FGV,” EPF internal statement 

Shares in FGV fell 8 sen, 4.94% after (EPF) said no more stake in FGV.
12.30pm, FGV fell 8 sen to RM1.54 with 6.98 million shares traded. 


 Ok thank you EPF for this statement. 

Now in accordance with EPF's high standards of corporate governance  please tell the public (you can "leak" another internal memo if you want)  how much losses you have made from selling your stake in FGV Bhd?

Here is a table from FGV's Annual Report 2014 :

EPF held 192.6 million shares in FGV. They bought it for RM876.3 million. In 2014 these shares were worth only RM300.4 million. At that time the paper loss was RM575.8 million.

Now since the EPF has sold ALL their shares in FGV they must have made losses of RM575.8 million or maybe more.  These are no more 'paper losses' but real losses.

Now EPF says :

EPF practices high standards of corporate governance

with robust policies on risk control and strategic asset allocation

I say : Kepala botak engkau.

The EPF CEO. This half-cut is an actual picture from The Star.

If you practise such high standards then how did you end up burning over half a billion Ringgit of public funds in this type of company ?

 

About that RM6.5 billion loan to Felda, the EPF says : 

• RM6.5bil loan taken by Felda Holdings Bhd not in default  
• Felda continues to service loan

If the EPF has rescheduled the Felda loan (being such a friendly lender) then of course the loan will not be in default.  Its as simple as that.    

The question that EPF must answer is "Have they ever resheduled this RM6.5 Billion loan to Felda?"  

Please answer honestly. Because if Felda CANNOT repay the loan and EPF keeps rescheduling the loan, there will never be a default.    You will be cheating the public. 

So please tell the truth. And Malaysian Press, please ask EPF the right questions.  

Felda borrowed the RM6.5 Billion from EPF in 2010 for replanting of the oil palm trees. 

But that was not achieved because even this year they say they need money for replanting.

So what was that RM6.5 billion used for? Can the EPF answer?

If the loan was NOT used for the intended purpose then that is a breach of covenants - and an act of default.  


The EPF must bear in mind that not telling the whole truth, covering up the truth or worse  telling lies, is not only wrong, unethical, unprofessional and maybe criminal but for orang Islam who like to show off by going to the masjid and sitting in front, it is also hypocritical (sifat kemunafikan) and of course a perbuatan berdosa.  

So please tell the truth.

Now here is something else to ponder.  The EPF has dumped 192.6 million FGV shares and recorded a loss in excess of RM0.5 BILLION. 

What about Tabung Haji, PNB, ASB, SOCSO, LTAT, KWP, Felda Land etc who bought over 2.1 billion FGV shares?  Their paper losses total up something like RM7 BILLION !

EPF says they dumped the FGV shares because they have high standards of corporate governance and robust policies.

So does this mean that Tabung Haji, PNB, ASB, SOCSO, LTAT, KWP, FELDA LAND do not have as high standards as the EPF?

Are those donkeys still holding on to the toilet paper grade FGV shares ? 

Their paper losses total up something like RM7 BILLION !!  If EPF has dumped FGV shares, shouldnt they be dumping the shares too?

Here is the Chairman of Tabung Haji :

Posted by Syed Akbar Ali