EPF REASONS FOR RM 8 BILLION WRITE-DOWN NOT SUPPORTED BY THE DATA: IS THE EPF LYING TO HIDE 1MDB RELATED LOSSES, POSSIBLY IN EXCESS OF RM 8 BILLION?
Malaysia’s Employees’ Provident Fund has stated:
(Chairman) Tan Sri Samsudin said, “The FTSE Bursa Malaysia KLCI, which has almost 33 per cent exposure to the banking sector, yielded negative return for the third consecutive year, closing the year with -3.00 per cent in return. This affected valuations of listed assets held by the EPF as more than 70 per cent of our total investment asset is invested domestically. On the global front, the crude oil prices tumbled to as low as USD30 per barrel, affecting the valuation of oil & gas listed companies. Therefore, as a prudent retirement savings fund, it is imperative to factor in such mark-to-market losses on our income statement.”
In accordance with the Malaysian Financial Reporting Standards (MFRS 139), the EPF is required to recognise net impairment amounting to RM8.17 billion, compared with RM3.07 billion in 2015 to reflect the lower equity prices, particularly in the domestic banking sector and oil & gas sectors in both the domestic and foreign markets.
However, as this chart of the S&P Oil and Gas Production ETF shows, oil and gas stocks had a good year in 2016, compared to 2015.
(SPDR S&P Oil & Gas Exploration & Production ETF)
The SPDR S&P Oil & Gas Exploration & Production ETF tracks an equal-weighted index of companies in the US oil & gas exploration & production space.
A rough inspection of the graph above shows an upward trend in 2016,well into 2017. FOr that reason alone, the EPF’s justification for at least part of the RM 8.17 Billion write-down does not hold water.
In fact,given the roughly 100% jump in oil and gas stock valuations in 2016 that the graph suggests, the EPF ought to have registered a mark-up, not write-down,in 2016 compared to 2015.
This suggests that the actual write-down might well be in excess of RM 8.17 billion,the net figure declared having been reduced by an increase in oil and gas stock valuations.
This suggests that the actual write-down might well be in excess of RM 8.17 billion,the net figure declared having been reduced by an increase in oil and gas stock valuations.
It does appear as if the EPF is lying to cover losses from something, and that something is more than likely to be losses related to 1MDB.
– http://sahathevan.blogspot.my/
Assalamu alaikum warohmatullahi wabarakatu.
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1. In Islam, as known well, there is no mediator, be human or anything. In seeking help, must be direct to Allah.
ReplyDelete2. Gambling is not good regardless your faith. Do you agree with me?
Say you earn barely enough for living, you go for gambling with a hope to double or triple your income and end up with barehanded home. Your wife, kids crying for food. You get mad with them all. Don't it kind of disaster???
Certainly, Islam prohibits gambling.
To our non-muslim friends, I am sorry for this guy to mislead you to interpret Islam allows gambling.