Archive for November, 2008
Why PM and DPM out of the country at same time this week – breaking 30-yr standing rule?
Posted by Kit in Abdullah Ahmad Badawi, Constitution, Najib Razak on Monday, 17 November 2008
The Prime Minister, Datuk Seri Abdullah Ahmad Badawi is in Uzbekistan for a four-day official visit, accompanied by his wife and Cabinet Ministers including Datuk Seri Nazri Aziz and Senator Tan Sri Amirsham Abdul Aziz (both from the Prime Minister’s Department), Datuk Shafie Apdal (Unity, Culture, Arts and Heritage) and Datuk Seri Mohamed Khaled Nordin (Higher Education). Abdullah will only return back to office for duty on Friday, 21st November 2008.
Tomorrow, the Deputy Prime Minister Datuk Seri Najib Razak will leave with another team of Cabinet Ministers for the 16th Apec Economic Leaders Meeting (AELM) in Lima, Peru, starting this week.
It has been reported that Najib will go ahead to New York from Peru and will only be back home early next month.
This would mean that for at least two days on Wednesday and Thursday, both the Prime Minister and Deputy Prime Minister would be out of the country at the same time – which will run counter to the 30-year standing rule or of longer vintage that both the Prime Minister and Deputy Prime Minister should not be out of the country at the same.
Why has this standing rule been broken this week? Read the rest of this entry »
RM7 billion “black hole” in 2009 Budget – Najib has got lousy advisers
Posted by Kit in Budget Debate, Najib Razak, Sabah on Sunday, 16 November 2008
Yesterday, the Sabah Chief Minister Datuk Seri Musa Aman presented a walloping RM2.78 billion budget for the state for 2009, declaring that the amount allocated would be able to keep up the economic momentum to ensure Sabah’s continuous growth, especially amidst the current economic turmoil.
He also announced a higher state development fund for next year to the tune of RM1.040 billion.
Very impressive but where have all the past billion-ringgit development funds for Sabah gone to, and will the huge budget and massive develoment funds announced by Musa yesterday go the way of past funds – disappearing into thin air instead of translated into projects on the ground to directly benefit the people?
In Tawau this morning, I visited Jalan Sin Onn, an important artery for Tawau but which is choked with traffic. The Barisan Nasional Government had promised to build Jalan Sin Onn into a four-lane dual carriageway, way back in the Seventh Malaysia Plan as part of its “Sabah Baru” manifesto to capture power in Sabah state.
It was in the Seventh Malaysia Plan as well as in the Eighth Malaysia Plan. It is now in the Ninth Malaysia Plan but will it again be shunted to the Tenth Malaysia Plan into a ‘never-never” future, without a single foot of construction? Read the rest of this entry »
Melamine contamination in the new “kangkong” menu of the new MCA leadership
Immediately after the 55th MCA General Assembly last month, Umno MPs objected noisily in Parliament when I referred to the new “kangkong” MCA leadership, complaining that I was too quick-on-the draw in deriding and running down the newly-elected MCA national leaders at the just-concluded MCA party elections with Datuk Ong Tee Kiat as the new MCA President and Datuk Seri Dr. Chua Soi Lek as the new MCA Deputy President.
This was of course not the case, as the term “kangkong” MCA leadership was first coined, which is completely value-neutral, was coined from inside the MCA – a play of the surnames of the new MCA President and Deputy President, which taken together, sounds like the Chinese term for “kangkong”. (“Ong” and “Chua”)
These Umno MPs were not really stout and reliable defenders of MCA dignity and reputation for they were actually the ones frequently guilty of the uncomradely act of bullying MPs and Ministers from the other Barisan Nasional parties, as illustrated by the recent attacks on the Gerakan Wanita chief and Deputy Information Minister, Datuk Tan Lian Hoe – but the mentality of being “bully victims” had become so ingrained and entrenched in the thinking of MCA, Gerakan, MIC MPs and those from other BN component parties that nobody in BN dared to speak up tro defend Lian Hoe from these attacks except for DAP and Pakatan Rakyat MPs!
Although the Prime Minister and UMNO President, Datuk Seri Abdullah Ahmad Badawi, denied at the recent MCA General Assembly that UMNO is a “bully party” to MCA and other BN component parties, nobody in MCA, Gerakan, MIC and the Sabah and Sarawak component parties really buy his denial. Read the rest of this entry »
Malaysian universities losing out to Thailand, Indonesia and Philippines
Posted by Kit in Education, university on Sunday, 16 November 2008
Malaysia is losing out in the unrelenting battle for international competitiveness among nations, with Malaysian universities even losing out to universities in Thailand, Indonesia and Philippines – something completely unthinkable in the first three decades of our nationhood.
For the second consecutive year, Malaysia had fallen completely out of the list of the world’s Top 200 Universities this year in the 2008 Times Higher Education Supplement (THES) – Quacquarelli Symonds (QS) World University Rankings.
The national shame of Malaysia falling completely out of the list of the world’s Top 200 Universities this year in the 2008 Times Higher Education Supplement (THES) – Quacquarelli Symonds (QS) World University Rankings is being compounded by the ignominy of Malaysian universities losing out not only to top universities in Singapore, China, Japan, Hong Kong, Taiwan and South Korea but also to other South East Asian nations like Thailand, Indonesia and Philippines.
The 2008 THES-QS rankings should be a “wake-up” call to the Higher Education Minister and the Cabinet of the advanced crisis of higher education in Malaysia, but I have given up hope that the Barisan Nasional government is capable of “waking up”!
For the second consecutive year, there is not only not a single university in the 2008 THES-QS Top 200 Universities list, there is also not a single university in the separate ranking of Top 100 Universities for five subject areas – Natural Sciences, Social Sciences, Arts and Humanities; Life Sciences and Biomedicine; and Technology. Read the rest of this entry »
Launch of booklet “The Cries of Sabah”
Am in Tawau together with Tunku Aziz for the Tawau DAP Branch-cum-Sri Tanjong service centre opening this morning.
Tonight, will attend a history-making event, the first thousand-people political dinner in Tawau organized by Tawau DAP and the DAP’s sole Sabah State Assemblyman Jimmy Wong at Lau Gek Poh Memorial Hall.
This is another historic first by Tawau DAP. Last year, Tawau DAP organized a very successful and capacity-crowd lunch-time ceramah and during the March 8 general election, pioneered a breakfast ceramah.
There are also other embarrassing “firsts:” in Tawau, as I found during my visit. The power breakdown is getting so regular and prolonged that Tawau’s daily newspaper, Morning Post, was forcibly turned into an evening paper when it could be distributed only at 4 pm!
Tonight, I will also launch a booklet “The Cries of Sabah”. Read the rest of this entry »
Kedah 50% bumiputra housing controversy being resolved
Posted by Kit in Pakatan Rakyat on Friday, 14 November 2008
The controversy of 50% bumiputra housing quota in Kedah is being resolved.
I raised this issue at the Pakatan Rakyat Leadership Council in Parliament on Tuesday and I am given to understand that there is no change from the previous position on bumiputra housing quota in the state.
Hopefully, this matter can be clarified and set to rest without further prolongation of the controversy. Read the rest of this entry »
Hamid – when are you going to assume personal responsibility for rampant crime?
Posted by Kit in Crime, Law & Order, Police on Friday, 14 November 2008
The Selangor Chief Police Officer, Deputy Comm Datuk Khalid Abu Bakar should apologise to Ronnie Liu for the unprecedentedly ill-mannered, rough and high-handed police arrest of the Selangor state exco at the Selangor state secretariat on Wednesday, just in time to prevent him from attending the weekly state exco meeting as if he posed instant and major threat to national security and public law and order.
The Police has to date failed to give any credible reason why the arrest should be effected in so rude and crude a manner, when the police should know that Ronnie was not about to be a fugitive from justice and from his past record, would have fully co-operated with the police in his own arrest.
I am not here disputing Ronnie’s arrest – putting aside for the moment the merits and demerits of the charge pending against him – but the manner of the arrest of a State Exco, raising the question asked by Malaysians not only in Selangor but throughout the country that if the police could be so highhanded and ill-mannered when dealing with a Selangor State Exco, how could the ordinary man and woman in the street expect good manners and courtesy from the Police in their everyday interactions?
Ronnie is to be charged on Monday under Section 186 of the Penal Code for the offence of obstructing a public servant in the discharge of his functions, which is punishable on conviction to a two-year jail sentence, RM10,000 fine or both. Read the rest of this entry »
“Bastard in the House” (2) – “Spoilt brats” running BNBBC
Posted by Kit in Judiciary, Parliament on Friday, 14 November 2008
The latest tantrum by the Chairman and Deputy Chairman of the Barisan Nasional Backbenchers Club (BNBBC) breathing fire and brimstone against the formation of the Parliamentary Caucus on the Integrity and Independence of the Judiciary is most unseemly but typically characteristic of the BNBBC since it was taken over by leaders who had conducted themselves not very different from “spoilt brats”.
In the previous Parliament, when the BNBBC was helmed by Datuk Shahrir Samad (now Domestic Trade and Consumer Affairs Minister), there was class, quality and a palpable commitment to parliamentary integrity, excellence and professionalism but which got Shahrir into trouble when he stood up in Parliament to support my motion to refer a Barisan Nasional MP to the Committee of Privileges over the “One-Eye Closed” episode.
Even when the BNBBC was subsequently taken over by the then Larut MP, Dato’ Raja Ahmad Zainuddin bin Raja Haji Omar (who is now back as Perak State Assemblyman), utmost efforts were made by the BNBBC to maintain parliamentary standards.
All these commendable benchmarks went down the drain in the present Parliament after the March 8 “political tsunami”, when a new BNBBC leadership took over and nobody has done more than the present BNBBC Chairman and Deputy Chairman to bring shame, dishonour and disrepute to Parliament.
The greatest “achievement” and scandal of this BNBBC leadership is its Taiwain “agricultural study tour” for BN MPs to foil a “916 sky-change” – but no BNBBC official could answer my simple question during the 2009 Budget debate on October 15 what lessons they have learnt from their Taiwan trip to explain why Taiwan, which was poorer and more backward than Malaya when we achieved independence in 1957, had shot forward to become a more advanced and richer country while Malaysia had been losing out to one country after another in the past half-century, whether to Taiwan, Singapore, Hong Kong or South Korea, and is in danger of losing out to even more countries like Thailand, Vietnam and even Indonesia?
Note to A Malaysian Obama
Posted by Kit in Bakri Musa on Friday, 14 November 2008
by M. Bakri Musa
On Tuesday November 4th, 2008, America became, in the words of comedian Jon Stewart, more of a “show” nation and less of a “tell” one. In electing Barack Obama, America shows the world that it is now closer to being that “more perfect Union,” to quote the preamble to its constitution. Nations are like people; it matters not where you have been, more important is where you are headed.
In his victory speech Obama cited 106-year old Ann Dixon Cooper from the South who recalls only too well the time when women and blacks were not allowed to vote. The fate of blacks was worse. In his stirring speech Obama challenged Americans to imagine their nation a century hence; what his young daughters would experience should they be lucky enough to live as long as Ms. Cooper. Would they too see comparable progress as that witnessed by her?
Obama’s victory captured the world’s imagination, especially in Kenya where his father was born, and also in Malaysia, but for a far different reason. I had intimation of this when on meeting Malaysian students in New York the weekend before the elections I was asked whether Malaysia is ready for her own Barack Obama. Before replying, I countered with a question of my own: Is there a Malaysian Obama, or more specifically, is Malaysia capable of producing one? Read the rest of this entry »
Police – back off, be neutral and stop being catspaw to Umno leaders
Why was DAP Selangor State Executive councillor, Ronnie Liu arrested in so rough and high-handed a manner just before the Selangor State Exco meeting yesterday at the Selangor State Secretariat in Shah Alam?
One would have thought that Ronnie had become a dangerous criminal or had been guilty of some capital crime from the police operation, refusing to allow Ronnie to attend the Selangor State Exco meeting although he promised to surrender himself at the Puchong police station later.
In the event, Ronnie was in the Puchong police station for about 15 minutes when his brother came to post RM2,000 bail – to be charged at the Petaling Jaya magistrate’s court on Monday.
What was Ronnie’s crime? For allegedly obstructing a Subang Jaya Municipal Council (MPSJ) officer from carrying out his duty. When? Nov. 2 last year.
Is this the latest case of malicious prosecution? Read the rest of this entry »
DNA Identification Bill – motion to refer it to Select Committee on Dec. 8
Posted by Kit in Human Rights, Parliament on Thursday, 13 November 2008
I will propose on December 8, when Parliament resumes debate on government bills after passing the 2009 Budget, a motion to refer the DNA Identification Bill – given second-reading passage on August 28 – to an all-party Select Committee to draft adequate safeguards to prevent police abuses and to protect human rights, in particular the right to privacy of Malaysians.
The country needs a DNA law to nab the guilty in crime and exonerate the innocent and there should be a healthy national debate on how Malaysia can have the best and most efficient DNA legislation in the world from the perspectives of science, criminology and human rights, learning the experience of other countries with DNA laws.
In Malaysia, however, public debate on the DNA Identification Bill has been overshadowed by grave concerns that it could be used as an instrument of political victimization and repression.
As Malaysia is suffering from an acute multiple crisis of confidence in key institutions of governance (never before in the nation’s history have police reports been lodged against the Attorney-General, the Inspector-General of Police and very soon the Chief Justice), it is beholden on the government to ensure that the DNA Identification Bill can secure the support of all sectors of society and not become a controversial subject of distrust and division among Malaysians.
This can be achieved if the DNA Identification Bill is the result of a fully consultative process involving all political parties and all sectors of society.
Read the rest of this entry »
Azalina – honour your promise and table in Parliament PriceWaterhouse report on Pempena scandals
Posted by Kit in Parliament, Tourism on Thursday, 13 November 2008
This is to remind the Tourism Minister, Datuk Azalina Othman that it is more than a week since her promise in Parliament to table the PriceWaterhouse report on the various financial scandals of Tourism Ministry’s subsidiary, Pempena Sdn. Bhd.
When replying to me in Parliament on Monday, 3rd November on the 2009 Budget, Azalina said that PriceWaterhouse report into the financial scandals of Pempena would only be ready two days later on Wednesday, and I specifically reminded her at the time to keep her undertaking to present the PriceWaterhouse report in Parliament.
In fact, when she was further questioned on the PriceWaterhouse report, the Deputy Speaker, Datuk Wan Junaidi Tuanku Jaafar, who was in the chair at the time, came to her rescue, urging MPs to “bersabar tunggu hari Rabu”…”hingga laporan selesai”.
In my speech on the 2009 budget on October 15, I had referred to the Oct. 13, 2008 expose by the Sun in the report “Over the limit…PSD ALLOWS MINISTER ONLY EIGHT STAFF, BUT 20 ON TOURISM MINISTRY’S PAYROLL”, calling in Parliament for a full explanation for the serious allegation that the tourism minister’s office “has excess baggage”, being overstaffed as “the appointment of some 20 staff breaches the Public Services Department (PSD)’s regulations limiting the appointments to only eight” and that “it defies a Treasury circular on cost-cutting and austerity”. Read the rest of this entry »
Is Telekom Malaysia trying to kill REDtone?
Posted by Kit in Good Governance, Parliament, science/technology on Wednesday, 12 November 2008
The Second Finance Minister, Datuk Nor Mohd Yakcop gave a most unsatisfactory reply in Parliament yesterday to the mountain of questions by MPs, mostly from Pakatan Rakyat, about the award of the RM11.3 billion High Speed Broadband (HSBB) monopoly to Telekom Malaysia, together with a RM2.4 billion subsidy with taxpayers’ money.
I stood up during thd 2009 Budget debate on the Finance Ministry to ask whether the government is prepared to review its award of the HSBB project to Telekom Malaysia or to allow the building of another HSBB network as there is an offer by another company to do so without a single sen of subsidy in order to promote broadband liberalization and enhance competition.
To this question and those by other MPs on the rationale of awarding the HSBB to Telekom which will encourage Telekom monopoly and discourage broadband liberalisation, Nor Mohd gave an ambivalent reply saying that the government was prepared to review the HSBB project if necessary – which means nothing at all.
Either the government is reviewing the HSBB project awarded to Telekom towards calling for a proper tender to be called or it is not reviewing at all!
The arguments for and against the RM11.3 billion HSBB award to Telekom Malaysia and the government subsidy of RM2.4 billion had been canvassed in Parliament during the winding-up by the Energy, Water and Communications Minister Dato Shaziman bin Abu Mansor in the 2009 Budget policy debate on November 3, 2008. Read the rest of this entry »
Eurocopter answers PAC must give in its report
Posted by Kit in Corruption, Defence, Parliament on Wednesday, 12 November 2008
I thank Datuk Seri Azmi Khalid for committing a grave parliamentary impropriety yesterday in compromising his position as the Public Accounts Committee (PAC) Chairman and trying to hit out at me in Parliament for my earlier criticisms of him in mishandling the PAC inquiry into the RM1.6 billion Eurocopter helicopter deal, resulting in our joint appearance before the media at yesterday’s lunch-break.
This has refocused parliamentary and national attention on the RM1.6 billion Cougar EC725 Eurocopter deal and the PAC inquiry, which I had described as the most important and high-profile PAC inquiry in the 51-year history of Malaysian Parliament.
Azmi gave a public undertaking yesterday that the PAC report into the Eurocopter inquiry would be ready to be tabled in two or three days.
I therefore expect the PAC report on its inquiry into the Eurocopter ideal to be tabled in Parliament by next Monday or Azmi should explain why he has broken his solemn undertaking both inside and outside the House. Read the rest of this entry »
Change Doesn’t Have to Take 400 Years to Happen
Posted by Kit in Farish Noor on Wednesday, 12 November 2008
By Farish A. Noor
The electoral victory of Barack Obama as the new President of the United States of America is long overdue, and many of us are thankful for it. No, its not because the rest of us are racists who hate white men; and no, its not because we are captive to the essentialised idea that black Americans are all victims and are necessarily good and innocent, in toto. Its simply because change is refreshing and we believe that change is good and healthy for the nation and humanity in general.
I recall taking a flight from Frankfurt to Kuala Lumpur once, when the pilot spoke to the passengers before take off. Suddenly there was a collective gasp of surprise when we realised that our pilot was a woman! I was suddenly gripped by an overwhelming sense of relief and curious pride, for somewhere in my settled conscience the idea had been sedimented that all pilots (like all doctors, scientists and Presidents) had to be male. Throughout the flight I had to resist the temptation of bursting into the cockpit to congratulate her, and to tell her how proud I was to be flying in a plane piloted by a woman for a change. (Though of course because I am Muslim I would have been arrested immediately and handcuffed for fear of being a terrorist!)
That’s how change happens. It takes us by surprise and in a second its over and the historical moment has passed. But it requires that one vital element that makes change possible in the first place: human agency. There would not have been a woman pilot on my flight if this woman had not pursued her ambition to become a pilot relentlessly, never giving up on her dream despite the obstacles she may or may not have faced.
I am only raising this point now as I have noticed a rather disturbing, and potentially dangerous, narrative that has and is being spun in the wake of Obama’s victory. This is the narrative that the change that has come to the United States is due to the long historically determined and linear process of evolution; that we are told takes time, time and more time. We are fed the line that “Of course America has finally changed because it took four hundred years for black Americans to rise to where they are today.” Read the rest of this entry »
Valuecap – Nor Mohd’s “avoid and evade” game
Posted by Kit in Finance, Parliament on Tuesday, 11 November 2008
I had hoped against hope that the Second Finance Minister, Datuk Nor Mohd Yakcop, would come to Parliament today to give the first full and proper accounting of Valuecap’s performance in the past five to six years.
I was dead wrong. Nor Mohd staged an “avoid and evade” play, fully agreeing when I interrupted him that Valuecap needs to be more transparent, but when pressed to give a full and proper accounting of Valuecap’s past performance, pleaded that he did not have the time to do so during the debate.
This prompted my question asking what is the use of him agreeing that Valuecap should be more transparent but refusing to be transparent when asked specifically?
Although Nor Mohd said he did not have the time to give an accounting on the past performance of Valuecap during his winding-up speech, this did not prevent him from going on and on on other subjects – to the extent that I walked out in disgust!
In view of Nor Mohd’s admission that Valuecap had been remiss in the past in failing to be more accountable and transparent in its custody of taxpayers’ money, and his excuse that he did not have the time in his speech today to be transparent about Valuecap’s past performance, he or the Finance Minister, Datuk Seri Najib Razak should make a ministerial statement in the current meeting of Parliament to report on the performance of Valuecap in the past five years. Read the rest of this entry »
Why no transparent search committee to pick new University of Malaya Vice Chancellor?
Posted by Kit in university on Tuesday, 11 November 2008
I congratulate former Multimedia University (MMU) Prof Dr. Ghauth Jasmon on his appointment as University of Malaya Vice Chancellor and hope that he could be successful in his tenure to restore the university’s international academic reputation in getting it back not only into the Times Higher Education Supplement (THES) Top 200 Universities bracket, but even among the Top 100 Universities.
There have been good reports about Ghauth’s leadership of MMU for 11 years and the circumstances of his departure from MMU reflected adversely on the university than on him.
I have no criticism of Ghauth’s appointment except to question why the process of selection of University of Malaya Vice Chancellor has not been as transparent and above-board as promised by one Higher Education Minister after another.
Nobody seems to know that Datuk Rafiah Salim was to be replaced as UM Vice Chancellor and she herself was given 48 hours’ notice. In fact, nobody knew that a search for a new UM Vice Chancellor was taking place, who sat on the Search Committee and the candidates being considered. Read the rest of this entry »
MCAC Bill – “magic formula” to transform Malaysia into a model nation in anti-corruption?
Posted by Kit in Corruption, Parliament on Tuesday, 11 November 2008
The Prime Minister, Datuk Seri Abdullah Ahmad Badawi announced at the National Integrity Convention in Kuching last Friday that the Cabinet had on the same day approved the Malaysian Commission on Anti-Corruption (MCAC) Bill, which would replace the Anti-Corruption Act and will be “the foundation for the formation of an anti-corruption commission that is effective and subject to independent monitoring through a comprehensive check-and-balance system”.
Abdullah said the MCAC bill will be tabled for first reading in Parliament “as soon as possible”.
However, it would appear that the Prime Minister’s concept of “as soon as possible” is very different from that of the Minister in the Prime Minister’s Department, Datuk Seri Nazri Aziz who will be responsible for piloting the bill through Parliament.
This is because Nazri was reported in the press the next day as saying that the MCAC Bill would be tabled for first first reading in Parliament by December 11, which is one full month away!
I call on Nazri to speed up and table the MCAC Bill for first reading in Parliament without further delay, possibly this week itself, to allow for fullest public feedback and debate before a parliamentary vote on what has been bruited as Abdullah’s legacy as the fifth Prime Minister of Malaysia. Read the rest of this entry »
The growing anti-ISA rebellion
Posted by Kit in DAP, Human Rights, Parliament on Tuesday, 11 November 2008
DEWAN DISPATCHES: As rebellion grows, the Internal Security Act’s tryst with destiny
By Azmi Anshar New Straits Times
2008/11/10
DEWAN RAKYAT Nov 10, 2008:
Three discrete incidents yoked to the Internal Security Act interplayed with Lim Kit Siang’s urgent House motion filed today demanding the Speaker allow its deliberation tomorrow in the Dewan Rakyat. Kit could not have chosen a more opportune time to shove this motion that entangles Raja Petra Kamaruddin’s unexpected release from ISA detention and the Home Ministry’s push to have him re-arrested, with Umno’s show cause letter to its rebel ex-Minister Datuk Zaid Ibrahim for collaborating with the Opposition to repeal the ISA and the Bersih’s anti-ISA vigil that concluded chaotically with police arrest of demonstrators.
It has always the DAP MP for Ipoh Timor’s pitbullish mission to dismantle the Internal Security Act, in particular its most galling provision of detention without trial that had been inflicted on the DAP supremo, his son and their many comrades over the past 40 years. If there is a an agenda of the highest order in his series of campaigns to neutralise what he perceives as underhanded Government tactics, the ISA’s dismantling would be his crowning glory, perhaps more profound than the slimmest idea of becoming Deputy Prime Minister.
For now, Kit is seeking that the Cabinet overrule the decision of Home Minister Datuk Seri Syed Hamid Albar to appeal against the Shah Alam High Court’s decision to free Raja Petra, he of the Malaysia Today infamy, and force the gadfly of sordid web tales to return to Kamunting. Invoking Standing Order 18, Kit injected his motion with an appeal on the “positive reflection” in the last five months of the Datuk Seri Abdullah Ahmad Badawi’s premiership, hoping, in his own words, that the PM would “direct the Cabinet to fully review draconian laws and uphold the doctrine of separation of powers by repealing laws institutionalising executive usurpation of judicial powers and independence.” Read the rest of this entry »
Nor Mohd to give full and proper accounting of Valuecap tomorrow
Posted by Kit in Finance, Parliament on Monday, 10 November 2008
During the debate in Parliament today, I spoke on the controversy of the RM5 billion EPF loan to Valuecap to double its funds to RM10 billion to buy undervalued stocks and asked for a full and proper accounting of Valuecap since its establishment about six years ago.
I said that the Second Finance Minister, Datuk Nor Mohd Yakcop, who was at the time the Economic Adviser to the Prime Minister, Datuk Seri Dr. Mahathir Mohamad, had announced when Valuecap Sdn. Bhd., was set up in early 2003, that it would be operating with RM10 billion funds – and that the cash for the RM10 billion had already been provided to Valuecap by the three equal owners, Khazanah Nasional Bhd, Permodalan Nasional Bhd (PNB) and Kumpulan Wang Amanah Pencen (KWAP).
However, Valuecap actually had RM5 billion and not RM10 billion as stated publicly by Nor Mohd Yakcop.
I asked Nor Mohd, who is now Second Finance Minister and was in the House to shepherd through the Finance Ministry’s committee stage, to explain. Read the rest of this entry »
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