Do you notice how all these KWAPS, EPFs, TABUNGs etc are keeping quiet over all the billions of public funds under their trust and care that have been lost in all these scandalous deals like 1MDB, SRC, FGV etc. Lost meaning they have made investments, bought shares, bought bonds etc that were issued by these companies (and others as well) where the billions they invested have been siphoned away by 1MDB, SRC, FGV etc to other purposes.
Lets take KWAP. These people handle the Civil Servants Pension Funds. They pinjam RM4 Billion to SRC International which has since gone missing.
From Rafizi Ramli’s Statutory Declaration yesterday and other reports we hear that the money that was used to pay off folks like Nasauddin Mat Isa the former Deputy President of PAS was also part of the funds siphoned out from SRC.
(By the way someone asked me yesterday how much money was paid by Najib to Nasaruddin? I dont know but I do recall that some years ago – around the relevant time period – Nasaruddin Mat Isa bought a semi D house somewhere in Selangor for about RM750,000 or thereabouts. I recall the bloggers talking about this at that time. Unless Nasa took out a housing loan, he should explain how he financed the purchase of that home.)
Back to the story, Bank Negara has indeed requested that 1MDB bring back some billions of Ringgit they took out of the country because the billions were NOT used for their earlier stated purposes. The billions of Ringgit went elsewhere.
This was also why the earlier Chairman of 1MDB (Mohd Bakke Salleh) quit as Chairman of the Board of 1MDB.
I have met Bakke a couple of times. Obviously he has a moral compass. Not only does he have a sense of fiduciary responsibility but he also has good ethical values. And a sense of responsibility.
What about the KWAP fellows. RM4 Billion of KWAP funds have disappeared. What is their reaction? Have they reacted responsibly, irresponsibly, not reacted at all? What?
First of all here is their Board of Directors:
See the guy at the top left? If he were to act in a horror movie, he is already in costume.
What do you think folks? Do you think the public can trust these people on the Board of KWAP? They have lost RM4 billion of public funds. (Yes I know it was guaranteed by the gomen, do read on.)
And here is something called their Investment Panel. I think they are big into rubber – which is a very flexible product. Do you trust these fellows here to handle your money?
The KWAP people are rejoicing that the RM4 Billion they “loaned” to SRC was gomen guaranteed.
So what? That is no excuse. The RM4 billion has been lost, because of your stupidity and incompetence.
Gomen guaranteed means now the taxpayer has to fork out RM4 Billion (plus interest?) to pay you back the RM4 Billion.
The 2.1 million taxpayers in this country (out of a 14 million workforce, not including the 7 million or 11 million foreign workers in the country.)
If the taxpayer is going to cover your investment risks then why the hell do you need a highly paid Board of Directors, an Investment Panel or a Risk Management Committee?
Conclusion : I think the KWAP people should ALL resign. Just resign and be gone. Malulah. The fellow sitting on top of your head (in your foodchain) is a kleptocrat.
Ko orang tak ada malu ke? I dont know how you go to work in the morning? Or how you sleep at nite?
Pi umrah 10 kali pun tak akan puas cuci dosa. The dirt will still be there, sticking all over you.
You need a complete makeover.
Just change your corporate logo or insignia or whatever.
You need to be more current.