IS THERE ANYTHING LEFT FOR NAJIB & CO TO STEAL? IF EPF LOST RM203MIL ON FGV, IMAGINE THE DAMAGE TO TABUNG HAJI, KWAP & PAHANG STATE GOVT

EPF Decides To “Lock In” RM203m Loss From FGV. TH, KWAP etc Still Korek H_dung
http://www.thestar.com.my/news/nation/2017/04/03/epf-records-rm203mil-realised-loss-from-felda-global-ventures-stake/

EPF realises RM203.18mil loss from FGV stake
recorded loss in Aug last year
gained dividend income of RM105.77mil.
EPF had strict investment policy 
companies should be “fundamentally strong” (Haaaa haaa haa)
EPF held 4.5% stake in FGV
increased to 8.49% in 2013 following “encouraging performance” (Haaaa haaa haa)
FGV listed in 2012.
initially traded RM4.55, hit record low of RM1.19 in August 2015.
Besides EPF, Tabung Haji and (KWAP)  are big shareholders
both institutions to ensure substantial profits from  FGV (Haaaa haaa haa)
.

My comments :  EPF made RM203 million loss from their 8.5% stake in FGV.

The other major shareholders are KWAP 7%,  Pahang gomen 5%,  Tabung Haji 8%,

Felda and satellites about 40%. Thats about 60%.

If EPF’s 8.5% stake made losses of RM203 million, then doing a quick proportion, these other shareholders have made (paper) losses totalling maybe RM1.4 Billion (as at Aug 2016).  I am assuming they all bought into FGV at the same time.

I highlighted this issue in this Blog around that time or earlier than August 2016.

My point was how can all these trustees of public funds like EPF, Tabung Haji. KWAP, Pahang gomen, AS*, PN* (who I believe must hold FGV shares too) keep holding on to FGV shares when the share price was crashing?

If the FGV shares crash even further, then it will mean more and more loss of public moneys. 

Hence EPF decided to bite the bullet and unloaded all their FGV shares in August last year and realised an actual loss of RM203 million.

So what about Tabung Haji, KWAP, Pahang gomen, AS* & PN* (if they have FGV shares) ?  

Until when are they going to hold on to their paper losses? 

Hoping that FGV will miraculously turn around? 

You are only playing with the public trust. 

The public holds you responsible for managing their moneys for them. 

This is a kleptocracy.  The gomen leaders have stolen over RM90 billion just from that 1MDB fiasco alone.  Another RM30 billion from that PFI thing is another mystery.

Felda had RM9 billion reserves before listing.

The listing itself raised RM9.3 billion.

That is RM18 billion. Where is this RM18 billion? Where did it go?

Then Felda borrowed RM6 Billion for replanting. That money also has gone singing.

That totals up to RM24 Billion.  

Add this to 1MDB’s RM90 billion and PFIs RM30 Billion = RM144 Billion gone entah mana.                                                                                                                                                                                                                                                                                                                     

All these moneys will never get paid. It is simply too much.

So the longer that Tabung Haji, KWAP, AS*, PN*, Pahang gomen etc hold on to these FGV shares the higher the risk of their investment values dropping. 

Shouldnt they also ‘cut losses’ and be honest about it?  

The EPF has decided to realise their RM203 million losses from this bad investment. Sadly they did not divulge this information to the public until the matter was raised in Parliament.

Very professional conduct by the EPF.  Kangkung.

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