Speech by the Parliamentary Opposition Leader, DAP Secretary-General and MP for Kota Melaka, Lim Kit Siang, at the National DAP Publicity Secretaries’ meeting held at DAP PJ headquarters on Sunday, Dec. 8, 1985 at 11 a.m.
DAP to make an important statement on human rights at the public launching of the book ‘Human Rights in Malaysia’ at the Transport Workers’ Union Hall on Tuesday night
The DAP will make an important statement on human rights at the public launching of the book ‘Human Rights in Malaysia’ at the Transport Workers’ Union Hall on Tuesday night, 10th December 1985 at 8 p.m.
The public launching of the book in Petaling Jaya on Tuesday is also to mark Human Rights Day which falls on Dec. 10, of every year, to commemorate the day in 1984 when the United Nations General Assembly adopted and proclaimed the Universal Declaration of Human Rights ‘as a common standard of achievement for all people and all nations’
The public launching of the book, which is a collection of papers presented at the DAP Human Rights Convention held at Hotel Merlin, Kuala Lumpur on Nov. 2-3, 1985, in Petaling Jaya on Tuesday night would also be followed with public launchings in Penang on Wednesday Dec. 11, 1985 and in Ipoh on Thursday, Dec. 12, 1985.
Malaysians who are concerned about human rights, and interested in the book, ‘Human Rights in Malaysia’, are welcome to the public launchings o share in the commemoration of the Human Rights Day.
Is the 100 per bank loan cover for loans reserved for the companies and institutions run by new NEP millionaires or will it be extended to everyone affected by the sharp collapse of share prices?
The directive by the Finance Minister, Daim Zainuddin, to banks to give 100 per cent financial cover for stock purchases by local institutional investors must be the only ruling of its kind to be issued by any Finance Minister in the world.
In trying to give a sharp boost to the stock market, so that the efforts of Daim Zainuddin theses past months to create a bullish market with the pumping in of billions of dollars will not come to nought, the Finance Minister seemed to have given the green light for speculative activity to dominate the stock exchange.
I have received many questions as to whether the new directive of 100% bank loan cover to buy shares is reserved for the new NEP millionaires, to help them to recover from the 30% drop in share value on the re-opening of the Kuala Lumpur Stock Exchange on Thursday, or whether it would also be extended to the small investors, who suffered greatly in the plunge in the stock prices as well.
If the 100% bank loan cover is only given to the big-timers, the new NEF millionaires whether bumiputra or non-bumiputra, then the small-timers will lose on two counts.
Firstly, they will suffer losses from the 30% drop in the share market, while the big-timers in the NEP millionaire league would be protected from such losses by 100% bank loan cover to buy back the shares at the low prices without any cost to them. My stock exchange friends tell me that this may lead to temporary rise in the share prices, which will put further pressure on the small investors, who would be forced to sell more of their loans or ‘top up’ their shortfalls. This means the big investors, with 100% bank loan cover, would buy at a low price while the small-timers would be forced to sell even more at a low price.
I am only interested in this aspect from the point of justice. It would be most unjust for the Finance Minister, through its directive on 100% bank loan cover, to give protection to the big-timers, while leaving the small-timers to be at the mercies of the big-timers.
Is ACCI or UNICO an investment or economic arm of MAC?
Three days ago, Tan Koon Swan and Datuk Wong Tok Chai publicly signed the Letter of Intent with regard to UNICO’s consideration of participation in the equity and management of Grand United Holdings.
At that ceremony, Tan Koon Swan said that “UNICO is the best and the most appropriate vehicle to take over my business affairs to enable me to fulfill my pledge t gradually relinquish my business interests upon my election as president of MCA.”
Tan Koon Swan said he would be very happy with Unico Holdings’ presence because it would allow him free time to do the other urgent tasks in front of him.
The question that comes to mind is whether Associated Chinese Chamber of Commerce and Industry (ACCI) which launched UNICO, and UNICO itself, are the investment or economic arm of MAC or Tan Koon Swan, to enable Tan Koon Swan to concentrate on his duties as MCA Presidents?
According to the statements by Tan Koon Swan and Datuk Wong Tok Chai at the signing NICO itself, are the investment or economic arm of MCA or Tan Koon Swan, to enable Tan Koon Swan to concentrate on his duties as MCA President?
According to the statements by Tan Koon Swan and Datuk Wong Tok Chai at the signing ceremony, UNICO had discussed with Tan Koon Swan its proposal to participate in Grand United’s equity and management for a few months.
Assuming that this is true, one would have thought when the problems of Pan El blew up, causing the suspension not only of the Kuala Lumpur but also Singapore stock exchanges, and the need for the three Tan Koon Swan companies of Grand United, Supreme and
Everpeace to be taken off the list of trading when the stock market re-opened on Thursday, UNICO (as any other company in similar circumstances) would have asked to reconsider the whole proposal. This is because of the great uncertainty as to how Grand United would be affected by Pan El.
But the UNICO directors did the opposite! Instead of asking for a reconsideration of the whole project in view of Grand United’s changed circumstances in the light of Pan El crisis, UNICO directors rushed ahead to publicly announce the signing the ‘Letter of Intent’ about the participation in the equity and management of Grand United. Could Datuk Wong ok Chai tell the 25,000 NICO shareholders whether the decision on the Letter of Intent, and the public ceremony, was made before or after the Pan El crisis.
All that I could say about the UNICO’ Directors’ actions in this instance is that it is most peculiar, unusual and baffling. Would the UNICO Director their own company operations in the same way?
Although Tan Koon Swan said that he and his Malaysian companies are not directly involved in the Pan El crisis, I do not think he expect this claim to have much credibility.
Pan El is 22 per cent owned by Sigma International Co., which is in turn 43 per cent owned by Grand United Holdings, which is Tan Koon Swan’s flagship company. According to one newspaper analysis, if Pan El collapses totally, Grand United which has a paid-up capital of $223 million would suffer a loss of $56.7 million. Is the UNICO trying to salvage Grand United?