Archive for category EPF Scandal

I have received a most shocking reply from Leo Moggie that up to now, the financing arrangements for the RM15 billion Bakun dam project has not been finalized

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Wednesday, 1st November 1995:

I have received a most shocking reply from Leo Moggie that up to now, the financing arrangements for the RM15 billion Bakun dam project has not been finalized.

I have received a most shocking reply from the Minister of Energy, Telecommunications and Posts, Datuk Leo Moggie that up to now, the financing arrangements for the RM15 billion Bakun dam project has not been finalized. Read the rest of this entry »

The RM120 million Port Dickson-Seremban privatisation highway

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjong, Lim Kit Siang, in Dewan Rakyat on Thursday, 5th May 1994 on the Ministry of Works during Supplementary Estimates

The RM120 million Port Dickson-Seremban privatisation highway

Recently, the Minister for Works, Datuk Leo Moggie, said that the RM120 million Seremban-Port Dickson highway project will be completed on schedule although several changes have to be made to the original alignment in view of numerous new projects in Port Dickson. Read the rest of this entry »

Was Bank Negara’s maximum exposure at the height of its forward foreign exchange speculation in the region of RM270 billion, which was three times the country’s GDP and more than five times the country’s foreign reserves two years ago?

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Dewan Rakyat an Tuesday, May 3, 1994 an the 1993 and 1994 Supplementary Estimates

Was Bank Negara’s maximum exposure at the height of its forward foreign exchange speculation in the region of RM270 billion, which was three times the country’s GDP and more than five times the country’s foreign reserves two years ago?

Up to now, neither Parliament nor the country has got the full and true story as to what really happened to cause the colossal Bank Negara forex losses since 1992. Read the rest of this entry »

Call on public-spirited Malaysians to save K.C. Cheah’s legal firm from being attached and auctioned by Employees’ Provident Fund Board for fighting the interests of 4.8 million EPF contributors

Press Conference Statement by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at DAP PJ Hqrs on Thursday, 26th April 1990 at 11.30 a.m.

Call on public-spirited Malaysians to save K.C. Cheah’s legal firm from being attached and auctioned by Employees’ Provident Fund Board for fighting the interests of 4.8 million EPF contributors

I am calling this press conference to call on all public-spirited Malaysians to come forward to save K.C. Cheah’s legal firm from being attached and auctioned by the Employees’ Provident Fund Board for fighting the rights and interests of the 4.8 million EPF contributors. Read the rest of this entry »

Call on Cabinet to rescind the decision relaxing rules for civil servants to do business or it will be challenged by the DAP in the budget session of Parliament in October

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at the meeting of the DAP 1990s Movement Task Force held at DAP Hqrs at Petaling Jaya on Thursday 27.8.1987 at 6 p.m.

Call on Cabinet to rescind the decision relaxing rules for civil servants to do business or it will be challenged by the DAP in the budget session of Parliament in October

The government recently relaxed rules for civil servants to engage in business. Under the new Public Services Department directive, civil servants can now set up family-holding companies to administer property – including capital, buildings or land – owned by them and their immediate families. They are also allowed to sit on the boards of these companies subject to certain conditions imposed by their departments. Read the rest of this entry »

Lim Kit Siang to write to Finance Minister, Daim Zainuddin, to question the wisdom of EPF investing in 16 share counters which register a total loss of $60 million, especially when many are associated with political leaders

By Parliamentary Opposition Leader, DAP Secretary General and MP for Tanjung, Lim Kit Siang, in Penang on Monday, August 3, 1987.

Lim Kit Siang to write to Finance Minister, Daim Zainuddin, to question the wisdom of EPF investing in 16 share counters which register a total loss of $60 million, especially when many are associated with political leaders.

I will write to the Finance Minister, Daim Zainuddin, to question the wisdom of the Employees’ Provident Fund investing in 16 share counters which, on June 30, 1987, coat a total loss of $60 million to the EPF. The investment in these 16 stocks are even more questionable, as many of them are associated with political or government leaders. Read the rest of this entry »

According to the 1985 EPF Report, 3.3 per cent of its total funds of $24000, or $792 million, went to “Equities and funds with Portforlio managers.”

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at the DAP May Day public protest meeting on the EPF shares scandal held at Wisma Chin Woo in Ipoh on Saturday, 2.5.1987 at 8 p.m.

According to the 1985 EPF Report, 3.3 per cent of its total funds of $24000, or $792 million, went to “Equities and funds with Portforlio managers.” The Auditor-General, in his comments on the 1985 Accounts, said that at the end of 1985, a total of $517.52 million were invested in shares of listed companies.

This means that there was a colossal sum of $275 million in the hands of the stockbrokers or merchant bankers acting as the EPF portforlio managers. This is a vast sum of money, and EPF should explain why it allowed such unhealthy practice to take place, and who are the stockbrokers or merchant bankers who acted as the EPF portforlio managers, and allowed to keep such vast sums of EPF funds as liquid cash. Read the rest of this entry »

Call on the Minister of Finance, Daim Zainuddin, to explain whether the government is proposing amendments to the EPF Act 1951 to legalise investment in non-trustee stocks

Speech by Parliament Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at the DAP May Day Public Protest Meeting over EPF Shares Scandal held at Penang Chinese Town Hall on Friday, 1.5.1987 at 10 a.m.

Call on the Minister of Finance, Daim Zainuddin, to explain whether the government is proposing amendments to the EPF Act 1951 to legalise investment in non-trustee stocks

The EPF owe the 4.8 million EPF contributors a full accounting on its infringement of the EPF Act to use EPF funds to invest in non-trustee stocks. Read the rest of this entry »

EPF has lost some $10 million in its investment in Supreme, Grand United and Pan Electric loan stock shares

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, at the DAP May Day Protest Meeting on EPF Shares Scandal held at TWU hall, Petaling Jaya on Thursday, 30th April 1987 at 5 pm

EPF has lost some $10 million in its investment in Supreme, Grand United and Pan Electric loan stock shares

Malaysia continues to be a nation of scandals, one of which is the EPF shares scandals. Read the rest of this entry »

EPF Chairman, Tan Sri Zain Azraai and General Manager, Datuk Haji Abdul Rashid b. Mohmud, to be invited to attend the May Day EPF Contributors’s Protest Meetings to account for EPF funds

Speech by Parliamentary Opposition Leader, DAP Secretary-General, MP for Tanjung, Lim Kit Siang, at the annual general meeting of Tanjong Bungah DAP Branch held on Thursday, 9.4.1987 at 8 p.m.

EPF Chairman, Tan Sri Zain Azraai and General Manager, Datuk Haji Abdul Rashid b. Mohmud, to be invited to attend the May Day EPF Contributors’s Protest Meetings to account for EPF funds.

The DAP will invite the EPF Board Chairman, Tan Sri Zain Azraai, and EPF General Manager, Datuk Haji Abdul Rashid b. Mohmud, to attend the May Day EPF Contributors’s Protest Meetings in Penang, Petaling Jaya and Ipoh to account for the utilization and investment of the EPF funds. Read the rest of this entry »