Archive for category Pan El Crisis

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 »

Dap pledges to continue to speak up and champion the people of Sabah against all forms of injustice, inequality and oppression without regard to the personal cost or safety of DAP leaders

Speech by Parliamentary Opposition Leader, DAP Secretary-General and Mp for Kota Melaka, Lim Kit Siang, at the 8th anniversary Dinner Celebration of the Sandakan DAP Branch held in Sandakan on Saturday, July 12, 1986 at 8 pm

Dap pledges to continue to speak up and champion the people of Sabah against all forms of injustice, inequality and oppression without regard to the personal cost or safety of DAP leaders

Today is the eighth anniversary celebration of the Sandakan DAP Branch. It is also the eight anniversary of election of DAP National Assistant Treasurer, Sdr.Fung Ket Wing, as the Sandakan Member of Parliament. Read the rest of this entry »

DAP calls for general elections to be help after a parliamentary debate on ‘corruption, nepotism and conflict of interest in high political places’ next week

Speech by Parliamentary Opposition Leader, DAP Secretary-General and Mp for Kota Melaka, Lim Kit Siang, at the DAP Federal Territory Ceramah held at Federal Hotel, Kuala Lumpur, to launch the new book:”Malaysia: Crisis of Identity” on Sunday, July 6, 1986 at 8.30 p.m.

DAP calls for general elections to be help after a parliamentary debate on ‘corruption, nepotism and conflict of interest in high political places’ next week

Two national leaders, former Prime Minister, Tun Hussein Onn, and former Deputy Prime Minister, Datuk Musa Hitam, have called on the Prime Minister, Datuk Seri Dr.Mahathir Mohamed, to put an end of this period of ‘indecisiveness’ and call for general elections at once.
Tun Hussein Onn, who said that a strong opposition would be beneficial to the long-term interest of the people and nation, does not think that it would be advantageous to the Government to hold the general elections later. Read the rest of this entry »

DAP surprised by Tan Tiong Hong’s ‘interference’ in the Susie’s Case

By parliamentary opposition Leader, DAP Secretary-General and MP for duta Melaka, Lim Kit Siang, in Malacca on Friday, May 23, 1986:

DAP surprised by Tan Tiong Hong’s ‘interference’ in the Susie’s Case.

The Deputy Minister in the Prime Minister’s Department, Datuk Dr. Tan Bong Hong, in a joint press conference with the Bar Council Chairman, Parani Gumaraswamy, announced that the Complaints Bureau together with the Bar Council would jointly wake up Susie’s Case to appeal Supreme Court. Read the rest of this entry »

I wish today to ask the EPF Investment Panel and the EPF Board to explain the following ten share transactions, 70 per cent of which were all re-sold to the $2 company, MAKUWASA, causing EPF depositions to suffer losses by the profits foregone

I wish today to ask the EPF Investment Panel and the EPF Board to explain the following ten share transactions, 70 per cent of which were all re-sold to the $2 company, MAKUWASA, causing EPF depositions to suffer losses by the profits foregone:

Company Date Units Purchase Date Sale Market Loss suffered
Bought Price sold to Price Price by EPF if
Makuwasa sold at market
price

1 Keck Seng(M) Bhd 10.7.84 1 mil. $2 2.8.84 $2 $3.40 $980,000
2 Kumpulan Emas 9.8.84 1 mil. $0.70 15.10.84 $0.70 $1.86 $812,000
3 Sitt Tatt Bhd. 11.9.84 500,000 $1 15.9.84 $1 $2.00 $350,000
4 Muda Holdings 27.9.84 800,000 $0.50 15.10.84 $0.50 $1.00 4,280,000
5 Kian Joo Can Factory Bhd. 10.10.84 325,000 $0.60 10.10.84 $0.60 $1.11 $222,870
6 Dayapi Industrie Industries (M) 24.10.84 600,000 $1 24.10.84 $1.00 $1.69 $289,800
7 Filecon Engineering Bhd. 25.11.84 924,000 $1.20 26.11.84 $1.20 $2.66 $786,940
8 Metroplex 20.12.84 2 mil. $0.70 20.12.84 $0.70 $1.00 $420,000
9 Granite Ind. 29.1.85 500,000 $0.50 29.1.85 $40.50 $1.45 $665,000
10 Lam Soon Huat Development 6.3.85 506,000 $1.10 6.3.85 $1.10 $2.10 $334,000
11 Sri Hatamas 22.6.84 2 mil. $1.00 2.8.84 $1.00 $2.30 $1,820,000
12 British American Insurance 28.7.84 1 mil. $0.80 2.8.84 $0.80 $3.14 $1,638,000
13 Hong Kong Tin Corporation 12.2.85 1 mil. $0.50 12.2.85 $0.50 $2.36 $1,302,000
$9,920,610

In the table above, I have included the three shares I mentioned yesterday in the last three items. Every share was sold 70 per cent to MAKUWASA at the same purchase price, with EPF keeping 30 per cent of the original acquisitions. What is the rationale and justification for this mysterious EPF investment operation?

Has MPH Board ratified the $20 million transactions involving purchase of Koon Swan-Linked companies Supreme and Growth Industrial?

Tan Koon Swan’s outstanding sums with Multi-Purpose amounted to $43 million- comprising the $23 million which went to Singapore in November 1985 to help rescue Pan El, and three items totaling $ 20 million around May 1985 used for acquiring, among other things, shares linked to Tan Koon Swan, such as Supreme and the now-liquidated Growth Industries.

There is talk that the MPH Board, at its meeting on Monday, had ratified this $20 million item. The MPH Board owes the shareholders and the public a clear explanation.

On the $23 million (os S$ 20 million) transaction, the people are being given two versions by the same person involved, namely Tan Koon Swan. In November 1985, during the Pan El rescue bid, Tan Koon Swan want the people to believe that he had offered a S$ 40 million interest-free loan (of which the $23 million came from Multi-purpose) to save Pan El.

Now, Tan Koon Swan is saying that the $23 million from Multi-Purpose was meant in a transaction involving Pan El to save Multi-Purpose, by making Pan El take the Multi-Purpose’s Promptship- the shipping line which is expected to chalk up losses of $150 million- in exchange for Pan El’s solve viable asset- Orchard Hotel.

So now, Was Tan Koon Swan trying to save Pan El, or Multi-Purpose, or himself? He cannot be trying to save everyone.

If he was trying to save Multi-Purpose by passing the liability of the shipping company to E Pan El, the Pan El shareholders were being taken for a ride. If Tan Koon Swan made use of the money to save Pan El, then the MPH shareholders were being taken for a ride.
Tan Koon Swan must decide on one version of his actions to the people of Malaysia and Singapore for his Pan El and Multi-Purpose actions.

Why Tan Koon Swan’s counsel did not object in both occasions to the $20 million bail for the Pan El CBT charges

By Parliamentary Opposition Leader, DAP Secretary-General and MP for Kota Melaka, Lim Kit Siang, in Malacca on Friday, January 31, 1986:

Why Tan Koon Swan’s counsel did not object in both occasions to the $20 million bail for the Pan El CBT charges

Tan Koon Swan has been arraigned with another nine new charges, bringing to a total 15 charges which he had to stand trial in Singapore in connection with the Pan El crisis, covering breach of trust offences, fraud and cheating. Read the rest of this entry »

The MCA leaders, branches and members not to bring greater dishonour to the Malaysian Chinese community and nation

By Parliamentary Opposition Leader, DAP Secretary-General and MP for Kota Melaka, Lim Kit Siang, in Malacca on Friday, 24.1.1986:
Advice to MCA leaders, branches and members not to bring greater dishonour to the Malaysian Chinese community and nation by their demonstrations and wild statements

The MCA leaders, branches and members not to bring greater dishonour to the Malaysian Chinese community and nation by their demonstrations and wild statements in connection with the arrest of MCA President, Tan Koon Swan, 45, and being charged in Singapore for six counts of criminal breach of trust over the Pan El crisis.

If the MCA leaders, branches and members could not make distinction between charges involving corporate crimes, leading to a crisis which resulted in the three-day suspension of the Kuala Lumpur and Singapore stook exchanges and billions of dollars of shares losses by the invertors, and politics, then it is a sad reflection on the calibre, quality and standard of the new MCA. Read the rest of this entry »

DAP protest strongly against the .radical departure from NEP guidelines in the government decision to raise the bumiputra quota for new shares issue from 30% to over

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Kota Melaka, Lim Kit Slang, at the DAP Malacca English-speaking ceramah held in Malacca on Tuesday, January 14, 1385 at 6 pm

DAP protest strongly against the .radical departure from NEP guidelines in the government decision to raise the bumiputra quota for new shares issue from 30% to over

With The three-day suspension of the Kuala Lumpur Stock Exchange, and the subsequent collapse of the share prices – where $10.8 billion shares’ value was wiped out on the resumption of trading because of Tan Koon Swan’s Pan El crisis scandal – Malaysian attention had been distracted from a radical departure from NEP guidelines. Read the rest of this entry »

Is it true that a top government and UMNO leader had intervened with the Singapore authorities on behalf of Tan Koon Swan in connection with the Pan El affair?

by Parliament Opposition Leader, DAP Secretary-General and MP for Kota Melaka, Lim Kit Siang, in Petaling Jaya on Tuesday, Dec.31,1985:

Is it true that a top government and UMNO leader had intervened with the Singapore authorities on behalf of Tan Koon Swan in connection with the Pan El affair?

MCA Secretary-General, Datuk Lee Km Sai, had denied and criticized me for saying that the Pan El crisis had affected Tan Koon Swan’s effectiveness as MCA President and his bargaining power in the Barisan Nasional. Read the rest of this entry »

MCA can never hope to have any effective voice in the government so long as the MCA leadership and Tan Koon Swan in particular is bogged down by the Pan El crisis

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Kota Melaka, Lim Kit Siang, at the MP Federal Territory State Committee meeting at Pudu DAP branch premises on Friday, Dec.27,1985 at 8p.m.

MCA can never hope to have any effective voice in the government so long as the MCA leadership and Tan Koon Swan in particular is bogged down by the Pan El crisis

The Tan Koon Swan MCA faction, in the MCA party elections, proclaimed a ‘Programme for Revitalisation’ for the MCA and the Malaysian Chinese community on Nov.21,1985,which pledged that if the Tan faction is elected, the MCA leadership would work towards ‘effective government representation’ in the policy formulation process of the government whether in the Barisan Nasional Supreme Council, the Cabinet or the State Executive Councils. Read the rest of this entry »