Sunday, March 25, 2007

EPF stays on the true course

EPF shouldn't invest in RHB, a bank with massive debts in its balance sheet. The PM had agreed to let EPF bought over the bank because to help crony. The RHB bank was controlled by CM of Sarawak family. It is reported that the bank has massive debts. This was why the bank took Rashid Hussein to court for leading out funds without proper documentations. Before this family bought over the stake, they had conducted due intelligence study. Then after a few years later they sued the former directors of the bank. The case is still pending in court. Will EPF pursue the case? Or will there be a massive write off of the loans? EPF should remain the retirement funds for those members who retire from work. The PM too allowed the overseas funding of nearly $7.6 billion from the funds of EPF. In the believe that it will enrich returns to the members' fund. I rather have my money in my twilight years than I get nothing to survive unless the government set up a social welfare fund for the retirees...perhaps then I dont have to grumble about it

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