YOURSAY ‘Let's not let our hard-earned money in EPF be abused.’
Quit over 1MDB land denial, PAS tells Azeez
Armchair Newspaper: The government gave away land at ridiculously low price to 1Malaysia Development Berhad (1MDB) which then got banks to provide loans at inflated valuation. 1MDB then siphoned billions overseas and then got exposed.
Now it has to raise real cash to service interests on loans it took, so it arm twisted Tabung Haji to buy land. A Ponzi scheme exposed.
Anonymous #21828131: Billionaire Warren Buffet should scrutinise this type of business model on how to get rich super-fast.
I know that the prices of condos in and around Kuala Lumpur have gone up three to four-fold in the past three years, but this increase in the price of land takes the cake.
Odysseus: We have to be vigilant now. Let's not let our hard-earned money in the Employee Provident Fund (EPF) be abused. I truly pity the Tabung Haji contributors.
Mushiro: The cancer of 1MDB has spread to Tabung Haji and will move on to EPF, LTAT (Lembaga Tabung Angkatan Tentera), Zakat Board, etc.
Real Truth: This is profiteering - selling a product at much inflated price, very much similar to the case of a grocery selling ladies finger for RM9.70 per kilo.
1MDB bought at very low price and is selling at very much high price. Why they are not prosecuted, when the grocer was charged for profiteering? 1Funny justice system.
Hplooi: What is even worse will be the fire-sale of Malaysia's energy assets. This will ultimately affect the long-term interest of the Malaysian public.
And the apologists keep spouting about the goose laying golden eggs. It’s more like a bull in a china shop.
Tailek: 1MDB SOP (standard operating procedure) - buy cheap from government then sell expensive to GLCs (government-linked companies).
The money is then used to repay bankers for loans which have been used to acquire only God-knows-what and from whom. Who suffers? The rakyat, because it is the nation's wealth.
Tabung Haji: We bought 1MDB land at a discount
Pemerhati: "The purchase of real estate for RM188.5 million is at a discounted rate based on current market value, and it has been evaluated by a professional independent evaluator," said Tabung Haji CEO Johan Abdullah.
If the valuation of the land in 2015 was RM2,779 psf then its valuation in 2012 should have been a little less at say around RM2,000 psf. But the government sold the land for a song to 1MDB at RM74.2 psf.
If the government had sold the land at market price then the more than RM100 million that would have been obtained could have been used for the benefit of the people, but now that amount of money has gone to 1MDB.
Cantabrigian: If the government wants to buy land on behalf of bumiputera, there are many other agencies to do so, such as Mara.
And if Tabung Haji is indeed a government-owned entity, why must Tabung Haji buy the land via 1MDB instead of buying straight from the owner?
They have to pay premium for an astonishingly cheap plot of land. Malays never ceased to be cheated under Umno.
Victor Johan: CEO Johan said the purchase of the specific real estate for RM188.5 million is at a discounted rate based on current market value, and it have been evaluated by a professional independent evaluator.
So Johan, who is your 'professional independent evaluator'? Is your evaluator a registered firm or an in-house department or a person?
And what is the price of the real estate before the discount, which means what is the current market value as specified by your evaluator? Are you waiting for your chairman to make a press statement or can you answer these questions yourself?
Vgeorgemy: Under the authority of the Price Control and Anti-Profiteering Act 2011 (the PCAPA) the Ministry of Domestic Trade Co-Operatives and Consumerism (MDTCC) issued the Anti-Profiteering Regulations (the PCAPR 2014) to prevent business making ‘unreasonable profits’.
Does the sale of 1MDB land to Tabung Haji under the preview of this Act?
Lin Wenquan: Even though I have no vested interest in Tabung Haji, I empathise with those poor folks who have invested their hard-earned savings to make their pilgrimage to Mecca as good Muslims are wont to do.
1MDB's debts are a bottomless pit and it’s obvious that cash-rich government institutions are now being dragged into repaying the huge sums that have simply dissipated into thin air.
The perpetrators of this scam are still enjoying the loot while the investigative and enforcement agencies appear to have suffered an inexplicable paralysis to bring them to book.
This once prosperous nation is slowly wasting and haemorrhaging away by a corrupt and morally bankrupt administration.
Onyourtoes: Same modus operandi - government assets given to "a company" for a song and then resold to other buyers at 100 times the price. Are there no laws in this country anymore?
1MDB deal - same clowns, different circus
Three times a loser in TH’s land deal
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