YOURSAY | ‘How many FGV-like assets is EPF holding and will be forced to hold in future?’
EPF concerned that contributors run out of savings too soon
EmEmKay: EPF account holders above age 60 should get higher dividends. The main aim of the Employees Provident Fund (EPF) contribution is to provide benefits for its members when they retire from employment.
Year 2016 is coming to an end soon and EPF will announce the dividends for this year early next year. It is an opportune time for EPF to pay higher dividends to senior citizens who still keep their savings in EPF.
As a senior citizen, I am still keeping my savings in EPF and decided on receiving monthly payments.
I am appealing to EPF to start a scheme aimed at paying an additional 2 percent dividend on top of the annual declared dividend to all EPF account holders above 60 years old.
Such a scheme would discourage retirees from withdrawing all their savings at age 55 but opt for monthly withdrawals. The proposal will ensure that EPF savings are truly for long-term retirement days.
Anonymous #40538199: Subscribers worry about how many FGV-like assets is EPF holding and will be forced to hold in future.
It is reported that Felda will issue sukuk and loans for the high premium price purchase of Eagle High stake. Will EPF be forced to subscribe to them?
Nil: When EPF was conceived, US$1 to RM4-plus was not foreseen. RM3-plus to SG$1 was not foreseen. Goods and services tax (GST) was not foreseen. The steep rise in prices of goods (that is cost of living) was not foreseen.
It is more of the reduction of purchasing power of the Malaysian ringgit rather than the monetary value of the individual savings that is of concern.
Gaji Buta: Why do I get the feeling that these statements may be a prelude to justifying introduction of pension-type payments instead of current lump sum in order for EPF to manage available funds?
Wg321: There is an allegation that EPF lost RM600 million when they sold all their Felda Global Ventures (FGV) shares.
There is another allegation that EPF contributors can only withdraw all their money when they reach the age of 60 and not 55 years old from 2017 onwards. This is because EPF has lost a lot of money in various investments.
Can EPF officer Nornisah Mohd Yusof confirm the truth?
Rafizi poses questions to PM on Felda-Eagle High Plantations deal
Mushiro: FGV was criticised by shareholders when it proposed to purchase the 37 percent of Eagle High for US$680 million. Now Felda wants to buy at US$505 million and claims this is at a discount from FGV's previous offer.
But this is three times the average price in 2015 or two times the latest price. Who is actually advising Felda and why the need to buy this for RM2.2 billion when Felda does not have the money?
Is this ethically correct when Najib is allegedly an associate of the Indonesian tycoon Peter Sondakh, who is the chairman of the group that owns Eagle High?
Kim Quek: Now that 1MDB has ceased to pour out milk and honey, the big boss is eyeing Felda as the next target?
Does it make sense for a company in dire financial state, after running at heavy losses for years, to acquire a huge pile of shares at three times the market price?
Shouldn’t the Malaysian Anti-Corruption Commission (MACC) have smelt a rat by now and move in expeditiously to hunt for the big fish?
Anonymous 2447961480069542: Like everything else that he touches, if you don't buy at inflated price, how to allegedly get cash?
Report: Gov't likely to back bonds for Eagle High acquisition
Anonymous #40538199: Before the government backs the bond, the auditor-general should audit the deal just to make sure that the purchase price is arrived at fairly and reasonably, with clear line of responsibility.
Heads must roll if a scandal is discovered in future.
Anonymous #19098644: When an asset is openly sold for 248 rupiah and Felda buys it for 580 rupiah. which is 133 percent above the open market price, this is akin to looting of the settlers’ and people’s money.
No-brainer: The sukuk bonds issued by Felda and FGV should not be guaranteed by the government as Felda schemes involved 99 percent Malay Muslims.
The government by guaranteeing this sukuk bonds means that the whole country, everyone - the Malays, the Chinese, the Indians, the Dayaks, the Ibans and others - is doing so.
It is not that the other races can't support our Malay brethren, but this is not fair and not just, as we are not consulted or informed about this dubious and risky deal.
Should there be any botched-up, it means all of us have to bear its mammoth debts. Felda, you do what you want, but please don't involve the other races in the country.
Sarawakian: It would be interesting to see the interest spreads on those bonds or even if there are any takers outside Malaysia.
By now, everybody including the European banks would know about 1MDB and where the money for the bonds would end up. I would not be surprised if China ends up financing the deal.
MariKitaUbah: Who in the world would want to buy at a premium price when the open market price is only 248 rupiah versus the premium price of 580 rupiah?
The whole world knows what is happening. And who wants to own FGV shares in Malaysia?
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