No response from the police four
months after a police report was made against Ling Liong Sik on the
Chang Min Thien Foundation
by Ronnie Liu Tian Khiew
On March 23 2003, I made a police report at the Petaling Jaya Police Station
Police to call on the police to investigate on the Chang Min Thien
I have yet to received any report on the matter after close to four months.
My statement was taken on the same day by the Petaling Jaya Commercial Crime
To assist the police investigation, I have even provided the department with
a chart detailing different rates for different mode of depository accounts
with commercial banks from 1980 to 2003 (source: Bank Negara) to back up my
questions concerning the Chang Min Thien Foundation.
I am now totally in the dark as to how long more do I need to wait for the
result of the police investigation.
It is in the interest of the Malaysian public that the police must live up
to its slogan " Mesra, Cepat dan Betul", since the Foundation was set up for
the benefits of the needy students, and the money was donated by the late
Chang Min Thien for the sole purpose of education.
In a statement released on Thursday, 2003-02-27, MCA's President Dato Seri
Dr Ling Liong Sik has said that the Chang Min Thien's Foundation now stands
at RM18, 000,000, and he intends to release a sum of RM2, 000,000 to the
UTAR (set up and controlled by MCA) for scholarship or study loan.
Again on 2003-03-15, Ling Liong Sik announced publicly that the account of
Chang Min Thien has been audited and it now stands at RM18,700, 000 ( note:
an increase of RM700,000 compared to the figure announced on 27 Feb 2003).
But at the same time, he said the foundation could be more than RM20, 000,
000 if added with interest. This has clearly shown that he has failed to
provide an exact figure.
This came as a surprise to all Malaysians who have been following the Chang
Min Thien Foundation closely.
If one was to work out the interest according to the rates published by the
Bank Negara (see attached rates published by the Bank Negara, V.1 Interest
Rates: Banking Institutions) for the past 22 years, assuming interest would
be paid only at the end of every year, one would know that the original
principal sum of RM10, 000,000 could have collected a real interest of at
least RM16, 284, 224 if it was based on savings account interest rate.
The 10-million Ringgit donation from the late Chang Min Thien could have
accumulated to RM 46,208,380.71 if the money was placed as 12-month fixed
deposit for 22 years.
It should have accumulated even more interest if the RM10m fund was placed
by way of Banker's Acceptance (in which one can negotiate with the bank for
an interest rate higher than any fixed deposit accounts).
It could reach RM 63,716,383.13 if the money was calculated based on the BLR
stipulated by the Bank Negara.
Under normal circumstances, much of the fund should have been deposited by
way of Banker's Acceptance at a negotiated rate for better returns.
If the education fund was managed well and good by the MCA, it could have
benefited more than 124,566 needy students (based on RM4, 000 per student
per annum). And the Foundation should continue to benefit up to 13,429
students every year.
Ling Liong Sik owes the public a full explanation on why the Chang Min Thien
Foundation stands at only RM18, 700,000 after 22 years " untouched" in the
Both Ling Liong Sik and his party MCA were trusted to manage the fund
donated by the late Chang Min Thien. The late Chang Min Thien's family and
the Malaysian public have the right to see that the fund would not be
misappropriated. They also have the right to know why the interest collected
is way below the expectation of the public, and why the fund was not being
used to help needy students until today.
If Ling Liong Sik once again fails the test of accountability on the Chang
Min Thien's Foundation, the public has no reason whatsoever to donate
towards the UTAR building fund initiated by Ling Liong Sik.
I hope the Police can respond to us on the outcome of their investigation on
the Foundation in the name of justice and public interest.
* Ronnie Liu Tian Khiew,
DAP national publicity secretary