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EPF money should
not be used to fund cronies' projects time and again
Press Statement
by Ronnie Liu Tian Khiew
(Petaling Jaya, Wednesday):
The MailMoney (Malay
Mail October 7, 2003) has quoted a Reuters report, that Sarawak
Hidro, manager of the construction of Bakun Dam (South - East Asia largest
hydroelectric dam), has sought a RM2.5 billion loan from EPF to prevent the
project suffering further delays. The project is already about six months
behind time.
FPF, which manages about RM200 billion
in assets, was working out a deal and wanted to invite several banks to form
a lending consortium, one of the sources said.
Sources close to the deal said Tan Sri
Syed Moktar Al Bukhary, who took control of Sarawak Hidro Sdn Bhd last
month, has asked the EPF to help get US$ 2.4 billion Bakun Dam project back
in gear.
EPF money should not be used to fund
cronies' projects time and again. 10 million EPF contributors were
victimised whenever EPF misplaced their hard-earned money in dubious
investments such as Time dotcom. Members were only paid 4% dividends last
year due to poor investment and mismanagement of funds over the years.
Malaysians with good memory would
still remember that EPF money was used to fund the Bakun Dam project, and
the government was forced to pay hundreds of million ringgit as compensation
to Sarawak tycoon Tan Sri Ting Pek Khing when the project failed to take off
as planned, while woods and other forestry products worth hundreds of
million ringgit had been extracted from the area.
Syed Mokhtar agreed last month to pay
US$ 254 million for 60 per cent in Sarawak Hidro, to be held under his Gulf
International Investment Group (GIIG). He also holds a stake in Smelter Asia
Sdn Bhd via GIIG, a joint venture with Dubai Aluminium Company to build a
US$2 billion smelter in Similanjau, a new industrial zone on the coast
north-west of Bakun. In an earlier report, about 50 per cent of the power
output from the dam will be utilised by the smelter. If Bakun is delayed, so
will the smelter.
Syed Mokhtar, 52, is one of the
nation's wealthiest businessmen, with a networth of RM 1.67 billion,
according to Malaysia Business most recent list of the 40 richest
Malaysians. He controls MMC, Malakoff, Johor Port, Johor Tenggara Oil Palm,
Amtek Holdings, Pernas International Holdings, Fiamma Holdings, PadiBeras
Nasional, Port of Tanjung Pelepas. He also controls 14 water treatment
plants in Johor.
(8/10/2003)
* Ronnie Liu Tian
Khiew, DAP national publicity secretary
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