|
Investigation on Chang Ming Thien
Foundation -
Second police report by DAP
Police Report
by
Ronnie Liu
(Petaling Jaya,
Saturday):
This is my second police report
following my first police report made on Sunday, 23 March 2003 at the
Petaling Jaya Police Headquarters.
In a joint statement released by Chang
Ming Thien Foundation (CMTF) and Multi-purpose Holdings(MPHB) on Sunday, 25
July 2004 (refer to press cuttings), the Foundation has finally started to
allocate a sum of RM3 million as interest-free study loan for needy and
deserving university students, after a delay of more than twenty years.
The joint statement also states that
MPHB has agreed to donate RM 8 million to the Foundation “after a series of
discussions”. It states that the total fund in the Foundation is now
standing at RM26, 500, 000. ( Note: If one adds the RM8 million
donated by MPHB to the sum of RM18,700,000 as announced by Ling Liong Sik on
15 March 2003, it should now stands at no less than RM26,700,000)
More importantly, the total fund in
the Foundation should be much more than the figure disclosed by Ong Ka Ting.
If one refers to the past 20 years interest rates issued by the Bank Negara
(from 1980 to 2002), the principal plus interest accrued for savings account
would have reached no less than RM26 million. But no organisation in the
right mind will place a sum of RM10 million in a savings account.
I would argue that if the sum of
RM10 million was placed in a 12- month fixed deposit account, the total fund
as of today ( August 7, 2004) should be no less than RM 50 million! It could
even reach the tune of RM70 million if the money was placed with negotiable
Banker’s Acceptance over the past twenty years.
The joint statement also states that
the Foundation was incorporated only as late as 18 April 1990. Both CMTF and
MPHB have deliberately omitted the date of receiving donation from the late
Chang Ming Thien. This has created a big question mark, as the late Chang
Ming Thien has donated the amount of RM10 million in the early eighties.
Apart from the late incorporation, what has happened to the principal sum
and the interest accrued from the early eighties to 1990?
It was also stated in the statement
that “soon after the incorporation, the Foundation was unfortunately the
subject of litigation, which has taken (10) years to resolve and ultimately
concluded on 18th November 2002.” The picture painted by CMTF and MPHB in
the joint statement did not reflect the actual situation, as both parties
had in the past cited internal party squabbles in MCA and the deposit-taking
cooperatives scandal as the main reasons for not being able to start the
operation of the Foundation (refer to newspaper advertisements published by
the Foundation).
Although the Foundation was bogged
down by party internal squabbles, co-op scandals and legal battles, that
should not in any way affect the fund from enjoying interest from the bank
accounts, if the money was deposited safely and “untouched” in the bank.
By the way, the public was told that
the late Chang family had initiated the suit simply because those entrusted
with the fund did not utilise the money for the right purpose, i.e.
scholarship and study loan for the needy and deserving students to pursue
tertiary education.
Can MCA or the CMTF Board of Trustees
give the Malaysian public a good explanation on all these questions?
My first police report was based on
various statements issued by Ling Liong Sik, the former MCA President and
the Chairman of the Chang Ming Thien Foundation.
In a statement released on Thursday,
2003-02-27, MCA's President Dato Seri (now Tun) Dr Ling Liong Sik has said
that the Chang Ming Thien's Foundation stood at RM18, 000,000, and he
intends to release a sum of RM2 million to the UTAR (set up and controlled
by MCA) for scholarship or study loan.
Again on Saturday, 2003-03-15, Ling
Liong Sik announced publicly that the account of Chang Ming Thien has been
audited and stood 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 Ming 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 Ming 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).
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.
Both the present and former MCA
presidents 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
bank.
They were trusted to manage the fund
donated by the late Chang Ming Thien. The late Chang Ming 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.
In my first police report, I have also
enclosed a chart illustrating the possible amount of interest collected with
a principal sum of RM10 million, tabulated based on rates published by
the Bank Negara from 1980 to 2002
I. As at end of the year
II. Savings account interest rates
III. 12 - month interest
rates IV. BLR
V. Number of students could
have benefited from the interest generated
_________________________________________________________________
I II
III IV
V
1980 6.00% RM10, 600,000.00 9.00%
RM10, 900,000.00 8.50% RM10, 850,000.00 213
1981 7.00% RM11, 342,000.00 11.00%
RM12, 099,000.00 8.50% RM11, 772,250.00 443
1982 6.50% RM12, 079,230.00 10.00%
RM13, 308,900.00 8.50% RM12, 772,891.25 693
1983 6.00% RM12, 803,983.80 9.00%
RM14, 506,701.00 10.75% RM14, 145,977.06 1,036
1984 7.50% RM13, 764,282.59 10.75%
RM16, 066,171.36 12.25% RM$ 15,878,859.25 1,470
1985 6.00% RM14, 590,139.54 7.50%
RM17, 271,134.21 10.75% RM17, 585,836.62 1,896
1986 6.00% RM15, 465,547.91 7.00%
RM18, 480,113.60 10.00% RM19, 344,420.28 2,336
1987 3.50% RM16, 006,842.09 4.25%
RM19, 265,518.43 7.50% RM20, 795,251.80 2,699
1988 3.50% RM 16,567,081.56 4.25%
RM20, 084,302.97 7.00% RM22, 250,919.43 3,063
1989 3.42% RM17, 133,675.75 5.40%
RM21, 168,855.33 6.99% RM23, 806,258.70 3,452
1990 3.43% RM17, 721,360.83 7.21%
RM22, 695,129.79 7.49% RM25, 589,347.47 3,897
1991 3.34% RM18, 313,254.28 8.19%
RM24, 553,860.92 8.68% RM27, 810,502.83 4,453
1992 3.32% RM18, 921,254.32 7.84%
RM26, 478,883.62 9.29% RM30, 394,098.55 5,099
1993 3.99% RM19, 676,212.37 6.29%
RM28, 144,405.40 8.22% RM32, 892,493.45 5,723
1994 3.54% RM20, 372,750.29 6.15%
RM29, 875,286.33 6.83% RM35, 139,050.75 6,285
1995 3.70% RM21, 126,542.05 6.89%
RM31, 933,693.56 8.03% RM37, 960,716.52 6,990
1996 4.10% RM21, 992,730.27 7.26%
RM34, 252,079.71 9.18% RM41, 445,510.30 7,861
1997 4.23% RM22, 923,022.77 9.33%
RM37, 447,798.75 10.33% RM45, 726,831.51 8,932
1998 3.87% RM23, 810,143.75 5.74%
RM39, 597,302.40 8.04% RM49, 403,268.77 9,851
1999 2.76% RM24, 467,303.71 3.95%
RM41, 161,395.84 6.79% RM52, 757,750.72 10,689
2000 2.72% RM25, 132,814.37 4.08%
RM42, 840,780.80 6.78% RM56, 334,726.22 11,584
2001 2.28% RM25, 705,842.54 3.71%
RM44, 430,173.76 6.31% RM59, 889,447.44 12,472
2002 2.25% RM26, 284,224.00 4.00%
RM46, 207,380.71 6.39% RM63, 716,383.13 13,429
(7/8/2004)
* Ronnie
Liu Tian Khiew, DAP Education Bureau Chairman and national publicity
secretary
|
http://dapmalaysia.org