The NFC saga has gone too far.
The public expects the acuthority to initiate serious action against those involved in the abuse of their authority and siphoning public fund to invest in projects other than the purpose for which it was approved.
It is quite amusing to see how politicians who were caught with their pants or in this case their skirts down how they behave and conduct themselves in trying to wrangle their way out of the predicament.
Firstly, when the Bangsar Mendung Condominium was uncovered, there came the denial of involvement therein despite the fact that her family is closely enmeshed in the project. Later as time went by, more abuses were uncovered in Singapore where million of Ringgits had been used through hefty loans from the Malaysian Bank operating in Singapore secured on the collateral of the allocated public fund of RM400 million.
Had this cast been sincere as they claimed to be, what they shuld have done was to make all these purchases in the name of the corporation and not on individual names.
To the eyes of the rakyat, the abuse of authority and mal-investment in activities other than what the project was approved for, this was certainly andundeniably an offence.
Should the authority take action against the Minister cocerned, who has brought great shame and ignominy to the political party of which she was member, Anyone with any decency and dignity would have resigned from her post and face the music and not behaving like "a slittered chicken
trying to come alive by kicking the lid of the pot".
The act is shameful enough and yet we see some of the UMNO cronies trying to cover up the incident by trying to distort the issue.
What is most disgusting is seeing a senior UMNO leader telling through the media not to press for the resignation of the Minister concerned but instead trying to find ways to recover the siphoned resources.
In my view let not this tip of the proverbial iceberg distract us from some of the major perpetrations taking place within the Government Machinery where corruption and abuse of power are rampant and wide-spreading like an epidemic.
No wonder according to one foreign report, no less than USD350 bn had been illegally taken out of the country during the past decade. This massive flow of money out of the country has a great impact on the national economy which is gravely felt.
The currency has depreciated greatly, inflation has soared, prices of houses have shot up in recent years out of proportion. Locally produced goods like cars have been priced ridiculously high when compared with that of neighbouring countries. Project costs are topped up by as much as 20-30% higher to benefit the unproductive contractors.
It is important that the EPF contributors demand its Management to account how their savings have been administered. More than 60% of their savings have been borrowed by UMNO leaders and we want to see how much they have paid back or not.
The recent sub-prime housing loan to one FT Agency to help 20,000 who are ineligible,unqualified and rejected their loan applications by conventional banks to own houses. If any help is to be given at all, the current contributers should be given priority over this massive group of rejects.
The public just do not have the confidence that this government agency is capable of collection. It will be another fiasco like the scholarship awarding agency.
Monday, February 13, 2012
Wednesday, February 1, 2012
IS BN FEARFUL OF LOSING THE 13TH GE?
The public is questioning why the BN Government is doing what it is doing in the face of the 13th General Election; which has been deferred to probably mid-year.
The country has been spending like nobody's business despite that she has been in deficit for the past 12 years. Where does she get the billions of Ringgit to fund all the pay-outs. Obviously not from her pocket. It is from the workers' savings in EPF. Thus far more than 60% of the savings had been borrowed by the BN Government and there is no sign nor evidence that she is paying back what is due to the 10 millions workers. Most susrprisingly, the unions are keeping so silent on this.
The BN Government has just announced that she is taking out another RM1.5 Bn from EPF to loan to those who cannot obtain loans from the banks. Does this not liken to the sub-prime scheme of the United States a few years ago, which contributed in no small measures to the financial disaster and collapse of many a bank there?
The wanton spending is just crazy if not unthinkable. This does not inlcude for the hefty USD350 Bn or RM1,050 Bn cash that was illegally siphoned out of the country; despite this, Bank Negara lips had been sealed. MACC have not been able to catch up with and prosecute all these corrupt BN leaders who did great harm to the country's economy.
The recent NFC saga was just a tip of the iceberg. God only knows how much more such proverbial NFCs had gone into the private pockets of the UMNO cronies.
The question that arises now is, "Is BN fearful of losing the 13th GE?"
What BN is doing in recent time in my observation tends to suggest that she is fearful of losing its controlling power to the PR. No wonder she is doing what it takes to ensure a victory in the coming general election through these various unpredecented give-aways in order to stay in power. What she is doing does not make any sense in nation building. And, the imbeciles in UMNO realise it? But, they cannot be bothered so long as they win in the coming election even at the expense of the country's economy.
Are the leaders afraid that the PR Government would initiate actions to intensify its effort to investigate into and prosecture those corrupt leaders who have amassed millions of illicit money through abuse of power and corruption. Perhaps, this underlying fear motivates the UMNO leaders to do what they are doing.
The masses do not realise the gravity of our economy. Whatever GDP growth over the past decades had been wiped out by the excessive billions that were illicitly taken out and parked in foreign banks. No wonder our country is not progressing as fast as our neighbouring Singapore which is not endowed with natural resources like petroleum, rubber, palm oil and land. During the last three decades, the SGD has appreciated more than 200% against the RM. This phenomenon is baffling and mind-boggling to all economists.
My singular advice to the UMNO putras is this - you have to stop whatever evil, harmful and untoward practices right now to protect the interest of the country and her people. You must come clean at the next election; otherwise, the rakyat will vote against you, come what may.
The UMNO putras must realise that the country cannot afford a Malaysia Spring. You may cheat all people some of the time; some people all the time; but certainly not all the people all the time.
The country has been spending like nobody's business despite that she has been in deficit for the past 12 years. Where does she get the billions of Ringgit to fund all the pay-outs. Obviously not from her pocket. It is from the workers' savings in EPF. Thus far more than 60% of the savings had been borrowed by the BN Government and there is no sign nor evidence that she is paying back what is due to the 10 millions workers. Most susrprisingly, the unions are keeping so silent on this.
The BN Government has just announced that she is taking out another RM1.5 Bn from EPF to loan to those who cannot obtain loans from the banks. Does this not liken to the sub-prime scheme of the United States a few years ago, which contributed in no small measures to the financial disaster and collapse of many a bank there?
The wanton spending is just crazy if not unthinkable. This does not inlcude for the hefty USD350 Bn or RM1,050 Bn cash that was illegally siphoned out of the country; despite this, Bank Negara lips had been sealed. MACC have not been able to catch up with and prosecute all these corrupt BN leaders who did great harm to the country's economy.
The recent NFC saga was just a tip of the iceberg. God only knows how much more such proverbial NFCs had gone into the private pockets of the UMNO cronies.
The question that arises now is, "Is BN fearful of losing the 13th GE?"
What BN is doing in recent time in my observation tends to suggest that she is fearful of losing its controlling power to the PR. No wonder she is doing what it takes to ensure a victory in the coming general election through these various unpredecented give-aways in order to stay in power. What she is doing does not make any sense in nation building. And, the imbeciles in UMNO realise it? But, they cannot be bothered so long as they win in the coming election even at the expense of the country's economy.
Are the leaders afraid that the PR Government would initiate actions to intensify its effort to investigate into and prosecture those corrupt leaders who have amassed millions of illicit money through abuse of power and corruption. Perhaps, this underlying fear motivates the UMNO leaders to do what they are doing.
The masses do not realise the gravity of our economy. Whatever GDP growth over the past decades had been wiped out by the excessive billions that were illicitly taken out and parked in foreign banks. No wonder our country is not progressing as fast as our neighbouring Singapore which is not endowed with natural resources like petroleum, rubber, palm oil and land. During the last three decades, the SGD has appreciated more than 200% against the RM. This phenomenon is baffling and mind-boggling to all economists.
My singular advice to the UMNO putras is this - you have to stop whatever evil, harmful and untoward practices right now to protect the interest of the country and her people. You must come clean at the next election; otherwise, the rakyat will vote against you, come what may.
The UMNO putras must realise that the country cannot afford a Malaysia Spring. You may cheat all people some of the time; some people all the time; but certainly not all the people all the time.
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