Monday, November 3, 2008

Vows : Claptrap, Humbug and Bunkum

It isn't reported clearly why Valuecap ploughed into the market just before the Iraq War with good money after bad, apparently. That was 2001, during Mahathir's time. Whatever they put in there is now gone, as the papers were non-tradeable and maybe not even good enough for toilet paper.

And Najib said about that was about "injecting" funds into the market? How does that help "rakyat"? That doesn't sound like helping the country but cover-up bad decisions Mahathir made during his premiership.

State investment company Valuecap Sdn Bhd owes its three shareholders RM5.1 billion, which is due to be repaid in February 2009.

This debt, in the form of interest-bearing unsecured bonds, raises questions over plans for the Employees Provident Fund to lend RM5 billion to Valuecap to invest in the stock market.

In March 2003, Valuecap borrowed RM5.1 billion from shareholders Khazanah, Kumpulan Wang Amanah Pencen and Permodalan Nasional Bhd to invest in the stock market. At the time, world stock markets were bracing for a looming war in Iraq which followed on the September 2001 attacks on the US.

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When there is an economic crisis or disaster, wealth is not destroyed. It is MERELY transfered!

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Read C.K.Liu's Banking Bunkum!

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