Lowyat.NET: Latest topics by Roblox Malaya

Adendiam

Roblox Malaya — Wed, 15 Jan 2025 11:00:23 +0800

How to dispute this? Your comments.

Ladies and gentlemen,

It cannot be denied that the Titah Adendum indeed exists, as confirmed by the Pahang Palace and the 10th Prime Minister (PMX).

The responsibilities of the Prime Minister and the Attorney General include safeguarding the image and integrity of the courts and the justice system.

Both the PMX and the Attorney General are known to have had knowledge of the existence of the Titah Adendum when the High Court made its decision.

Concealing documents or withholding critical information related to a court trial constitutes obstruction of justice, which is a criminal offense and a serious affront to the justice system.

Therefore, the actions of both the PMX and the Attorney General in hiding the facts of the case have resulted in obstruction of justice. This led to a flawed court decision that dismissed the existence of the Titah Adendum as mere rumors or hearsay.

Hiding, disputing, and failing to implement the Titah of the Yang di-Pertuan Agong (YDPA) is a serious violation of the country's Constitution.

Conclusion: Both of these senior leaders have violated the Constitution and committed criminal acts that obstructed justice, undermined the judiciary and justice system they are supposed to uphold.

And then they ask the courts to gag the public from talking about this.

How can the government today expect the public and investors to continue trusting them and the nation's justice system?

Conflict of Interest?

Roblox Malaya — Mon, 23 Dec 2024 10:26:26 +0800

The government's contract under the Madani administration to purchase 28 helicopters through a "lease-to-own" method valued at RM16.54 billion over 18 years has sparked controversy over the past few days due to the following reasons:

1. The contract value is considered excessively high, even though it reportedly includes maintenance and overhaul costs, insurance, training, and spare parts.
2. The direct purchase price of the helicopters is about RM250 million each.
3. This lease procurement method is the first of its kind and was awarded after negotiations with the Public-Private Partnership Unit, which operates under the Prime Minister’s Office.
4. The company awarded this mega project had previously loaned helicopters for the Prime Minister’s use during his campaign for the 15th General Election (GE15).

Whether it's expensive or not is up to you to decide but is this a conflict of interest? Was it done via open tender? Seems not if it is negotiated via PPP arrangement.

At the end of the tenure, the govt will have paid RM600 million each.

(POST EDITED DUE TO DIFFERENT REPORTING OF ACTUAL HELICOPTER PRICE)

https://www.airtimes.my/2024/11/14/pajakan-...pada-harga-rm1/

But in 2022, the Philippines paid US$624 million to purchase 32 Black Hawk helicopters or about RM87.8 million each

PMX:Political appointees coz we don't discriminate

Roblox Malaya — Tue, 22 Oct 2024 12:24:44 +0800

PM Anwar: No discrimination — politicians can hold GLC positions if qualified

Prime Minister Datuk Seri Anwar Ibrahim today emphasised that all appointments to key positions in government-linked companies (GLCs) will undergo a stringent vetting process.

This includes checks by the Inland Revenue Board (LHDN), Bank Negara Malaysia, the Malaysian Anti-Corruption Commission (SPRM), and the Royal Malaysia Police, he added.

He also said that the primary concern is to ensure that the individuals selected have clean records and can withstand scrutiny.

“The appointments are subject to reviews by LHDN, Bank Negara, SPRM, and the Royal Malaysia Police to verify that their records are clean and defensible,” Anwar said during Prime Minister's Question Time in the Dewan Rakyat.

“Those appointed are professionals. Their previous political positions are not the issue. We do not discriminate between politicians and non-politicians.

“The main priority is that they meet the necessary requirements, and most of those appointed come from professional backgrounds,” he said.

DULU: Tiada lagi lantikan politik

KINI: Kena ada lantikan politik sebab kita tidak diskriminasi orang politik

Rafizi: T15 replaces T20 category

Roblox Malaya — Tue, 22 Oct 2024 11:49:16 +0800

B40, M40 and T20 classifications have been abolished.

T20 is now replaced with T15.

Pengekelasan kategori isi rumah T15 yang tidak layak menerima manfaat subsidi seperti yang dinyatakan dalam Belanjawan 2025 masih diperhalusi sebelum diumumkan pada tahun hadapan.

Menurut Menteri Ekonomi, Rafizi Ramli, pengkelasan terbaharu itu yang dirujuk Perdana Menteri (PM) dalam pembentangan Belanjawan 2025 pada Jumaat lalu adalah untuk memastikan penyasaran subsidi dilakukan dengan lebih adil dan kelompok itu merupakan yang teratas dalam hierarki ekonomi, pada waktu ini dikenali sebagai T20.

"Bila Perdana Menteri (Datuk Seri Anwar Ibrahim) sebut T15, itu merujuk kepada kaedah yang akan diumumkan nanti.

"Ia (pengkelasan baharu) akan ambil kira banyak faktor lain. Selepas kita putuskan, baru kita akan ada populasi (bagi setiap kategori), kemudian kita akan letakkan garis statistik (kategori pendapatan)," katanya dipetik BH selepas merasmikan Hari Statistik Negara 2024 dan Pra Pelancaran Laman Statistik di sini, hari ini.

Bagaimanapun, kata Rafizi, pengkelasan kategori isi rumah bagi setiap peringkat itu tidak akan menggunakan data pendapatan isi rumah kasar sedia ada tetapi mengambil kira perbelanjaan asas isi rumah untuk menjalani kehidupan wajar, bergantung kepada beberapa pemboleh ubah yang akan ditentukan.

Sewaktu pembentangan belanjawan lalu, PM berkata, kerajaan akan melaksanakan penyasaran subsidi RON95 pada pertengahan2025 dengan kategori T15 tidak akan menikmati subsidi berkenaan.

Dalam pada itu, Rafizi menjelaskan kerajaan sememangnya akan beralih kepada penggunaan konsep pendapatan isi rumah bersih kerana pengukuran berdasarkan konsep sedia ada dilihat tidak adil dan ramai rakyat yang tercicir.

"Perinciannya sedang dibincangkan dan bila kita kata T15, ia akan merujuk kepada pendekatan yang seimbang, yang mengambil kira lokaliti, tanggungan kerajaan dan sebagainya.

"Ia bukan seperti yang (dibincang) dalam media sosial, jika kamu gaji sekian-kian, kamu tidak dapat. Ia tidak boleh potong garisan begitu kerana banyak pemboleh ubah yang perlu dilihat, bukan pukul rata.

"Kita lihat berapa banyak pemboleh ubah yang kita ingin pakai dan padankan untuk beri keadilan. Jika pakai pemboleh ubah ini, cukup atau tidak tanggungan RM12 bilion subsidi ini," katanya.

https://www.suarakeadilan.my/post/t15-ganti...n-diumum-rafizi

Bloomberg and Isham Jalil called by police

Roblox Malaya — Thu, 10 Oct 2024 10:05:26 +0800

**Bloomberg-PMX/MACC Controversy**

This controversy arose after Bloomberg reported that three separate sources claimed that PMX (Prime Minister X) allegedly instructed the Malaysian Anti-Corruption Commission (MACC) not to investigate the wealth of his former political secretary. This individual, a former chairman of Perak PKR, also directed Anwar Ibrahim’s election campaign in the Tambun parliamentary race during the 15th General Election in November 2022.

After the election and Anwar's appointment as Prime Minister on November 24, 2022, the individual reportedly stepped back from politics. However, just a month later, on December 27, 2022, he was appointed chairman of Apex Equity Holdings Bhd, a listed company valued at RM205 million. Days later, on January 3, 2023, he was also made chairman of 7-Eleven Holdings Bhd, valued at RM2.25 billion. On May 9, 2023, he became chairman of Excel Force MSC Bhd, valued at RM180 million, in which he reportedly holds a 1.84% stake.

In March 2024, the individual revealed that he and a partner had acquired a 4.97% stake in Theta Edge Bhd, a company valued at RM194.65 million. Media reports also indicated that he and his partner had purchased a 15.91% stake in Heitec Padu, valued at RM472 million. He is also reported to hold a 1.43% stake in Cuscapi Berhad, valued at RM231 million.

Within 15 months of the 15th General Election, this individual, then aged 41, had either been appointed chairman or acquired stakes in six different listed companies in Malaysia. This rapid accumulation of corporate influence sparked controversy. In March 2024, PMX promised to issue a statement after consulting the Treasury under the Ministry of Finance, where he also serves as minister. However, no statement has been made to date.

Two weeks ago, Bloomberg released a controversial report accusing PMX of directing MACC not to investigate his former aide's wealth. Both the Prime Minister's Office and MACC denied the allegations, asserting that PMX had never interfered in MACC investigations.

Additionally, the Royal Malaysian Police (PDRM) is investigating Isham Jalil, who suggested that PMX sue Bloomberg to clear his name. The police are also expected to summon Bloomberg for questioning regarding its report on the accusations against PMX.

---
TLDR version:

The **Bloomberg-PMX/MACC controversy** revolves around a Bloomberg report alleging that Prime Minister Anwar Ibrahim (PMX) directed the Malaysian Anti-Corruption Commission (MACC) not to investigate the wealth of his former political secretary. This individual, who had previously managed Anwar's campaign in the Tambun parliamentary race, stepped down from politics after Anwar became PM but quickly accumulated corporate influence.

Within 15 months since Anwar became PM, the 41 year old aide was appointed chairman or acquired stakes in six listed companies in Malaysia, which caused controversy. In March 2024, PMX promised to clarify the situation after consulting with the Treasury but has yet to release a statement.

Two weeks ago, Bloomberg published a report alleging PMX's interference with MACC investigations, which both the PM's Office and MACC denied. The Royal Malaysian Police (PDRM) is investigating Isham Jalil for suggesting that PMX should sue Bloomberg, and they plan to summon Bloomberg for questioning regarding the accusations.

Zaid Ibrahim on the "Mufti Bill 2024"

Roblox Malaya — Tue, 08 Oct 2024 08:56:57 +0800

The Mufti Bill 2024

This is a clear example of Madani’s authoritarian rule in the country. Yet you don't hear anyone opposing the bill except the Perlis Mufti. There is no objection from Sabah Sarawak and DAP. Surprisingly, nothing from bodies that claim themselves as champions of democratic and multi-religious rule in Malaysia

What's so bad about the proposed law? It makes or converts a fatwa, traditionally considered in Islamic jurisprudence as an advisory opinion, into law. Suppose the Wilayah Mufti issues a fatwa (for example) that all tobaccos are haram, or muslims must only eat in restaurants with a Halal certificate on display. In that case, that's the law in Wilayah.

Once Parliament passes this law, other states will follow. The whole Federation will be ruled by Muftis

If I walk in to have my sushi or oyster bar at BSC, such places do not usually carry the Halal sign; I commit an offence. Do I have any personal liberties left, a constitutional right to eat wherever I please? Under Madani No

What happens to democracy and religious freedom?

What if the Muftis ruled that Muslims could no longer shake hands with their female colleagues? Or deny muslims to wish Merry Christmas? Or Happy Deepavali?

There is now no need to pass such a law in the state legislative assembly. Fundamental principles can be ignored. There is no debate whatsoever. There is no public discourse. Just issue an edict, a fatwa

We have elections in the country to select the people's representatives, who then make laws for the country. Now, an unelected religious officer called the Mufti can do that on his own

The Malay Rulers have approved of this law. Do they not worry that they may be deprived of their powers one day? What if there is an edict that the position of Malay Rulers as head of the religion is unIslamic since the Khalifah has to be vested in a person who is well-learned in Islamic knowledge and qualified Imam?

Monarchs assumed the head of the religion only because the British decided it to be so. The King of England is the head of the Anglican Church, and that's why the monarchs here are heads of Islam. In Islamic history, the Khalifah requires different qualities and attributes from a hereditary monarch

The wise guys in Putrajaya need to be careful in their relentless drive towards Islamization of the country. They may not like what they wish for

PMX ask MACC not to investigate ex-aide

Roblox Malaya — Thu, 26 Sep 2024 15:38:56 +0800

Anwar instructed MACC chief to spare Farhash over controversial share purchase, says report

Prime Minister Anwar Ibrahim had instructed the head of the Malaysian Anti-Corruption Commission (MACC) not to investigate his former political secretary Farhash Wafa Salvador over the controversial purchase of shares in a company linked to the development of a new billion-ringgit immigration system, Bloomberg reports citing three sources said to be familiar with the matter.

The financial daily also reported that MACC chief commissioner Azam Baki had told his officials that investigations into former leader Dr Mahathir Mohamad, his three sons and former finance minister Daim Zainuddin were launched on Anwar's instructions.

Both MACC and the Prime Minister's Office have denied the claims.

In March, it was reported that Farhash had secured a substantial stake in a company shortlisted to develop a new billion-ringgit immigration system.

The 41-year-old PKR leader took a 15.91% stake in HeiTech Padu Bhd through his company Rosetta Partners Sdn Bhd.

Farhash had said Rosetta Partners was a subsidiary of Mfivesouthsea Sdn Bhd, which he jointly owns with Kelantan's Sultan Muhammad V.

The purchase in HeiTech Padu came just a day after MyEG Services Bhd acquired a 14.4% equity interest in the company for RM31.25 million cash on March 11.

That same day, HeiTech Padu announced it had received a one-year extension of its contract to maintain the Malaysian Immigration System (MyIMMs) worth over RM13 million.

HeiTech Padu was one of three companies shortlisted by the government to develop the RM1 billion National Integrated Immigration System (NIISe) project, a replacement for MyIMMs.

Meanwhile, Bloomberg's report today said MACC staff were instructed to refer to the investigations into Mahathir and Daim as part of "ongoing probes into revelations from two giant document leaks", a reference to the Pandora and Panama Papers.

According to the report, Anwar's actions since taking office contradict his earlier promises when he led the Reformasi movement for more than two decades.

It said Anwar failed to fulfil his promises to repeal draconian laws such as the Sedition Act and instead used such laws against his political rivals such as Perikatan Nasional chairman Muhyiddin Yassin.

"He has a growing credibility problem," the report quotes seasoned Malaysian politics watcher Bridget Welsh as saying.

"The disappointment is even greater because the expectations were higher," she added.

https://www.malaysianow.com/news/2024/09/26...ase-says-report

New BMW hot variant

Roblox Malaya — Tue, 24 Sep 2024 14:03:35 +0800

Features:
0-100km/h in 99 seconds
U-turn in 1 second
Seats and stereo system lose memory setting every few days
Engine will quit suddenly when approaching certain Sheraton hotels

Teresa Kok: ChatGPT to blame for halal controversy

Roblox Malaya — Mon, 16 Sep 2024 12:12:04 +0800

Halal status controversy: ChatGPT translation is to blame, says Kok

Seputeh Member of Parliament Teresa Kok Suh Sim explained that the controversy she faced regarding the halal issue stemmed from the translation of her Mandarin statement into Malay using ChatGPT.

"My original statement was actually in Mandarin, and I instructed my Malay staff, who is fluent in speaking and writing Mandarin, to translate it into Malay.

"However, because my staff had to rush overseas for work, the statement was translated using a variant of the ChatGPT language model for speed. Unfortunately, certain words were translated in a way that deviated from the original meaning, and we were not thorough in reviewing the words used.

"The issue arose when a news portal wrote a headline that was shocking and inappropriate, whereas my statement's intended meaning was that the government is reviewing the halal certification issue."

She stated this in an exclusive interview with Mingguan Malaysia.

She admitted that a detailed review was not conducted before the statement was released to the media.

https://harapandaily.com/2024/09/15/kontrov...ngnya-kata-kok/

PMX ask Islam minister to table to cabinet

Roblox Malaya — Wed, 11 Sep 2024 16:15:37 +0800

Fahmi: Islamic affairs minister told to prepare report on halal certification push

Prime Minister Datuk Seri Anwar Ibrahim has directed Islamic Affairs Minister Datuk Mohd Na’im Mokhtar to prepare a report outlining his next steps regarding the proposed halal certification for all eateries that do not serve pork or alcohol, Communication Minister Fahmi Fadzil said today.

“The prime minister has directed the religious affairs minister to prepare a report and what is the next move and this will be presented to the Cabinet,” Fahmi told reporters at the weekly post-Cabinet meeting press conference here.

https://www.malaymail.com/news/malaysia/202...ion-push/150080

PMX: Don't like Palestine = not qualify as M'sian

Roblox Malaya — Mon, 26 Aug 2024 09:22:44 +0800

"People who are unhappy with Palestinians are not eligible to become Malaysian citizens – PM"

The inhumane attitude shown by some who are uncomfortable with the presence of Palestinians in this country is unworthy of being called Malaysian citizens.

Prime Minister Datuk Seri Anwar Ibrahim said such negative attitudes should not be tolerated, as they could grow and eventually harm the multi-ethnic society in this country.

"Where is the humanity, that such sentiments of race or region lead to this kind of behavior? People like this do not deserve to be citizens who understand the essence of human compassion.

"Fortunately, this is a minority voice, but we must not allow it to continue, as it could spread, and if left unchecked, it will become a cancer in our society," he said.
https://malaysiagazette.com/2024/08/25/oran...at-malaysia-pm/

> 1,000 LHDN officers to descend on Klang Valley

Roblox Malaya — Tue, 20 Aug 2024 11:54:04 +0800

Large-scale tax operation launched in the Klang Valley

Over a thousand Inland Revenue Board (LHDN) and Royal Malaysian Customs Department (JKDM) officers will descend on thousands of Klang Valley businesses to ensure tax compliance as part of Ops Metro 2024.LHDN chief executive officer Datuk Dr Abu Tariq Jamaluddin said the joint operation, which began yesterday, will see officers from both agencies working side by side until Thursday.

“JKDM officers will focus on conducting targeted business census visits to identify service providers who could potentially register under LHDN, with the goal of expanding the tax base.

“Meanwhile, LHDN officers will focus on identifying taxpayers who conduct ‘cash economy’ activities as well as foreigners who run businesses,” he said.

https://www.thestar.com.my/news/nation/2024...he-klang-valley

Tunnel case: LGE friend promised me land

Roblox Malaya — Sat, 17 Aug 2024 08:06:07 +0800

The court trial for Guan Eng's tunnel case was quite sensational yesterday.

Witness Zarul, who is also the owner of the company that was awarded the RM6.3 billion Penang tunnel project, revealed in court that:
1. His company was facing financial problems and had no money to complete the feasibility report, which was mentioned to cost RM305 million.
2. A well-known developer named Ewe Swee Kheng, the owner of Ewein Bhd, had met with Guan Eng, who was the Chief Minister of Penang at the time.
3. Zarul described Ewe as a friend of Guan Eng.
4. Ewe told Zarul that Guan Eng instructed him to help Zarul financially to cover the cost of the report.
5. Ewe also said that a beachfront lot near Gurney Drive had already been designated as payment for the report to Zarul's company.
6. The land was transferred to Zarul's company as payment even though the report had not yet been completed.
7. Ewe paid money to Zarul's company to purchase the land.

In the end:
1. The land lot has been developed into the luxury condominium project "City of Dreams," valued at RM1 billion.
2. Ewe died suddenly after falling 17 floors from his apartment a month before he was scheduled to testify in court as a prosecution witness against Guan Eng.
https://www.freemalaysiatoday.com/category/...an-tells-court/

Madani: MCMC may take action on comments

Roblox Malaya — Sun, 11 Aug 2024 08:53:03 +0800

Here is a translated summary of the text in English:

**Netizens' Comments Impacting Athletes' Mental Health Considered Cyberbullying - Fahmi**

Comments made by netizens towards athletes competing in the Paris 2024 Olympics on social media can be considered cyberbullying if they negatively affect the athletes' mental health, said Communications Minister Fahmi Fadzil.

He mentioned that the Malaysian Communications and Multimedia Commission (MCMC) will conduct reviews if reports on the matter are received periodically.

"Sometimes, comments by netizens are seen as cyberbullying if athletes feel their mental health is affected. I will review the situation and ask MCMC to make a follow-up statement," he told reporters after attending the 2024 Lembah Pantai Unity Convention today.

The Lembah Pantai MP noted that perpetrators often make harsh comments towards athletes and some use fake accounts.

"Some cyberbullying incidents involve perpetrators hiding behind fake accounts, and the actions by social media platforms are not effective in curbing the activities of these fake accounts, not only for cyberbullying but also for fraud and, most worryingly, sexual crimes against children," he added.

Komen warganet beri kesan mental terhadap atlet dianggap buli siber - Fahmi
https://www.astroawani.com/berita-malaysia/...er-fahmi-482950

BMX: Tesla cancel plan to build factory here

Roblox Malaya — Fri, 09 Aug 2024 13:43:34 +0800

Yesterday, the Minister Zafrul said that Tesla never discussed plans to build a factory in Malaysia.

Today, the PMX said that Tesla canceled the plan to build a factory in Malaysia because Tesla was experiencing losses.

But Tesla hasn't had a loss since 2019.

Tesla's net profit for the entire year of 2023 was US$15 billion compared to US$12.6 billion in 2022.

Tesla's net profit for Q1 2024 was US$1.13 billion and Q2 2024 was US$1.48 billion.

What happened to "Back to the Past" movie?

Roblox Malaya — Mon, 05 Aug 2024 16:55:43 +0800

Supposed completed filming in 2019.

Teaser trailer come out in 2021.

And 3 years later, nothing.

Better come out with the movie first before the stars get even older.

[youtube]hbvB1tzqzRo[/youtube]

Madani mulls building own social media platform

Roblox Malaya — Mon, 05 Aug 2024 11:36:14 +0800

Fahmi: Govt mulls developing social media platform for Malaysians

The government is considering the proposal to develop a social media application specifically for Malaysians, said Communications Minister Fahmi Fadzil.

He said this is because some social media application providers are profiting off Malaysians but fail to ensure user safety.

“Last year, it was estimated that Facebook alone earned US$600 million from Malaysia, but what have they done to ensure that the condition and use of their platform in Malaysia are safe?

“They lack commitment, so we need to study and assess the situation. It is not easy to develop our own social media platform, but some countries have attempted it. We will look into it,” he told reporters at the “Himpunan Pembebasan Palestin” rally here on Sunday night.

Fahmi said he has also met with celebrity host Datuk Aznil Nawawi, who came up with the proposal, following Meta Platforms Inc’s recent action of removing social media postings related to Palestine.
https://theedgemalaysia.com/node/721622

break: S'pore to start MRT service to JB in 2024

Roblox Malaya — Sat, 03 Aug 2024 12:49:32 +0800

JOHOR BARU - Singaporeans will be able to hop on an MRT train in Woodlands to cross the border to Johor Baru by Dec 31, 2024.

The Rapid Transit System (RTS) Link can carry up to 10,000 passengers an hour in each direction between Johor's Bukit Chagar terminus station and the Singapore terminus in Woodlands North, where it will join the upcoming Thomson-East Coast Line (TEL).

It is slated to greatly improve transport connectivity between Singapore and Malaysia, providing an alternative option for reducing congestion at border crossings.

The new starting date for the line was announced in a joint statement on Monday (July 31) after the 13th meeting of the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia.

The meeting was co-chaired by Coordinating Minister for Infrastructure and Transport Minister Khaw Boon Wan and Malaysia's Minister in the Prime Minister's Department Abdul Rahman Dahlan.

"Aug 01, 2017: Singapore, Malaysia ministers agree to start MRT service to Johor Baru by 2024"
https://www.straitstimes.com/singapore/sing...or-baru-by-2024

[fb]https://www.facebook.com/permalink.php?story_fbid=pfbid01LWmyvbL7TK6xzSFjEKFCNTrytLnT5VtRUWh5Mb3DNB3Nj5sbsNgvLJr3BJZhPCml&id=100088296976751[/fb]

LSS criticizes the changes made to the RTS project during the PH1.0 government's tenure, contrasting it with Najib's original plan. Under Najib, the RTS was to be an extension of Singapore's MRT system, costing RM4.038 billion, with a single station in Johor Bharu, allowing seamless travel between JB and Singapore with one immigration check and a unified payment system.

However, the PH1.0 government altered the plan to create a separate LRT system with only two stations, leading to increased costs and operational complexities. Despite claiming to reduce the project cost from RM4.93 billion to RM3.16 billion, the actual cost rose to RM5.45 billion. The changes also introduced additional requirements, such as new trains, a train depot, and another immigration building in Singapore, causing delays and greater inconvenience for commuters. The author questions why the public praised PH1.0 for these changes despite the resulting increased costs and complications.

Not only cost jumped by few billion, operation date also delayed 3 years from 2024 to 2027 but hundreds of thousands of people will pay the price for increased inconvenience every day

Siti Kassim: PMX secretly working for Moon party

Roblox Malaya — Sat, 03 Aug 2024 10:36:35 +0800

[twt]https://twitter.com/jameschin110/status/1819514369451217390[/twt]

If embedding fails, here is the link: https://x.com/jameschin110/status/1819514369451217390

EPF stand to pay extra RM595m to RM915m

Roblox Malaya — Sat, 27 Jul 2024 12:20:55 +0800

How the EPF has managed its shareholding interest in MAHB since the end of 2022 is rather strange.

MAHB will be privatized in the third quarter of 2024. Blackrock-GIP along with ADIA will own 30% while the EPF will own 30% interest.

The consortium, including the EPF, offered RM11.00 per share for this privatization.

This means the EPF needs to own 497,767,300 shares to achieve the 30% interest.

What's strange is that on November 29, 2022, just after the Madani government was formed, Bursa's records showed that the EPF owned 259,917,492 shares or a 15.67% interest in MAHB.

But 163,363,080 shares, or almost 10% of the EPF's interest, were sold at prices between RM5.40 and RM7.36, leaving the EPF with only 96,554,412 shares or a 5.79% interest on December 28, 2023.

The earliest news about the privatization of MAHB by the consortium, including GIP, was in February, prompting Anthony Loke to deny the news at the time.

The government also stated that over 100 companies were invited to participate in the privatization of MAHB until GIP-ADIA was selected.

This means the intention to privatize MAHB by the EPF and Khazanah was formed much earlier, around 6 months to a year ago.

So, why did the EPF sell so many shares when MAHB's price was much lower at RM5.40 to RM7.36, but will have to buy back at RM11.00 in a short time if they had long planned to privatize MAHB?

The sale of almost 10% interest in a GLC by the EPF in such a short period is also rare.

Before the pandemic, the EPF did not sell. During the i-Citra withdrawals and similar schemes, they did not sell MAHB.

But they started selling after December 2022, at a time when MAHB was recovering and MAHB's profits reached a record in 2023.

Because they sold 163,363,080 shares at prices between RM5.40 and RM7.36, the EPF will need to pay an additional RM595 million to RM915 million if the shares are bought back at RM11.00.

This also means that the parties who bought the MAHB shares sold by the EPF at prices between RM5.40 and RM7.36 will make a profit of between 45% to 104% in just about a year if they accept the RM11 per share offer made by Khazanah-EPF-GIP.

The burden of the mistake of selling so many MAHB shares at a low price but needing to buy back at 45% to 104% higher will ultimately be borne by the EPF contributors.