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TH, KWAP - is EPF next to 1MDB’s rescue?

FREE YOURSAY ‘Stop this raiding of religious and retirement funds.’

Now KWAP to buy TRX land at 30 times cost


Dont Just Talk: At the rate 1Malaysia Development Berhad (1MDB) is heading into the abyss, despite acquiring the TRX land at dirt cheap prices from the Umno Baru government and reselling the land in plots to Tabung Haji at RM2,300 psf and now to KWAP at 30 times cost, Malaysians are worried which government agency is next in line to bailout 1MDB,


Oops, sorry, not bailout but purchasing land for ‘investment’.


The best part is that the whistleblower, who instead of being honoured for exposing the scandal, is to be investigated under the Official Secrets Act as threatened by IGP Khalid Abu Khalid.


RCZ: ' Natural step' or forced to buy? Forced to buy to plug holes in 1MDB, the hole caused by outright theft? There is a difference and that is what the Malaysian rakyat is objecting to.


If the deaf, dumb and blind followers of Najib sing the same tune, it is up to the rakyat to stop this rot in Malaysia and their religious and pension funds. Next payment to be made with EPF funds?


Anonymous_40f4: What is so special about 1MDB? Why did Najib sell 70 acres of prime land to 1MDB dirt cheap? Is it to resell for 30 times the cost and make billions? In that case, why didn’t the government sell the land itself, and make the billions instead of slapping the rakyat with GST?


Victor Johan: So, after buying the land at dead cheap price from the government, the government's Ministry of Finance's wholly owned company 1MDB, now has vast land banks and in a short period of time, sells to the government linked companies (GLCs) at exorbitant prices.


These GLCs are keepers of the public funds, where the public was forced to contribute to save. Is the public expected to keep silent from these outrageous embezzlements or should they retaliate for an immediate change of government?


Uragt: Desperados, looking for bailout - if this not a bailout, what is?


Frankiepo: ‘Citing sources, The Star reported KWAP will be paying about RM2,300 per sq ft (psf) for the land intended for its new headquarters’. According to the report, the rationale was that KWAP is presently renting its present headquarters at Menara Yayasan Tun Razak at RM4 psf and the move is a “natural step”.


RM2,300 against RM4 is equivalent to 575 months of rental, that's almost 48 years. What about the cost of the building and furnishings? Is this a natural step?


Hmmmmmmmm: RM4 psf to RM400 psf may be considered a natural step but not RM4 psf to RM40,000 psf (including building cost) when the building is finally ready. I can't imagine that spending RM1.2 billion of retirement funds can be considered a good investment for the retirees.


If they really need headquarters they can spend a lot less by buying in a less developed area.


Jonah2: This country has already been sold - we lost our independence years ago. Malaysians just don’t know it.


Ayam RM1...Bila?: Next EPF will want a new headquarters.


Senior: Is 1MDB getting rid of its assets? Will there be enough left to pay of its debts? Since it is owned by the Finance Ministry, will the proceeds of the sale go back to the rakyat?


Headhunter: All contributors should come out strongly to object KWAP’s purchase. Again KWAP is being taken for a ride which will affect our retirement fund negatively. As if stealing Tabung Haji not enough, they now want our retirement money.


If it decides to come to the rescue of 1MDB, we should question the KWAP board's competency similar to how people are questioning the TB board, and call for the resignation of its members if they do not listen.


Ong Guan Sin: If Tabung Haji's misuse of its funds to bailout 1MDB could cause such uproar due to the religious nature of Tabung Haji, what about the pension fund - the hard-earned money of nameless workers who eventually will depend on it for their twilight years?


Malaysians must see this as evidence that the pirates behind 1MDB spare nothing - they rob all the big funds which lack proper guards and trustees.


Vijay47: Since I am presently in a state of acute shock, not syiok, I can only ask simple questions. So tell me, the financial wizard who came out with the current merry-go-round of real property acquisition and disposal, is he the same guy who wrote Najib's RM1 Chicken, Help-Me-Help-You and Kangkung speeches?


Jesse: How to make easy money the Umno way? Get cheap land from government (rakyat) and then sell it at exorbitant prices to institutions run by cronies using rakyat money. Any fool can make money like that. The rakyat is screwed twice and often, further down the line too. In the meantime, money is siphoned off into many pockets. What a way to run a nation.


Fair Play: If the EPF board jumps into the fray (agreeing to buy the TRX land) I can't imagine how high the temperature will rise before the EPF contributors explode.


The Analyser: I would have thought that inner city land where there is already a gross oversupply of office space was a very poor investment for any superannuation organisation.


Anonymous #19098644: The Bugis pirate gang is running amok over all the Trust Funds in Malaysia. This will bring our financial situation to ruin and destroy the hard earned pension and retirement funds and pilgrimage funds of the rakyat.


It is also damning that they are trying to sell the land almost RM500 less than what they sold Tabung Haji. Is this not cheating the stakeholders of Tabung Haji?


Basically: TRX is a monstrosity. KL is already super congested. Najib once talked about KL as a modern city, well, modern cities are now moving high density activities out of the city, while you are cramming more of them in to make a profit.


The area was once a breathing space in the concrete jungle. Now the greenery is gone but the surrounding areas will continue to choke in jams and smoke.


Anonymous #22175361: All these GLCs are creating a property bubble that will blow up like a giant hydrogen balloon very soon. And no one will bear any responsibility.


Thana55: We have serious issues unfolding. Umno is treating all these GLCs as its kitty. No accountability and no transparency. If not for PKR’s Rafizi Ramli and DAP’s Tony Pua, all these shenanigans would have been swept under the carpet and the rakyat would not have known a thing.


I am now asking all board of directors of the affected GLCs and Najib to resign immediately and a forensic audit be undertaken immediately by an independent (really independent) international audit firm. KPMG excluded.


Bad Head: Tabung Haji , you have been cheated by 1MDB on the land deal. KWAP can buy at a cheaper price. Why not you? Tabung Haji members will be very mad as their investment has not been treated fairly. Isma and Perkasa, what are you both going to do to protect the welfare of Muslims?


Solaris: Looks as though 1MDB got away. It got the money from the sale anyway and left Tabung Haji to deal with it. Why didn't Tabung Haji sell it back to 1MDB and let 1MDB deal with the problem?


Whatsup: Is there no end to this shameless mega-billion cheating debacle involving the heads appointed to run these organisations professionally, and in the best interest of the members and their organisations?


Totally dishonest people they are. Let this 1MDB debacle reveal these evil and dishonest people one by one and then kick them out of their cushy jobs.


Zappy-zapzap: Why must the headquarters of a pension fund (KWAP) be located at such an expensive location? The money spent could be used in a better way to benefit the pensioners. Spending money like there's no tomorrow.


Odysseus: Is this the real reason why the Bank Negara representative in KWAP was removed?


Foodforthought: So our world class financial hub is only attracting local 'investments' by debts transfers. 1MDB makes profits by 'buying' government land at nonsensical prices and selling to GCCs at huge 'profits'. Bail out it is.


Chipmunk: Najib is using all available resources to bailout his 1MDB and soon it will be known as ‘1Malaysia Dalam Bankrupt’.


From Penang: Why can't KWAP buy land direct from the government just like what 1MBD did? Why the need to buy through 1MDB? Is 1MDB the appointed land agent for the government?


RakyatBiasa: Kill 1MDB before it kills us.

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