Home TA Online 2017 TA Online Who is sabotaging the economy, really?

Who is sabotaging the economy, really?

Rafizi Ramli

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The true economic saboteurs or Malaysia are those who make doubtful or dubious investments using public funds, only to see their value drop over the years, says An Observer.

It is preposterous and ridiculous that Rafizi is being branded as an economic saboteur for ‘warning’ the state-managed funds that are holding the Rakyat’s money to stay away from ventures that have burned them in the past.

What is wrong with that? It is no different from our parents telling us to invest wisely and not follow the herd and get our fingers burned.

If nothing, Rafizi is just speaking up for the silent millions who have millions of ringgit tied up in the Employees Provident Fund, Lembaga Tabung Haji and Amanah Saham Nasional.

We have no say on the EPF as the contributions are compulsory, and depositors are not directly represented at the EPF level. It is a similar story at Lembaga Tabung Haji, where one needs to deposit the minimum required for pilgrimage purposes. Maybe Amanah Saham Nasional can be said to be ‘voluntary’ as we can take our money out if we don’t like the investment decisions – but then where do we put it? In Felda?

You mean Rafizi is such a hotshot venture capitalist investment banker ala Warren Buffet that all and sundry would immediately take his advice and stay clear of any proposed offering of shares?

Fund managers and investment bankers have no allegiance; they will do their own homework and make the necessary decisions on behalf of their shareholders and clients accordingly. So why would they listen to Rafizi on this occasion? If they had listened in the past, then the losses of some of the government-linked investment companies who take risks with our savings – but take orders from others – would not have happened.

It is about time that the EPF, Amanah Saham Nasional Bhd and Lembaga Tabung Haji have annual general meetings ala Berkshire Investments at which investors get to ask serious questions and hold their boards accountable.

The EPF especially is a compulsory fund for Malaysian workers; yet we have absolutely no say at all. It is time an annual general meeting is convened so depositors can pass resolutions that are binding on the EPF. The EPF and all the other entities entrusted with the Rakyat’s hard-earned money are not banks or lenders of last resort for authorities to use when they get stuck.

The real economic saboteurs of Malaysia are those who are reckless with our tax ringgit, wasting it on projects that are not beneficial to Malaysia in the long run while cutting allocation for education and healthcare.

The real economic saboteurs of Malaysia are those who are clueless in managing our nation finances.

The real economic saboteurs of Malaysia are those who make doubtful or dubious investments using public funds, only to see their value drop over the years.

The real economic saboteurs of Malaysia are those who keep increasing our administrative expenses while reducing our development expenditure – which is bad for the future of the nation.

The real economic saboteurs of Malaysia are those who keep borrowing money to spend on the sort of acquisitions and ventures that Malaysia does not need.

An Observer is the pseudonym of a casual follower of the non-stop shenanigans played out in the public sphere and at times can’t stop the urge to write and join in the merriment.

The views expressed in Aliran's media statements and the NGO statements we have endorsed reflect Aliran's official stand. Views and opinions expressed in other pieces published here do not necessarily reflect Aliran's official position.

AGENDA RAKYAT - Lima perkara utama
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Yee Yoon Ming
14 Jul 2017 9.51pm

Portfolio over diversified, herd mentality, judgemental error..allow race emotions to interfere were the true culprit of self-saboteur. Average investor only earns 2% a year while stock earns an average of 8%…why the discrepancy. Rather bet on casinos.

Kok Kooi Goh
13 Jul 2017 9.14am

Reliable article to read, refer, and understanding the Malaysian current national issue. Good to know Aliran since my school time back to 1985.👍

Fami Isa
10 Jul 2017 8.29pm

Truly the people who steal the public money, illicitly convert it to foreign funds, illicitly bring it out of the country, to buy properties and expensive trinkets, are the ones who are sabotaging the economy.

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