BERITA DAILY LETTER: From An Observer, via e-mail

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.

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