the blogging syed shahir

Syed Jaymal Zahiid (Malaysiakini)

A memorandum drafted by the Malaysian Trades Union Congress (MTUC) protesting against the RM5 billion loan from the Employees Provident Fund (EPF) to ValueCap Sdn Bhd to invest in the stock market, was handed over to Pakatan Rakyat MPs in Parliament today.

MTUC president Syed Shahir Syed Mohamud who handed over the memorandum said the body was concerned with the government’s decision to use workers’ money to invest in the stock market, given the current climate of economic uncertainties.

“Each ringgit from the EPF is a result of the hard work by workers in this country.

“In recent volatile conditions of the stock market, using workers’ money to invest is unfair for them,” he told a press conference today.

Two months ago, the government came under heavy attack when it announced that RM5 billion from the EPF would be used to invest in companies with low share prices but strong potential.

Many quarters, however, alleged that the government had actually intended to bail out ValueCap from debts that are due in Feb 2009.

On Nov 11, Second Finance Minister Nor Mohamed Yakcop dismissed the claims in Parliament, stressing that the money would be used to invest in underperforming stocks.

He further echoed Deputy Prime Minister and Finance Minister Najib Abdul Razak’s assurance to EPF contributors that the amount is “100 percent guaranteed” by the government.

Anwar: Unfair to gamble away workers’ money

Shahir, however, said although the government had assured the people that investments would only be made on secure shares, workers were worried that their money would actually be spent to save crony shareholders.

“Who will be benefitting from these investments? We don’t want the RM5 billion taken from our savings to be wasted by going to shareholders with vested interests,” stressed Shahir.

He said it was better for the government to invest in sectors that would promise a secure income.

Opposition Leader Anwar Ibrahim, PAS’ Dr Hatta Ramli, DAP’s
P Ramasamy and PKR’s Abdullah Sani received the memorandum today.

Shahir said the memorandum was also handed over to a representative of the Finance Ministry this morning in Putrajaya.

Anwar, commenting on the matter, said the Pakatan coalition had already issued a statement protesting against the government’s move.

“Workers money is being gambled for the interests of certain selected and crony companies. This is unjust when we know the global economic scenario.

“In the current condition, to take EPF money to save a few crony companies is so unjust as it would be the workers that would be most pressed by economic pressure (given the global economic slowdown),” he said.

By LEE YUK PENG and LOH FOON FONG (The Star)

KUALA LUMPUR: Opposition Leader Datuk Seri Anwar Ibrahim (PKR - Permatang Pauh) says former de facto Law Minister Datuk Zaid Ibrahim is welcome to join PKR.

Despite admitting that he spoke to Zaid after the latter tendered his resignation as a minister, Anwar said he would give Zaid the space and time to reflect instead of pushing him to join the party.

“He is an asset to the nation.

“This is his choice. We are comfortable with him. We have seen him firmly defending human rights.

“He is committed to his principle against the draconian law,” said Anwar referring to Zaid’s stand against the use of the Internal Security Act (ISA).

Zaid resigned as a minister and senator on Sept 17 after he disagreed with the Government’s decision to detain a journalist, a blogger and a Pakatan MP under the ISA.

Anwar on Wednesday said Umno’s move to sack Zaid for attending the PKR function was intolerant and harsh.

He said this to reporters after meeting with Malaysian Trade Union Congress (MTUC) president Syed Shahir Syed Mohamud at the Parliament Lobby.

Syed Shahir said MTUC had presented a memorandum to the Finance Ministry against the use of RM5bil from the Employees Provident Fund for Valuecap Sdn Bhd.

Syed Shahir said MTUC was concerned with the usage of funds from workers’ hard earned money.

DAP Parliamentary Leader and Ipoh Timor MP Lim Kit Siang said the DAP is prepared to receive Zaid if he wants to join the party.

“Our doors are open,” he said.

Umno sacked Zaid on Tuesday for attending events organised by several opposition parties.