INSIDER trading. Improper conduct or insufficient oversight for deals worth billions of ringgit, especially when it involves taxpayer monies.
These are but some of insinuations hurtled at the Employees Provident Fund (EPF) and the Madani administration’s recent deals on X (formerly Twitter) by user Anak Malaysia (@Rmalanjum).
The social media influencer who regards himself as a provider of check and balance to both the government of the day and the opposition was highlighting the sale and re-purchase of airports operator Malaysia Airports Holdings Bhd (MAHB) shares by the Employees Provident Fund (EPF).
His apparent unhappiness was that this manoeuvre has cost the retirement fund a huge sum, leading to Anak Malaysia having insinuated that someone, somewhere has profited massively.
Ada dua isu besar yang Perikatan Nasional kena pick up hari ini.
1. Kemungkinan insider trading oleh geng dalam EPF. How come EPF boleh jual shares MAHB pada RM7 – RM9 dan sekarang nak beli balik pada harga RM11.
Kena cari siapa yang benefit. Ini adalah duit rakyat.
2.… pic.twitter.com/AaUDbj4oIp
— Anak Malaysia ✨🇲🇾 (@RMalanjum_) June 26, 2024
The poster also highlighted the award of the LRT (light rail transit) project in Penang directly to SRC Consortium Sdn Bhd sans open tender system, something which the ruling Pakatan Harapan (PH) coalition had vowed not to do in its election manifesto.
Political leanings aside, Anak Malaysia does raise many pertinent issues which are of great public interest. His observations were also shared by social activist and lawyer Siti Kasim on her Facebook page.
Both posts have elicited plenty of comments from concerned Malaysians at the apparent lack of transparency in these dealings.
One netizen applauded the opposition for raising pertinent issues. This was far better than constantly harping on 3R (race, religion and royalty) issues or riding on the Palestine issue to cause discord.
One netizen said such manoeuvres are par-for-course in Malaysia. It is how high-ranking civil servants and those in GLCs (government-linked companies) line their pockets.
Many said they hoped for the opposition to chase for the truth in these matters. But many also pointed out that politicians on both sides of the divide were cut from the same cloth, suggesting that the opposition were guilty of the same when in power or will resort to such tactics when in Putrajaya.
More than one lamented the quality of the opposition parties, calling them ineffective.
While another used this to highlight the MPs’ fat pension and allowance schemes, underlining public perception that they are not doing their job.
Netizens commenting on Siti Kasim’s Facebook page also had their take on these deals.
One pointed out that the EPF had too large a pool of resources to be placed under government purview, saying it needs to have independent overview.
However, some netizens chided the legal eagle for repeating Anak Malaysia’s post which they believe has manipulated the issue. They point out to similar dealings from previous administrations.
One reckoned that said such a move was perhaps intended to boost MAHB’s market value which would be a positive move for the EPF.
Another commentator said the strategy employed by EPF is not new and that greater understanding of the deals are required before jumping to conclusions.
The posts raised a few issues. Firstly, whichever side of the political divide one falls into, the raising of such pertinent issues is to be encouraged. This is the basis of democracy and what civil society is founded upon.
Secondly, the many comments highlighting the ineffectiveness of the Perikatan Nasional (PN) opposition bloc is a major concern. That means there is a lack of effective check-and-balance in place which allows for such alleged abuses to take place.
Thirdly, open discussion and debate of issues related to public monies are preferable to raising the heckles of the rakyat by the constant fanning of 3R flames.
Unlike the recent KK Super Mart sock controversy, this is unlikely to lead to rogue individuals throwing molotov cocktails at EPF buildings or for publicity-hungry politicos unsheathing samurai swords. – June 27, 2024
