The nation’s FREE newspaper
30 sen for delivery to your doorstep
RM5b not
to repay
Valuecap’s
debts
KUALA LUMPUR: The RM5 billion to be
injected into Valuecap Sdn Bhd by the
Employees Provident Fund (EPF) will
not be used to repay its RM5.1 billion
debt due in February, Second Finance
Minister Tan Sri Nor Mohamed Yakcop
said yesterday.
Winding up Budget 2009 at the
committee stage in the Dewan Rakyat,
he said Valuecap’s main shareholders
– Khazanah Nasional Bhd, Permodalan
Nasional Bhd and Pensions Trust Fund
Council – would refinance the loan.
“So far, Valuecap had been able to
pay off all its loan interests within the
stipulated duration and at the same
time, it had also been capable of paying
dividends to its shareholders,” he said.
He also said the RM5 billion injec-
tion did not involve any risk to EPF
contributors. “It is guaranteed 100% by
the government. Valuecap will use the
funds to invest in companies whose
share prices are low but have strong
fundamentals and potential. This is a
good time for Valuecap to invest, being
a long-term investor,” he said.
To comparisons that the injection
was less effective to generate growth as
opposed to direct injection into the real
economy as being done by the US and
China, he admitted that investments
into the real economy were important
and the government had announced
several initiatives to achieve this.
“At the same time, EPF has a role
to channel its funds to support invest-
ments in the real economy. This is part
of its mandate. For example, through
bond holdings offered by the corporate
sector,” he said.
On the high speed broadband
project, Nor Mohamed said it had
been awarded to Telekom Malaysia
through direct negotiation because TM
provided 85% of the country’s
broadband services and possessed the
necessary infrastructure.
The president’s men
TEE KEAT PICKS ALLY SENATE DEPUTY
by Giam Say Khoon
newsdesk@thesundaily.com
UALA LUMPUR: MCA
K
president Datuk Seri Ong
Tee Keat has strengthened
his position in the party by
appointing his allies and trusted
supporters to key positions.
Dewan Negara Deputy
President Datuk Wong Foon
Meng is the new secretary-
general, replacing Datuk Ong
Ka Chuan who lost in his bid
for the deputy presidency.
Corporate leader Tan Sri Tee
Hock Seng is treasurer-general.
Wong also takes over the
Selangor chairmanship from
Tee Keat and Hock Seng the
Federal Territory chairmanship
from Datuk Tan Chai Ho.
Tee Keat also rewarded
his trusted supporters from
the youth wing – youth vice-
chairman Wyman Yoo Wei How
as party national organising
secretary and youth organising
secretary Gan Pen Shieu as
national deputy organising
secretary.
Apart from that, the new
president, who beat former
vice-president Datuk Chua Jui
Meng for the post in elections
last month, also takes over the
chairmanship of Johor MCA
from former party president
Datuk Seri Ong Ka Ting.
Tee Keat announced the
appointments after the party
central committee met for five
hours at MCA headquarters
here, ending a guessing game
over whether he will retain
MEMBER AUDIT BUREAU OF CIRCULATIONS (MALAYSIA)
TELLING IT AS IT IS
New secretary-
general Wong
meets the press.
He vowed to do his
best.
Ka Chuan, the elder brother of
Ka Ting who did not to seek
re-election to take responsibility
for the party’s poor showing at the
March 8 general election.
This effectively curtails the
rise of Ka Chuan, whose housing
and local government ministry
portfolio is now in doubt. He had
lost to Datuk Seri Dr Chua Soi
Lek in the quest to be number two
in the country’s largest Chinese-
based political party.
The secretary-general’s post is
a prized one as it ranks third in the
party hierarchy after the president
and deputy president.
Tee Keat told a press
conference that party leaders
275,000 COPIES DAILY
Award winning newspaper
for public service reporting
and opinion writing.
No. 4637 PP 2644/12/2008 (020369)
Wednesday
November 12, 2008
www.sun2surf.com
PRESIDENT AS MCA SEC-GEN
Again, Tee Keat said it was his
prerogative and he gave no reason
for his decision. He, however,
added that Chua had been made
government policy monitoring
bureau chief.
When approached, Chua said:
“He (Tee Keat) has already made
it clear that it is his prerogative.”
Does he accept the decision: “I
never said I accept.”
He said it was immaterial
whether he was happy or not.
“The members’ happiness is more
important. But I do not know if the
members are happy.”
SAIFUL HIZAM MANSUR/THESUN
On whether he felt he was
sidelined, he told reporters to
analyse it themselves, and that he
did not feel disappointed with the
decisions.
Wong thanked Tee Keat and
said he would do his best to
serve the party. Asked if he was
surprised and felt pressure to hold
the post, he said: “The party had
had spent time going through the given me some time to consider
line-up and it was a list endorsed on the offer. I will do my best
by the central committee. and from the experience I have
On why he picked Wong: “Do in the party and government
not ask me why. In fact, all the administration, I will make
appointments made were based full use of it to enhance and
on the party constitutional powers strengthen the party”.
vested in me and I followed The other state chiefs are Perlis:
exactly what was stipulated in Wanita chief Datin Paduka Chew Mei
the constitution. I don’t need to Fun; Kedah: Lim Lye Huat; Penang:
tell the whole world my prime VP Datuk Liow Tiong Lai; Perak: VP
considerations. Of course, I have Datuk Kong Cho Ha; Negri Sembilan:
my rationale but I do not need to CC member Datuk Yew Chai Thiam;
share with anyone.” Malacca: Youth chief Datuk Dr Wee
Tee Keat also sprang a surprise Ka Siong; Pahang: CC member Datuk
by not naming Chua, who is Hoh Khai Mun; Terengganu: Toh Chin
a supremo in Johor MCA, as Yew; Kelantan: VP Datuk Seri Dr Ng
liaison chairman for any of the 13 Yen Yen; Sabah: Datuk Edward Khoo
states, a departure from tradition. Keok Hai.