"...deal halted after several former directors alerted the EPF, but not before the fund had paid the RM1.5m deposit". The statement as highlighted in the Star (Jan 5 2007) suggests that the EPF panel in charge of performing initial due dilligence on the aquiree company must have been sleeping on their jobs.
The EPF has the cheek to say that "stringent procedures and guidelines are in place to ensure all investment transactions are carried out in the most effective and transparent manner.". Effective? Then how on earth did they they issue RM1.5m cheque to a director whose company is already defunct (on on the verge of it), and now they have to incur expenses to retrieve the deposit? As for transparency, how did the EPF part with such a large sum of money to one single person who does not even own the whole company but sold 100% of it to EPF? Who was involved in this particular negotiation from the EPF side? When can EPF retrieve the sum? Can it be retrieved?
Let us have the answers for the sake of transparency. This is the people's money, and it is sickening when a single person can walk up to EPF selling a company on the verge of collapse and walk away with RM1.5m.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment