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Judul : WHO WILL PROTECT MALAYSIAN PENSIONERS – MACC TURNS A BLIND EYE: HADI’S WARNING OF 1MDB-TYPE PROBLEMS SHINES SPOTLIGHT ON EPF-OSK MELBOURNE DEAL
link : WHO WILL PROTECT MALAYSIAN PENSIONERS – MACC TURNS A BLIND EYE: HADI’S WARNING OF 1MDB-TYPE PROBLEMS SHINES SPOTLIGHT ON EPF-OSK MELBOURNE DEAL
WHO WILL PROTECT MALAYSIAN PENSIONERS – MACC TURNS A BLIND EYE: HADI’S WARNING OF 1MDB-TYPE PROBLEMS SHINES SPOTLIGHT ON EPF-OSK MELBOURNE DEAL
As previously reported on this blog:
And of course, there are ,as has also been previously reported:
Wednesday, April 12, 2017
OSK’s fast profit of AUD 40m will not turn into a long term gain for EPF:Sharil is not providing any guidance on potential returns from its Melbourne investment,instead promises all will be well……
by Ganesh Sahathevan
Shahril: ‘We have a fair number of assets in Australia.’
Shahril of the EPF was quoted by The Star, justifying its recent investment in Melbourne:
The Employees Provident Fund (EPF) is optimistic that its latest venture into the Australian property market will yield long-term returns, despite speculations (sic) that the housing sector is headed for a glut.
EPF chief executive officer Datuk Shahril Ridza Ridzuan said the project would span over 15 years.
“Australia is a market that we’re comfortable with and we’ve been there for a while already,” he told reporters on the sidelines of the IFN Forum Asia 2017, yesterday.
“For a fund like ourselves, given the long-term liabilities that we manage, the key focus for us over the past few years is to build a solid infrastructure and property assets, and in the property space we’ve very much focused on long-term assets with 10 to 20 years of yield.”
These are very nice sentiments, but EPF has already handed Ong Leong Huat and family a profit of about AUD 40 Million (not bad for about 3 years work) , As previously reported on this blog:
That AUD 175 Million loan that the EPF has so generously taken out in favour of Ong Leong Huat and family , helping them finance the project which they still control (they own 51%) will lead to an immediate CASH outflow at the EPF in interest payments.
The income stream, can only be in dividends, which the 51% decides, and only if there is a profit. Keep in mind that those in charge of a project can get money out of it so many, many , may different ways ; management fees are just the start. And remember, the Ong’s have already made AUD 40 million, or about RM 120 Million.
This statement is meant to fool contributors, and seems not very likely in the case of this project:
“For a fund like ourselves, given the long-term liabilities that we manage, the key focus for us over the past few years is to build a solid infrastructure and property assets, and in the property space we’ve very much focused on long-term assets with 10 to 20 years of yield.”
“For a fund like ourselves, given the long-term liabilities that we manage, the key focus for us over the past few years is to build a solid infrastructure and property assets, and in the property space we’ve very much focused on long-term assets with 10 to 20 years of yield.”
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