Bail Out, again?

Is this a bail out exercise? what a shame..... Our taxpayer money is again wasted by our moron politician... Thank Allah, we are oil rich country that can sustain this, but what happen if we don't have oil? Malaysia will be a third world country like Africa, maybe worst...... Think again my friend...

http://www.thestar.com.my/news/story.asp?file=/2008/11/4/nation/20081104135240&sec=nation

Published: Tuesday November 4, 2008 MYT 1:53:00 PM
Updated: Tuesday November 4, 2008 MYT 4:36:25 PM - The Star

Parliament: Is RM5b a 'rescue package' for ValueCap?

By LISA GOH

KUALA LUMPUR: DAP wants to know if the recent RM5bil injection into ValueCap Sdn Bhd is in fact a “rescue package” to repay its RM5.1bil debt due in February next year.

DAP National Publicity secretary Tony Pua (DAP- PJ Utara) said that The Malaysian Insider (www.themalaysianinsider.com) had reported that ValueCap had a RM5.1bil debt to bondholders - the Employees Provident Fund (EPF), Khazanah, and Permodalan Nasional Bhd.

“The latest audited report of ValueCap in 2007 also confirmed that there is an existing ‘long-term deferred liability’ of that amount.

“We call upon the Finance Minister (Datuk Seri Najib Tun Razak) to come out with the truth if they are using the money to repay ValueCaps’s debts,” he told the press here on Tuesday.

He added that the underlying reason for the RM5bil injection was not known, but “it looks extremely suspicious”.

Pua explained that according to documents from the Securities Commission website, ValueCap had issued bonds on Feb 28, 2003 which would mature three years from the date of issuance.

It can be extended for another three years, as allowed in the terms of the bond in 2006.

“So now ValueCap is required to return the monies to the three bond holders come Feb next year.

”We find it very incidental that the Finance Minister had only recently announced an injection of RM5bil to ValueCap to support the flailing stock market.

“His statement can only be described as a half-truth,” he said.

He added that in addition, DAP demands a “full and immediate accountability of ValueCap investments since 2003”.

“We call upon the Finance Minister to withdraw the RM5bil injection which only serves to deal with the symptoms of the global financial crisis,” he said.