Thesun 2008-12-04 Page01 Bill Needs Support Of All

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No. 4653 PP 2644/12/2008 (020369)

Thursday December 4, 2008

TELLING IT AS IT IS

s on Big showre small sc enpg27

» Fewer visitors expected pg2

www.sun2surf.com

» ‘Upset’ Tunku Imran quits Petra Group pg6

news without borders

EPF’s investment income down 60.4% in Q3 KUALA LUMPUR: The Employees Provident Fund (EPF’s) investment income in the third quarter fell 60.4% to RM2.06 billion from RM5.19 billion in the second quarter this year. The income was also lower than RM4.25 billion in the third quarter of last year. The drop was mainly because of the fall in income from equities to RM1.26 billion compared to RM2.54 billion in the second quarter, said EPF in a statement. In line with accounting best practices and as a conservative provisioning

policy, the EPF also made allowances amounting to RM2.29 billion for diminution in value of equity investments due to deterioration in market value. The pension fund invested RM77.68 billion of its assets in equities with the bulk of it in trade and services (38%), finance sector (33.9%) and equity (8.5%). EPF said its income from Malaysian Government Securities (MGS) and loans and bonds posted higher returns compared to the second quarter. In the third quarter, returns from loan and bonds increased 3.1% to RM1.71

billion while the returns from MGS rose 1.4% to RM1.21 billion. EPF invested RM102.37 billion in MGS, RM132.6 billion in loans and bonds, RM17.94 billion in money market instruments and RM1.82 billion in properties. Its income from money market instruments in the third quarter fell to RM142.25 million from RM191.46 million in the second quarter. Returns from properties fell to RM21.53 million from RM22.66 million previously. EPF chief executive officer Datuk Azlan Zainol said the outlook in the

fourth quarter is likely to reflect the full impact of the global meltdown, although there is still hope the local equity market will bounce back due to the country’s competitive edge. Commenting on the latest quarterly results, Azlan said “the EPF has maintained its MGS investments despite the bond market’s recent selloff caused by concerns of inflationary trends triggered by rising transport and energy prices”. “MGS is still a low-risk investment and we will stick to such investments in the best interests of our members.

“In addition to this, we maintain a low risk profile by continuing with our policy of having the majority of our loans and bonds in high-grade companies with credit ratings of AAA or AA,” he said. “The outlook in the fourth quarter is likely to reflect the full-scale impact of the global meltdown, although there is still hope for Malaysian equity market to bounce back as we believe Malaysia’s competitive edge still has the capacity to hold the country in good stead during these difficult times,” said Azlan. – Bernama

Bill needs support of all [email protected]

UALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) Bill which will be tabled on Dec 10 is a law that deserves the support of all Members of Parliament as it will address weaknesses that have plagued the Anti-Corruption Agency (ACA) for so long, blotting its credibility and hindering its effectiveness. Prime Minister Datuk Seri Abdullah Ahmad Badawi said the Bill, once passed will ensure an effective ACA that will eventually contribute to keeping the country’s Corruption Perception Index at low levels and improve public confidence in the administration of the day. “This is why all of us, from both sides of the divide, (must) think about what’s in the best interest of the people,” Abdullah said in an interview with theSun. “I hope everyone will look beyond partisan lines and vote for what is best for the rakyat. This is going to change how the ACA works. You will see a different kind of ACA. One with clout that responds and is answerable to the rakyat,” he said. Abdullah did not reveal details of the Bill, saying he wanted the MPs who will eventually vote on it to have a first look. However, yesterday, theSun, quoting sources revealed that the MACC will see the ACA becoming a commission that reports to Parliament and curbing the discretionary powers of the AttorneyGeneral (A-G)’s office to prosecute. Five advisory and review committees will be set up, each comprising MPs, professionals and one even headed by a retired judge, to further enhance the functions of the commission. “The MACC is part of the reforms I want to introduce before I leave in March,” Abdullah said, adding that his other focus was on setting up the Judicial Appointments Committee (JAC) as well as a special complaints

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I hope everyone will look beyond partisan lines and vote for what is best for the rakyat. This is going to change how the ACA works. You will see a different kind of ACA. One with clout that responds and is answerable to the rakyat.”

commission on enforcement agencies such as the police, immigration and customs. The JAC has received the endorsement of the Bar Council, although it is pushing for a representative on the committee. “Suffice to say we will have people of the utmost credibility and experience. “As long as we have good people on the panel, we will have good people on the Bench,” Abdullah said. He said in terms of procedure, there will be no interference from the Executive in the nominations of

the judicial candidates. “The members of the commission will meet among themselves and decide on names based on secret ballot voting. In fact, we need to safeguard against interference or inappropriate pressure from all parties, not just the Executive,” he said. In the two-hour-long lunch meeting at his home in Jalan Bellamy last week, the prime minister also explained why some of the reforms he promised had fallen short on delivery. Refusing to blame any single

party or individual, he said his reforms were meant to be realised only beyond the second half of his premiership. “You must remember my manifesto in 2004 was not a manifesto to be implemented in four years. That manifesto was for the second half of the period towards 2020,” he said.

» Man on a mission: pages 14-16 » Transparency welcomes an independent MACC: page 4

EPAPIX

by Terence Fernandez

Glad it’s over ... A Thai anti-government protester holds a poster showing Thai King Bhumibol Adulyadej and Queen Sirikit while celebrating the announcement of victory and prior to leaving the Suvarnabhumi International Airport in Bangkok yesterday. Thousands of antigovernment protesters ended their occupation of Bangkok’s two airports yesterday, lifting their week-long siege that has crippled the country’s tourism and export sectors. The first plane to land was a Thai Airways International flight from Phuket. Full report page 10