Politicising ASB return only open more Pandora box

PNB Chairman, Tan Sri Abdul Wahid Omar announced a return of 8.25% to ASB accountholders.

It was the result of a long effort to restructure the investment portfolio. Since taken over the Chairmanship, Wahid has set a higher ambitous target for PNB and ASB/ASN.

To reflect their more ambitous posture, PNB is building a new headquarter near Stadium Merdeka.

Zakhir Mohamed wrote in his FB to briefly explain ASB's performance:

PNB consolidated assets are standing at RM228b for the various unit trusts and RM41b for PNB’s own proprietary fund.

The biggest unit trust fund is ASB with 13 million depositors, with 217b units of ASB. 

Yesterday PNB announced ASB fund would provide a yield valued at RM10.7b to 9.1 unit trust holders. 

Of this, 7.5 unit trust depositors shall effectively earn 8.25% in dividends, bonus and special bonus. 

More than 13million Malaysians have unit trusts invested in firms like Maybank, Sime Darby, Etiqa Insurance, UMW, Perodua, I & P Group, S P Setia, CCM, Prolintas and a few hundred other firms. 

That, is a solid formula of prudent investment, asset management and good corporate leadership and governance, coming to 40 years now. 

Unfortunately, there are those political propagandist with misplaced sense of politics and could not distinguish between politics and rational commentary on policies.

If politics is what the want as an answer, they could try answer Salahuddin bin Hisham exposure in his FB, below using politics:

ITS NOT A MAHATHIR MAGIC TRICK! THE 8.25% ASB RETURN IS FOR REAL ... 

Back in the late 80s, yours truly had the pleasure and few cases of displeasure of knowing quite few early founders and "technicians" behind PNB, particularly ASN Scheme. 

One argument seldom used against ASN, which was established under Tun Hussein Onn, was that they got the shares for cheap.  

For example Pernas was directed to transfer to PNB shares of MMC at par. That is many times below market price. There were many more. 

The counter argument by the PNB people was that they designed an ingenius structure of reserve fund to store return and act as balancer for sustainable high return over a long period of time. 

Still, it does not negate the forced transfer of MMC and many shares of other govt agencies at par.  

So the new argument arise was why the need for PNB and ASN when already in existence are MARA and Amanah Saham MARA established by Tun Razak.  

And another argument is that with transfer made at par, any "#kelingkeralakutty bunting" also can do.
That is water under the bridge. 

Through his regime, Tun Dr Mahathir did nothing significant for PNB and ASN. No major govt contract given or any privatisation proposal approved to PNB group.  

For the mass Bumiputera, the benefit of the robust growth from an economic model based on subsidised oil-privatised toll roads-Proton was not shared down.
Before any Chap Bunga jump and get crazy, it is the exact words of one Chairman of a major PNB subsidiary, member of the BOD of PNB and member of BOD of most major PNB companies.

It is not pluck from the sky. 

Coincidently, the late Tan Sri, who was a retired illustrous, honest and sincere government servant, was Chairman of an endeavour of mine through the 90s, the Company's demise and his return to his Maker (Al fatihah). 

To prove the point further, the Bakun project initiative, in which feasibility was done by MMC in the 80s, was hijacked. MMC was merely offered subscription in shares of BHEC at pre-listing "market" price.

These revelation is merely to tell that by now, the "reserve" was not replenished and should naturally be depleted.  

There was also the voluntary conversion of ASN scheme to ASB. Believed it was in year 2000. 

Over many years, if not decades, there was no more phenomenol return and return was fair i.e. nothing spectacular for ASB and ASN. 

PNB have since been rebuilding and restructuring its investment portfolio.  

To make the blatant accusation that 8.25% return is "gula-gula pilihanraya", that is purely juvenile allegation and amaterish political psyop which failed to understand the working and legality of ASB and ASN operations. 

The return must come from profit, dividends paid and capital gains of investment made which are accumulated into trust fund.  

Its sheer nonsense that government could fork out money to pay ASB and ASN dividends. 

There are external trustee that monitor trust fund accounts. One can jailed for manipulating account of trust fund and "*ucking" with the Trustee Act!

TS AWO and Dato Rahman are not idiots to stick their head and risk their freedom. 

Credit must be given where it is due. The leadership and financial genius of AWO, mathematical wizardry of Rahman and their team pulled off the final touches of the restructuring process. 

It is a feat done without the "tongkat" mentality Melayu have been accustomed to but from sheer effort. 

For too long, Malaysians were lulled by the false sense of success created by Mahathir's propaganda media machine. 

Behind the facade and knowledge of the public, billions are swindeled into the local and overseas bank accounts of proxies, cronies and family throughtout his regime.  

No such magic trick now. The ASB return is for real. Accept it.  

It is an effort made over time. 

Any more politics?

There are stimany more Pandora boxes in numbers which will put Ezam Md Nor to shame...