• 有关丹斯里依尔万或將被委任新任国家银行总裁所引起的争议

    (2016年3月14日)沙登区国会议员王建民博士的媒体文告

    有关丹斯里依尔万或將被委任新任国家银行总裁所引起的争议

    针对《华尔街日报》上周六的报道,现任财政部秘书长丹斯里依尔万或將被委任,取代丹斯里洁蒂,成为新任国家银行总裁,我感到非常费解。[1]

    在此,我想提出依尔万在由财政部99%控股并已累计了数十亿令吉债务的PFI建筑私人有限公司中所扮演的角色。PFI建筑的债务议题是在2013年国家稽查报告中首次被揭弊,显示它在2012的财政年底前便积累了近280亿令吉的债务,在所有官联公司中仅次于马来西亚国家石油公司和国库控股(请参阅下方图一)。

    方图一: Three government owned companies with the highest amount of liabilities in financial year 2012


    Source: Auditor General’s Report 2013

    当时负责掌管政策的财政部副秘书依尔万于2012年被委任为PFI建筑的董事成员。然而,当他被晋升为财政部秘书长后,仍然维持PFI建筑有限公司的董事长的身份。

    稽查报告也促使国会账目委员会(PAC)对PFI建筑展开调查。该报告已在2015年3月被公布,其复印版本还可以透过国会官网下载。[2] 当中,许多包括依尔万的证词,都清楚地显示PFI建筑的成立目的无非就是要从国家预算的账目中隐藏发展开销,好让马来西亚的债务与国家发展总值之间的比例维持在55巴仙以下。值得一提的是,PFI建筑并不是通过私人融资计划来支出开销(如其名之意),因为所有相关的工程项目都没有涉及私人资金。[3]

    实际上,在国会账目委员会的供证期间,依尔万向委员会主席如以下回答般承认这项事实:

    “Ini Tuan Pengerusi, your understanding it very clear. That you know this is off-budget. It doesn’t come in to the government so that why you know our debt level and rating and everything we can maintain”

    依尔万涉及依靠预算外的收支方式来维持国家债务水平和国际评级,不禁让人怀疑和担忧他被委任为国家银行总裁后的责任所在。他会否一贯地套用富有创意的会计手法在其他更敏感的经济数据比如国行官方储备呢?他也会否将通过国家银行的经济报告描绘了我国经济成过度乐观的经济前景,而无法及时地拉起未来的警报如膨胀中的财政赤字所带来的危机呢?

    当依尔万接受The Edge 媒体的电视访问时,针对了PFI建筑的课题提供了一个具有误导性的回答。[4] 他错误地将PFI 建筑底下的工程计划与吉隆坡捷运工程(MRT)相提并论,从中指出两者的投资成本回收期将会非常长。实际上,PFI建筑底下工程计划都无法创造营收。这般混淆的回应不禁让人担忧,尤其在当今国家经济充满挑战的时代,我们迫切需要领导人更清晰的解答和思路来安抚动荡的投资市场。

    市场正盼望一个更有说服力和能干的人来取代丹斯里洁蒂,成为新任国家银行总裁。委任任何三位副总裁之一都足以向市场发出强烈的信号,也就是国家银行的独立性将不被动摇。 若依尔万被委任新总裁属实,只会让市场未来对国家银行的独立性产生更多质疑的理由。

    王建民博士
    沙登区国会议员

    [1] http://www.wsj.com/articles/malaysia-finance-ministry-official-to-be-new-central-bank-chief-1457721640

    [2] http://portal.parlimen.gov.my/ipms/modules/risalat/res/risalat/2015/Laporan%20Jawatankuasa%20Kira-Kira%20Wang%20Negara%20Parlimen%20Ketiga%20Belas%20-%20Prosedur%20Kawalan%20Pengurusan%20Syarikat%20Pembinaan%20PFI%20Sdn%20Bhd%20(Kementerian%20Kewangan).pdf

    [3] The building of schools, for example, is usually financed through the development expenditure of the government budget. The projects, including the building of schools, financed through Pembinaan PFI, are all off-budget expenditure items which means that the government doesn’t have to officially borrow money to finance these projects. Pembinaan PFI, as a 99% MoF owned company, borrowed the money from EPF and KWAP. The Malaysian government has to help Pembinaan PFI service these loans to EPF and KWAP through its operating expenditure or OPEX.

    [4] https://www.youtube.com/watch?v=6HlN7ygkN-c

  • Kemungkinan perlantikan Tan Sri Dr. Irwan Serigar sebagai Gabenor Bank Negara yang baru adalah amat merisaukan

    Kenyataan Media oleh Dr. Ong Kian Ming, Ahli Parlimen Serdang pada 14 Mac 2016

    Kemungkinan perlantikan Tan Sri Dr. Irwan Serigar sebagai Gabenor Bank Negara yang baru adalah amat merisaukan

    Saya telah membaca laporan berita Wall Street Journal pada Sabtu bahawa Tan Sri Dr. Irwan Serigar bin Abdullah, yang kini merupakan Ketua Setiausaha Kementerian Kewangan, akan diumumkan sebagai Gabenor Bank Negara Malaysia (BNM) selepas Tan Sri Zeti Akhtar Aziz.[1]

    Saya ingin membangkitkan beberapa kerisauan berhubung peranan Dr. Irwan dalam kes hutang berbillion ringgit melibatkan Pembinaan PFI Sdn. Bhd yang merupakan syarikat 99% milik Kementerian Kewangan. Pembinaan PFI mula dikenali pada 2013 apabila Laporan Ketua Audit Negara menunjukkan bahawa liabiliti terkumpul syarikat ini hampir mencecah RM28 bilion pada Tahun Kewangan 2012, yang menjadikannya entiti milik kerajaan yang mengumpul liabiliti ketiga tertinggi selepas Petronas dan Khazanah. (Lihat Rajah 1 di bawah.)

    Rajah 1: Tiga entiti milik kerajaan yang mengumpul liabiliti tertinggi untuk Tahun Kewangan 2012


    Sumber: Laporan Ketua Audit Negara 2013

    Dr. Irwan telah dilantik sebagai ahli lembaga pengarah Pembinaan PFI pada tahun 2012 ketika beliau memegang jawatan Timbalan Setiausaha yang menguruskan polisi di Kementerian Kewangan. Beliau dikekalkan sebagai ahli lembaga pengarah Pembinaan PFI setelah dilantik sebagai Ketua Setiausaha Kementerian Kewangan.

    Laporan Ketua Audit Negara telah mencetuskan siasatan oleh Jawatankuasa Kira-kira Parlimen  (PAC) ke atas Pembinaan PFI. Laporan siasatan tersebut dikeluarkan pada Mac 2015 dan boleh dimuat turun dari laman web Parlimen.[2] Testimoni saksi, termasuk Dr. Irwan, jelas menunjukkan bahawa perbelanjaan Pembinaan PFI tidak lain daripada cara kreatif untuk menyembunyikan perbelanjaan pembangunan daripada belanjawan rasmi, dan dengan berbuat demikian, ia mampu mengekalkan nisbah hutang kepada KDNK Malaysia di bawah 55%. Pembinaan PFI sebenarnya tidak dibiayai oleh Program Inisiatif Pembiayaan Swasta (Private Finance Initiative atau PFI) memandangkan tiada wang swasta yang terlibat dalam projek-projek ini.[3]

    Malahan semasa mesyuarat PAC, Dr. Irwan memberi pengakuan berikut kepada Pengerusi PAC:

    “Ini Tuan Pengerusi, your understanding is very clear. That you know this is off-budget. It doesn’t come in to the government so that why you know our debt level and rating and everything we can maintain.”

    Peranan Dr. Irwan dalam menggunakan perbelanjaan luar bajet (‘off-budget expenditure items’) untuk mengekalkan paras hutang dan penarafan menimbulkan kebimbangan terhadap tanggungjawab beliau jika dilantik sebagai Gabenor Bank Negara yang seterusnya. Adakah beliau juga akan menggunakan perakaunan kreatif sebegini bagi data ekonomi sensitif yang lain, seperti rizab rasmi BNM? Adakah beliau akan melakar gambaran positif yang tidak realistik bagi ekonomi Malaysia melalui laporan BNM dan gagal membangkitkan kebimbangan seperti kemungkinan defisit fiskal yang makin berkembang?

    Ketika ditemubual oleh The Edge TV berhubung isu spesifik Pembinaan PFI, Dr. Irwan telah memberi jawapan yang mengelirukan.[4] Beliau telah mengibaratkan projek di bawah Pembinaan PFI dengan projek MRT, dengan menyatakan tempoh pulangan balik adalah dalam jangka masa yang panjang. Namun hakikatnya adalah kebanyakan projek Pembinaan PFI tidak mampu untuk menjana pendapatan. Kekeliruan seperti ini amat merisaukan terutamanya ketika keadaan ekonomi yang kini agak mencabar dan ketika penerangan yang jelas teramat diperlukan bagi menenangkan pasaran.

    Kini, pasaran mahukan seseorang yang berwibawa bagi menggantikan Dr. Zeti sebagai Gabenor BNM yang baru. Pelantikan salah seorang daripada tiga Timbalan Gabenor BNM yang sedia ada pastinya memberi isyarat jelas kepada pasaran bahawa kebebasan BNM akan dikekalkan. Perlantikan Dr. Irwan, jika benar-benar berlaku, tidak akan menenangkan pasaran malah akan menimbulkan lebih banyak persoalan berhubung kebebasan BNM pada masa hadapan.

    Dr. Ong Kian Ming
    Ahli Parlimen Serdang

    [1] http://www.wsj.com/articles/malaysia-finance-ministry-official-to-be-new-central-bank-chief-1457721640

    [2] http://portal.parlimen.gov.my/ipms/modules/risalat/res/risalat/2015/Laporan%20Jawatankuasa%20Kira-Kira%20Wang%20Negara%20Parlimen%20Ketiga%20Belas%20-%20Prosedur%20Kawalan%20Pengurusan%20Syarikat%20Pembinaan%20PFI%20Sdn%20Bhd%20(Kementerian%20Kewangan).pdf

    [3] Sebagai contoh, pembinaan sekolah biasanya dibiayai melalui perbelanjaan pembangunan dari belanjawan kerajaan. Projek-projek yang dibiayai melalui Pembinaan PFI (termasuk pembinaan sekolah) kesemuanya merupakan perkara ‘off-budget expenditure’ (perbelanjaan di luar belanjawan) yang bermaksud bahawa kerajaan tidak perlu meminjam wang secara rasmi untuk membiayai projek-projek tersebut. Pembinaan PFI, sebagai syarikat 99% milikan Kementerian Kewangan, telah meminjam wang dari KWSP dan KWAP. Kerajaan Malaysia perlu membantu Pembinaan PFI membiayai hutangnya kepada KWSP dan KWAP melalui perbelanjaan operasi atau OPEX.

    [4] https://www.youtube.com/watch?v=6HlN7ygkN-c

  • Possible appointment of Tan Sri Dr. Irwan Serigar as the next Bank Negara Governor raises concerns

    Media Statement by Dr. Ong Kian Ming, MP for Serdang, on the 14th of March, 2016

    Possible appointment of Tan Sri Dr. Irwan Serigar as the next Bank Negara Governor raises concerns

    I read the disturbing news reported by the Wall Street Journal on Saturday that Tan Sri Dr. Irwan Serigar bin Abdullah, the current Chief Secretary of Ministry of Finance, will be named as the new Central Bank Governor of Malaysia after Tan Sri Zeti Akhtar Aziz.[1]

    I want to raise some concerns regarding Dr Irwan’s role in multi-billion ringgit debts of Pembinaan PFI Sdn Bhd, a 99% Ministry of Finance owned company. Pembinaan PFI first rose to prominence when the 2013 Auditor General’s report showed that it had accumulated liabilities of close to RM28 billion at financial year end 2012, putting it only behind Petronas and Khazanah among government owned entities (See Figure 1 below).

    Figure 1: Three government owned companies with the highest amount of liabilities in financial year 2012


    Source: Auditor General’s Report 2013

    Dr. Irwan was appointed to the board of Pembinaan PFI in 2012 when he was the Deputy Secretary in charge of policy in the Ministry of Finance (MoF). After he was promoted to Chief Secretary of the MoF, Dr. Irwan remained as a director of Pembinaan PFI.

    The Auditor General’s report prompted a Parliamentary Accounts Committee (PAC) investigation into Pembinaan PFI. The PAC report was released in March 2015, a copy of which can be downloaded from the parliament’s website.[2] The testimony of the witnesses, including Dr. Irwan, clearly showed the spending incurred by Pembinaan PFI is nothing more than a creative way to hide development expenditure from the official budget and in doing so, artificially keep Malaysia’s debt to GDP ratio at below the 55% mark. Pembinaan PFI is not funding expenditure through private finance initiatives (which its name implies) since there is no private money involved in these projects.[3]

    Indeed, during the PAC meeting, Dr. Irwan admitted as much when he said the following to the Chairman of the PAC:

    “Ini Tuan Pengerusi, your understanding is very clear. That you know this is off-budget. It doesn’t come in to the government so that why you know our debt level and rating and everything we can maintain.”

    Dr. Irwan’s role in relying on off-budget expenditure items in order to maintain our official debt levels and ratings raises concerns about his responsibilities as the next Bank Negara Governor. Will he also rely on creative accounting for other sensitive economic data such as BNM’s official reserves? Will he paint an unrealistically positive account of the Malaysian economy via BNM’s economic reports and fail to flag areas of concern such as the possibility of a growing fiscal deficit?

    When asked by The Edge TV on the specific issue of Pembinaan PFI, Dr Irwan gave a misleading answer.[4] He likened the projects under Pembinaan PFI with the MRT project, stating that the payback period is over a very long horizon while in actual fact, most of the projects under Pembinaan PFI are not capable of revenue generation. This kind of obfuscation is also worrying especially during these economically challenging times when clarify of thought and explanation are needed in order to assure the jittery markets.

    The markets are looking for a steady pair of hands to replace Dr. Zeti as the next BNM governor. Any of the three current Deputy Governors would have sent a strong signal to the markets that the independence of BNM will be maintained. The appointment of Dr. Irwan, if true, does not give any reason for the markets to be assured and in fact raises more questions about the independence of our central bank moving forwards.

    Dr. Ong Kian Ming
    Member of Parliament for Serdang

    [1] http://www.wsj.com/articles/malaysia-finance-ministry-official-to-be-new-central-bank-chief-1457721640

    [2] http://portal.parlimen.gov.my/ipms/modules/risalat/res/risalat/2015/Laporan%20Jawatankuasa%20Kira-Kira%20Wang%20Negara%20Parlimen%20Ketiga%20Belas%20-%20Prosedur%20Kawalan%20Pengurusan%20Syarikat%20Pembinaan%20PFI%20Sdn%20Bhd%20(Kementerian%20Kewangan).pdf

    [3] The building of schools, for example, is usually financed through the development expenditure of the government budget. The projects, including the building of schools, financed through Pembinaan PFI, are all off-budget expenditure items which means that the government doesn’t have to officially borrow money to finance these projects. Pembinaan PFI, as a 99% MoF owned company, borrowed the money from EPF and KWAP. The Malaysian government has to help Pembinaan PFI service these loans to EPF and KWAP through its operating expenditure or OPEX.

    [4] https://www.youtube.com/watch?v=6HlN7ygkN-c

  • Axing selected athletic events at the 2017 KL Sea Games shows just how short sighted we are

    Opinion Piece by Dr. Ong Kian Ming, MP for Serdang, on the 1st of March, 2016

    Axing selected athletic events at the 2017 KL Sea Games shows just how short sighted we are

    Imagine this. It’s approaching the 2012 London Olympics. The United States Track and Field association decides not to send any Americans to compete in the 10,000m event at the Olympics because they thought there was no way that any American could win a medal against the African runners. After all, the last time an American medalled in this event was way back in 1964 in Tokyo. For 5 consecutive games since the Seoul games in 1988, every single medallist in this event was from Africa. The only person who could challenge the African dominance in this event was Britain’s Mo Farah and he wasn’t about to convert his citizenship anytime soon. Of course, this didn’t happen. The US sent a full contingent of 3 runners to compete in this event. One of them, a white kid from Oregon, outsprinted his African rivals to take the silver medal behind Mo Farah. It was the first medal for the Americans in this event in 48 years.

    I bring up this example in light of the recent news that Malaysia has proposed to remove eight athletic events – the men’s and women’s marathon, the men’s and women’s 10000m, the men’s and women’s 3000 steeplechase, the decathlon and the heptathlon – from the 2017 South East Asian (SEA) games in Kuala Lumpur.[1] It was reported that the likely reason for this decision is due to the fact that Malaysia does not have any medal contenders in these events. While the host country has some leeway in choosing to include or exclude certain events from the SEA games – think fencing (out) or speed skating (in) – it is unprecedented for these events to be excluded from the line-up of athletic events. The men’s 10000m had been run since the first SEA games in 1959, the decathlon, 3000m steeple chase and marathon since 1965. The women’s marathon debuted in 1983, the 10000m in 1987 and the heptathlon in 1965.

    An equivalent would be if a country decided to leave out mixed doubles from the badminton line-up because it did not have any medal contenders in this particular badminton event.

    The authorities in charge – whether it is the Malaysian Athletics Federation (MAF) or the Olympic Council of Malaysia (OCM) – should have anticipated the backlash from neighbouring countries over this ludicrous move. There is now talk that certain countries would boycott events such the triple jump, high jump and the discus, all events which Malaysia has medal contenders in.[2] Worse still, Asia’s governing track authority, the Asian Athletics Association (AAA) has said that it would not sanction the holding of the athletics events at the SEA games in KL if these events are excluded from the overall line-up.[3]

    My best guess is that these events will eventually be restored to the athletics line-up as a result of the public backlash and the protests from other countries. These countries have until the middle of March to file their official appeals. But the larger question which this episode has revealed is the fact that Malaysia does not seem to have any plans to develop athletes in these events where we don’t have any medal contenders. This was not always the case.

    Malaysian legend M. Ramachandran dominated the 10000m for almost a decade by bringing home the SEA games gold medal four times from 1993 to 1999. Dlibaugh Singh Kler won the 3000m steeple chase in three consecutive SEA games when the event was first introduced in 1965. Mohd Malik Ahmad Tobias took home the decathlon gold twice – in 1999 and 2003. Yuan Yufang, better known for her dominance in the 20km walk event, also took home the women’s 10000m gold medal in 1999. Zaiton Othman took home three SEA games gold medals in the heptathlon in the 1980s.

    At a time when long distance running and triathlons (which is also being omitted from the 2017 SEA games) are becoming more and more popular in Malaysia, we should be encouraging the development of young talents in these events even if we do not have medal contenders at the moment. After all, the aforementioned Galen Rupp finished 13th in the 10000m in the 2008 Beijing Olympics. With a greater number of willing sponsors such as Garmin, Ultron and Amnig, the Malaysian Athletics Federation should be jumping on the bandwagon to promote long distance running and triathlon, instead of keeping quiet and passing the buck to the OCM.

    At last weekend’s Tokyo Marathon, Edan Syah, achieved a personal best of 2 hours 38 minutes and 55 minutes and was the fastest Malaysian in the race.[4] This timing would have placed Edan in 5th position at the 2015 Sea Games in Singapore. If the marathon is excluded from the 2017 SEA games, athletes like Edan would not know how they will fare against the best runners from the region. And Malaysian athletics would suffer as a result.

    Dr. Ong Kian Ming
    Member of Parliament for Serdang

    [1] http://www.themalaymailonline.com/sports/article/whos-to-blame-for-the-2017-sea-games-athletics-events-fiasco

    [2] http://www.todayonline.com/sports/athletics-sea-games-could-be-under-threat?singlepage=true

    [3] http://www.channelnewsasia.com/news/singapore/athletics-at-sea-games/2546972.html

    [4] https://www.facebook.com/edansyah/posts/1685159695100595:0

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