10 charges, two courts for one insurance scam

JOHOR BARU: An unemployed man had 10 charges against him in two magistrate’s courts here over an insurance scam involving more than RM1.2mil. Chong Chee Seng, 46, from Taman Soon Chong, in Chaah, Segamat, was alleged to have committed the offences from 1992 to 2002. He pleaded not guilty to all the charges. He was alleged to have committed the offences against two insurance companies at 101, Tingkat 1, Pan Global Plaza, Jalan Wong Ah Fook in Johor Baru, Johor. He was alleged to have submitted false death certificates, burial permits, police reports, attending physician’s statements and medical reports under the names of 10 people. He was also accused of cheating the insurance companies into making policy payouts over the alleged deaths of the policyholders. He was charged with five counts in each of the two magistrate's courts he was brought to. In the first court presided by magistrate Rasidah Roslee, the offences involved a sum totalling more than RM751,000. Rasidah fixed bail at RM39,000 for all the five charges. In the second court presided by magistrate Nor Shahid Abd. Malik, the sum involved in the charges was more than RM499,400 and bail was fixed at RM27,000. Both Rasidah and Nor Shahid fixed March 26 trial. The accused failed to post bail.


13 December 2007, By The Star

EPF announces details for housing loan monthly instalment withdrawal

14-12-2007: EPF announces details for housing loan monthly instalment withdrawal
by Lim Yu Min
Email us your feedback at fd@bizedge.com

KUALA LUMPUR: The Employees Provident Fund (EPF) on Dec 14 laid out details for the housing loan instalment monthly withdrawal that was first announced by Prime Minister Datuk Seri Abdullah Ahmad Badawi in Budget 2008 last September.

Effective Jan 1 next year, EPF contributors can withdraw from their Account II to finance home purchases, it said in a statement.

It said EPF contributors with a minimum balance of RM600 in their Account II could withdraw their savings to make monthly payments towards their housing loans, adding that the minimum monthly withdrawal is RM100 for a period of not less than six months, whilst the maximum amount for monthly withdrawal should not exceed the total monthly housing instalment

It said the savings in Account II allocated for this withdrawal cannot be used for other withdrawals. Members must also be below the age of 55, and do not have any housing loan arrears.

The EPF said the payments will be made directly to members’ personal bank accounts on monthly basis.

It said that the EPF will revoke this monthly instalment withdrawal and members will not be eligible to apply for a similar withdrawal in the future in the event of the following:

• Members have a non-performing loan with a financial institution.
• Loans have been revoked/redeemed.
• The house has been sold/auctioned/transferred to another party.
• Members who are convicted of cheating by submitting fraudulent documents/information for this withdrawal.

Currently, members are allowed to withdraw from their Account II for the purpose of building or purchasing a house and settling their housing loan.

EPF said the conditions for the withdrawal are as follows:

• Members must either be the purchaser or builder and the borrower as well as owner of the house or shop house with a dwelling unit.
• Members should have an existing housing loan from an approved financial institution.
• The house has been mortgaged and fully disbursed by the financial institution.
• Withdrawals are applicable for any houses subject to one house for each member, and it is not limited to the same house from previous withdrawals. However, subsequent withdrawals are only allowed for the same house.
• Other forms of refinancing besides housing are not allowed for this withdrawal.

“Members intending to withdraw for the first time are required to complete EPF 9P (AHL) form and provide certified true copies of their identity card with either their bank books or account statements which are still active, confirmation letter on balance of housing loan, sales and purchase or house construction agreement, housing loan approval letter, mortgage form and title deed or deed of assignment."

“For subsequent withdrawals, members need only complete the EPF 9P (AHL) form and submit copies of their identity card together with their bank books or account statements which are still active, and also the latest confirmation letter on balance of housing loan,” it said.

For more information, visit the EPF website at www.kwsp.gov.my.

by theedgedaily.com

Bill Gates’s Wealth

At last count, Bill Gates had an estimated net worth of $42 billion dollars ($42,000,000,000.000). He has earned since his birth an average of $32.31 per heartbeat, and this is escalating. He recently donated $200 million to place computers in libraries across the country. This is 1/210 of his wealth. Here are some other things he could do:
- Pay NBA MVP Michael Jordan’s salary for 1,394 years.
- Give every man, woman and child on the face of the Earth $7.46.
- Pay every California Lottery prize for the next 34 years.
- Fund 158 Mars Pathfinder missions.
- Fund the US Department of Education for 19 years.
- Pay tuition for the residents of Seattle and Tacoma to go to the University of Washington for four years.
- Fund the US presence in the Persian Gulf for 11 months.
- Fund the US peacekeeping forces in Bosnia for 157 years.
- Buy 233,346,297 copies of Microsoft Windows 95.
- Buy 1,680,000,000 copies of his own book, buy more with his royalties from those sales, continuing the cycle and easily the best selling author of all time.
- Make Hanson the most successful musicians of all time by buying 3,529,411,765 copies of “Middle of Nowhere.”
- If he wanted to challenge George Lucas (worth only $2 billion), he could make 227 sequels to “Waterworld,” or 35,000 sequels to “Sling Blade.”
- At the median donation for spending a night in the White House, he could stay in the Lincoln Bedroom for 46,300 years.
- If he wanted to go on a killing spree in Los Angeles County, at the rate that Simpson was charged, he could kill 3,360 people and pay all his attorney fees and punitive damages.
- At the rate of 1/2 ounce per $27 million, he could pay Mike Tyson to eat 1/5 of Evander Holyfield.
- He could fly from Seattle to Paris and back on Air France 45,258,621 times.
- If he wanted to go to a local baseball game, he could buy Seattle Mariners season tickets, all of them, for 411 years, and with his spare change could buy the team and the Kingdome.
- At Denny’s, he could buy a “Grand Slam Slugger Breakfast” for 9,150,326,797 people.
- If he couldn’t get service, he could buy every man, woman and child in China a Big Mac Extra Value Meal, as long as no one “Super Sizes.”
- If they preferred, he could buy 17 billion packages of Top Ramen noodles.
- He must like coffee, and could buy over 6 billion pounds of French roast at his local Starbuck’s.
- Speaking of a cup of coffee, he could support one of those Sally Struther’s foreign kids for 113,341,969 years.
- Perhaps what he need to spend money on most is a new pair of glasses and some hair conditioner.

What do you think? We would appreciate if you could add a comment on this post…

LIAM Calls For Higher Tax Relief For Medical Insurance - Bernama

KUALA LUMPUR, Sept 4 (Bernama) - The Life Insurance Association of Malaysia (LIAM) has called on the government to consider increasing the current RM3,000 tax relief for child education and medical insurance to RM6,000.

According to the association, the current RM3,000 tax relief is not sufficient for a family to plan for their children's education needs and healthcare requirements.

"With the rising costs of education and medical treatment, Malaysians should be encouraged to take up financial planning," it said in a statement Tuesday.

LIAM said the combined tax relief of RM6,000 for life insurance/takaful premiums and contribution to the Employees Provident Fund (EPF) was inadequate.

The association proposed that a separate tax relief be given solely for life insurance premiums.

LIAM also proposed that private pension schemes be established by the government to enable the working population to plan for their retirement.

"The aim is to assist Malaysians to achieve financial independence after retirement. Relying on EPF savings alone is insufficient as retirees would have to ensure their life-time savings could last another 20 to 30 years," the association said.

"There is also a large group of self-employed (about 25 percent of the working population ) who may not have any retirement savings," it added.

Another proposal by LIAM called on the government to review the tax structure of life insurance business by removing the eight percent tax paid by policyholders.

"This is to make life insurance a competitive savings/protection plan compared to unit trusts and bank deposits which are generally tax-free," the association said.

-- BERNAMA

Implement National Health Insurance Carefully, Says Chua

KUALA LUMPUR -- The National Health Insurance Scheme, as proposed in the Ninth Malaysia Plan, has to be implemented carefully to ensure it is accepted by people at all levels of society, Health Minister Datuk Seri Dr Chua Soi Lek told the Dewan Rakyat Thursday. He said while the scheme was proposed with a noble intention to offset the high medical cost borne by the government and the people, the ministry was aware of the implications and obstacles from financing of the scheme. "Planning for the scheme will take into account studies commissioned by the government, inputs and feedback from various parties, including from the public and private sectors and non-governmental organisations. "The government is also studying various models, including experiences of foreign countries," he said in his written reply to Datuk Suhaili Abdul Rahman (BN-Labuan). The scheme, whose implementation mechanism and date have not been finalised, would provide the people better access to medical treatment and help check spiralling medical costs, he said. "The scheme will also provide more flexibility and freedom in opting for the preferred healthcare either in the public or private sector," he said. While the national insurance scheme was compulsory for all Malaysian citizens and permanent residents, the people would not be prevented from buying private health, accident or life insurance, he said. The government would ensure nobody was deprived access to quality, efficient and comprehensive healthcare, he added.

25 October 2007, By BERNAMA