MCA veep backs Ku Li's call for MACC to probe EPF-MAHB issue
Published: Feb 23, 2025 11:42 AM
Updated: 3:10 PM
Summary
- MCA’s Tan Teik Cheng joins Umno’s Tengku Razaleigh Hamzah in urging MACC to investigate EPF’s sale and repurchase of MAHB shares at questionable prices.
- Tan questions the decision’s transparency, calling for explanations to ensure no abuse of power occurred.
- EPF responded saying it reported RM102 million in profits from the transactions and affirmed its commitment to transparency.
MCA vice-president Tan Teik Cheng has joined Umno veteran Tengku Razaleigh Hamzah in urging MACC to investigate the Employees Provident Fund’s (EPF) decision to sell its stake in Malaysia Airport Holdings Berhad (MAHB) at a lower price and repurchase them at a premium in a short period.
“No rational person would sell low and buy high, especially when EPF’s investments are managed by professionals.
“If such a fundamental mistake was made, it is unacceptable,” he added in a statement.
Tan (above) also echoed concerns previously raised by MCA president Wee Ka Siong, questioning why EPF rushed to offload its stake and who was responsible for the decision.
He said EPF’s funds represent the hard-earned retirement savings of millions of Malaysians and that any investment decisions must adhere to strict standards of transparency and accountability.
“The government and relevant authorities must provide a reasonable explanation for this incident.
“More importantly, MACC must immediately intervene to determine whether there was any abuse of power, conflict of interest, or illegal activity in this transaction,” he added.
Last Friday, Tengku Razaleigh Hamzah described the transaction as illogical and unacceptable and questioned whether EPF received instructions from an external party.
“No rational person would sell low and buy high, especially when EPF’s investments are managed by professionals.
“If such a fundamental mistake was made, it is unacceptable,” he added in a statement.
Tan (above) also echoed concerns previously raised by MCA president Wee Ka Siong, questioning why EPF rushed to offload its stake and who was responsible for the decision.
He said EPF’s funds represent the hard-earned retirement savings of millions of Malaysians and that any investment decisions must adhere to strict standards of transparency and accountability.
“The government and relevant authorities must provide a reasonable explanation for this incident.
“More importantly, MACC must immediately intervene to determine whether there was any abuse of power, conflict of interest, or illegal activity in this transaction,” he added.
Last Friday, Tengku Razaleigh Hamzah described the transaction as illogical and unacceptable and questioned whether EPF received instructions from an external party.
Umno veteran Tengku Razaleigh Hamzah
EPF clarified that the previously cited 2023 price range of RM5.40 to RM7.36 per share was contained in the question posed by an MP in Parliament.
“A full review of all 2023 transactions confirms the verified price range was RM6.80 to RM7.70 per share.
“The total realised profit from these transactions was RM102 million, which includes capital gains and dividends generated by both internal and external fund managers,” it said.
EPF said the earlier figure of RM100.7 million referenced in discussions excluded some dividends received by external managers and has since been reconciled.
EPF clarified that the previously cited 2023 price range of RM5.40 to RM7.36 per share was contained in the question posed by an MP in Parliament.
“A full review of all 2023 transactions confirms the verified price range was RM6.80 to RM7.70 per share.
“The total realised profit from these transactions was RM102 million, which includes capital gains and dividends generated by both internal and external fund managers,” it said.
EPF said the earlier figure of RM100.7 million referenced in discussions excluded some dividends received by external managers and has since been reconciled.
Employees Provident Fund
EPF said its investment in MAHB contributed to the fund’s performance.
As a result, it was able to declare a higher dividend payout for 2023, with 5.50 percent for Simpanan Konvensional (compared to 5.35 percent in 2022), with a total payout of RM50.33 billion; and 5.40 percent for Simpanan Shariah (compared to 4.75 percent in 2022), with a total payout of RM7.48 billion.
EPF said it remains committed to transparency and welcomes constructive dialogue with lawmakers, stakeholders, and the public to ensure its policies continue to serve the best interests of the nation and its members.
EPF said its investment in MAHB contributed to the fund’s performance.
As a result, it was able to declare a higher dividend payout for 2023, with 5.50 percent for Simpanan Konvensional (compared to 5.35 percent in 2022), with a total payout of RM50.33 billion; and 5.40 percent for Simpanan Shariah (compared to 4.75 percent in 2022), with a total payout of RM7.48 billion.
EPF said it remains committed to transparency and welcomes constructive dialogue with lawmakers, stakeholders, and the public to ensure its policies continue to serve the best interests of the nation and its members.
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