EPF, KWAP invested over RM3bil in 1MDB and subsidiaries

KUALA LUMPUR: The Employees Provident Fund (EPF) and Retirement Fund Inc (KWAP) have both invested in 1Malaysia Development Berhad (1MDB) and its subsidiaries.

In a written response to Rafizi Ramli (pic) (PKR-Pandan), the Finance Ministry said that EPF had subscribed to RM200mil in bonds issued by 1MDB in 2009.

The bonds, the ministry added, were guaranteed by the Government.

“EPF also has exposure of RM1.5bil to 1MDB subsidiaries, Panglima Power Sdn Bhd (PPSB) and Jimah Energy Ventures Sdn Bhd (JEV),” said the reply.

The ministry said the EPF’s investment in these subsidiaries, PPSB and JEV, took place in 2003 and 2005 before the government investment arm took over the companies in 2012 and 2014.

The ministry added that KWAP has invested a total of RM1.4bil in 1MDB and its subsidiaries as of Mar 31.

They were JEV, Bandar Malaysia Sdn Bhd, 1MDB Energy Limited and 1MDB Global Investment.

In his question, Rafizi had asked the Finance Ministry to state the details of KWAP and EPF investments in 1MDB and its subsidiaries, including its former subsidiary SRC International Sdn Bhd as of Mar 31.