Prokhas denies it is seeking RM5bil EPF loan

  • Business
  • Wednesday, 29 Jul 2009

KUALA LUMPUR: Prokhas Sdn Bhd, a company wholly owned by Minister of Finance Inc, yesterday denied a newspaper report that said Prokhas was seeking RM5bil EPF loan.

Managing director Fazlur Rahman Ebrahim said that there had been no deal or “talks” between Prokhas and the Employees’ Provident Fund (EPF) on any loan issues.

“Prokhas itself is not in need of any loan for its operations,” he said in a statement on the report which came out on Monday.

Fazlur said Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) was administering two schemes under the second stimulus package on behalf of the government.

SJPP is the body managing the Working Capital Guarantee Scheme and Industry Restructuring Financing Guarantee Scheme worth RM10bil.

Under the two schemes, the government will guarantee financing provided by the participating financial institutions that meet the relevant criteria.

As of early last week, SJPP had approved guarantees of financing worth RM3.5bil under the schemes, Prokhas said.

The participating financial institutions and the government were fully capable of raising funding for the financing and the guarantee respectively, it said.

“Hence, neither SJPP nor Prokhas has any need to raise funds for the purpose as claimed in the report,” it added. – Bernama

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