THE Employees Provident Fund (EPF) has been commended in the first instalment of the Auditor-General’s Report for 2013 for its profitable ways in managing its overseas real estate investments.
“An audit carried out between August and November 2013 found that the management of EPF’s real estate and infrastructure investment in Australia was well managed.”
EPF’s investments for 2013 amounted to RM586.66bil, of which RM14.36bil was in real estate and infrastructure.
It stated that EPF recorded a gross investment income amounting to RM35bil in 2013 compared to RM31bil in 2012 and RM27.2bil in 2011. EPF’s return on investment from real estate and infrastructure amounted to RM1.14bil last year, 122.5% above the targeted annual return of RM930mil.
The investment in real estate and infrastructure last year increased by 10% to RM14.36bil compared to RM13.05bil in 2012.
Gross income from investment rose by 91% to RM1.14bil last year compared to RM596mil in 2012.
Under the Employees Provident Fund Act, EPF is allowed to invest outside of Malaysia with written permission from the Finance Minister.