PETALING JAYA: An investigation must be conducted into the Employees Provident Fund (EPF) selling its Malaysia Airport Holdings Berhad (MAHB) shares at a lower price and repurchasing them at a premium in a short period, says Datuk Seri Dr Wee Ka Siong.
The MCA president said records show that EPF's equity holdings in MAHB in November 2022 were 15.67%, or 259,917,492 shares.
Dr Wee then added that EPF gradually sold 163,363,080 shares at prices between RM6.74 and RM7.70 per unit until its ownership in MAHB was reduced to 5.97% by December 2023.
He said that just months later, under a general offer (GO), EPF repurchased the disposed shares at about RM11, paying a premium of between RM539mil and RM696mil.
Dr Wee said there are weaknesses in EPF's management of information and planning if it sold the shares without being aware of MAHB's privatisation plans.
However, he added that if it was done deliberately, there could be a lack of transparency by EPF or vested interests by certain parties.
"It is like selling a bunch of bananas for RM10 and repurchasing the same ones for RM20. I am riled up. Where are all the smart people managing a very important organisation in the country,” said Dr Wee.
He added that this involves the funds of 16.1 million EPF contributors.
“Where are the investment experts entrusted to manage the funds? Has EPF become so great and wealthy or is it paying out dividends up to 30% annually? It is not,” saod Dr Wee.
“Hence, how is it that EPF is so generous to pay over RM500mil for the buyback of MAHB shares? This is fishy and illogical. It is not a small sum, and it is insensible of EPF to do so.
This must be investigated as the 'victims' are EPF members or contributors," he added in a video posted on Facebook.
