KUALA LUMPUR: Datuk Seri Dr Wee Ka Siong (BN-Ayer Hitam) has called for an independent investigation into the Employees Provident Fund’s (EPF) investment decision involving its shares in Malaysia Airports Holdings Berhad (MAHB).
He criticized EPF’s decision to sell shares at a low price before repurchasing them at a higher price, which he claims has resulted in losses for the rakyat, who are the primary stakeholders of the investment fund.
"The main issue here was the weakness of EPF’s investment decision involving the country’s strategic assets (MAHB) and governance in handling the contributors’ money," he said during the debate on the motion of thanks on the Royal Address in the Dewan Rakyat on Thursday (Feb 6).
He noted that EPF’s shareholding was reduced from 15.5% to 5.79% and was bought back at 30% with a higher share price.
It was reported that EPF sold its shares in MAHB at a lower price and repurchased them at RM11 per share.
"When EPF sold off its shares in MAHB, the price ranged from RM6.74 on Jan 6, 2023, to RM7.70 on Sept 1, 2023, which were the lowest and highest prices respectively in that year.
"This move raised a big question among the rakyat about the investment strategies by EPF and how it managed the funds.
"For me, the decision did not make sense as it had caused losses between RM539mil to RM696mil," he said.
Chong Ze Min (PH-Kampar) stood up and invoked Standing Order 36(12) for misleading the august House over the total number of losses allegedly incurred, stating: "There is no short selling, it is a long position (by EPF)."
Deputy Dewan Rakyat Speaker Datuk Ramli Nor suggested that Chong file a motion if he has the facts to disprove Dr Wee's statements.
Dr Wee questioned the decision to sell off shares when the aviation industry was showing recovery signs from last year.
"During the World Aviation Forum and Changi Aviation Summit in 2022, it was projected that the aviation industry will recover from 2024 and beyond, which means more airport taxes would be collected.
"Why would you sell off the shares? This is the decision that I strongly questioned. Who instructed (EPF) to do so and who approved the decision? Who benefitted from this?
"But for sure, the rakyat is losing," he added.
He emphasized that the controversy involving the management of national strategic assets needs to be addressed.
"Let us call a spade a spade. This is a controversy, involving the management of strategic assets. Where is the logic?" said Dr Wee.
He urged for improved decision-making processes in government-linked investment companies (GLIC), particularly concerning national strategic assets.
"EPF must set a guideline to prohibit the major sales of strategic assets without comprehensive analysis. EPF should also ensure clear and transparent communication regarding any investment decision to recover rakyat’s confidence," he said.
