PETALING JAYA: MCA Beliawanis has lodged several police reports nationwide calling for an investigation against the Employees Provident Fund (EPF) over the controversial sale and repurchase of Malaysia Airports Berhad (MAHB) shares.
MCA Beliawanis national chairperson Ivone Low Yi Wen said the reports were made on Tuesday (Feb 4) to prompt the authorities to carry out an inquiry to ascertain if the interests of EPF members had been compromised with the move of disposing and acquiring MAHB shares.
"Beliawanis urges the police to conduct an independent and impartial investigation. EPF’s decisions directly led to losses for its members as the practice of selling low and buying high resulted in financial losses for the fund.
"Ultimately, this had affected the returns on the savings of its members. If the transaction involves any improper conduct or power abuse, a thorough investigation should be conducted to determine whether stock market regulations were violated.
"More importantly, such opaque decision-making could undermine the confidence of both local and international investors in the Malaysian market which could potentially impact the stability of the country's economy," she said.
Low said as EPF manages the hard-earned money of 16.1 million members, it should prioritise its contributors rather than have them doubtful of its decisions.
She said it should also be investigated if EPF's decisions were made based on professional judgment or if someone had manipulated it for personal gain.
"Who profited from this transaction? Is EPF's management system robust enough to prevent such losses from recurring? Transparency and accountability must be upheld when public funds are involved in major decisions. Beliawanis MCA calls upon the authorities to provide a clear explanation soonest possible," said Low.
MCA president and Ayer Itam MP Dr Wee Ka Siong has recently said there was a weakness in the Employees Provident Fund (EPF) investment decision regarding its shares in Malaysia Airports Holdings Bhd (MAHB).
In Parliament on Thursday (Feb 6), he had even called for an independent probe into this investment decision.
Dr Wee said that EPF's shareholding was reduced from 15.5% to 5.79%, and was bought back at 30% with a higher share price.
Previously, it was reported that EPF had sold its shares in MAHB at a lower price and bought back at a higher price of 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 was the lowest and highest prices respectively in that year, he said.
