KUALA LUMPUR: Datuk Seri Dr Wee Ka Siong has hit back at Kampar MP Chong Zhemin, who had labelled him arrogant and not good at maths.
This came after the Kampar MP boldly claimed that he would retire from politics if it could be proven that the Employees' Provident Fund (EPF) had lost even one ringgit over the sale of Malaysia Airports Bhd (MAHB) shares.
"Perhaps I should give him a mirror as a symbolic reflection of his misjudgment.
"If a simple analogy involving apples is beyond his understanding as a YB (people's representative), then let me lay out the facts clearly," the MCA president said in a video posted to his Facebook account Friday (Feb 14).
Dr Wee explained that in 1999, EPF purchased MAHB shares at RM2.50 per share and after 24 years, in 2023, the shares were sold at RM6 per share.
However, by the end of 2024, EPF bought back the same shares at RM11 per share as part of a General Offer (GO) for the privatisation and delisting of MAHB on the stock market.
Dr Wee said it was important to remember that the GO price of RM11 per share was offered by EPF and not by a third party.
"EPF held 15.67% of MAHB shares in 2022 and by Dec 28, 2023, after selling the shares at lower prices, EPF's stake dropped to just 5.787%," he said.
Dr Wee further explained that on May 15, 2024, EPF had announced plans to buy back shares, increasing its stake to 30%, a prerequisite for MAHB's privatisation.
He said the repurchase was done at RM11 per share, a significantly higher price than the earlier sale.
"Who will bear the cost of this expensive repurchase? Isn't this basic mathematics?" Dr Wee asked.
He said Chong had argued that the higher purchase price was justified as a "long position", expecting MAHB’s share price to rise above RM11 per share.
However, Dr Wee said this claim was illogical because MAHB would be delisted, meaning there would be no market-driven price increase.
"How can the price increase if the stock is no longer traded?" he asked.
Dr Wee also said what was the point of fiery speeches if there was no follow-through.
He also cited a Malay proverb "terlajak perahu boleh diundur, terlajak kata buruk padahnya" (A boat that drifts can be steered back, but reckless words bring consequences).
Dr Wee, however, suggested that investigation and auditing is needed for the MAHB transaction.
"First, conduct an investigation and audit the sale of MHAB shares from Nov 26, 2022, when EPF held 15.67% ownership, until Dec 28, 2023, when its stake dropped to 5.787%.
"Additionally, audit all transactions throughout 2024 as this will allow the authorities to identify who benefited and who suffered losses," Dr Wee said.
He said through this audit, the government can also prevent unnecessary financial losses.
He said secondly, review the definition and governance framework for divesting strategic investment shares, particularly those related to national strategic assets such as airports.
He said these assets should not be recklessly sold, as such actions could negatively impact the country.
