PETALING JAYA: The Employees' Provident Fund (EPF) did not deny incurring a loss when repurchasing Malaysia Airports Bhd (MAHB) shares at a higher price than previously sold, says Datuk Seri Dr Wee Ka Siong.
Dr Wee criticised Kampar MP Chong Zhe Min's claim that he would retire from politics if it could be proven that EPF lost even one ringgit over the sale of the MAHB shares.
"Kampar YB, listen properly. What is the difference between what you said in the Dewan Rakyat and EPF's statement? EPF only said there was no wrongdoing but did not say that EPF did not incur a loss.
"EPF also said they were ready to be investigated, which is different from what Kampar YB said in the Dewan Rakyat," the MCA president stated in a video posted on his Facebook account on Saturday (Feb 15).
Dr Wee questioned the logic behind Chong's explanation that it is normal practice for EPF to sell and liquidate "profitable" assets to pay dividends to EPF contributors.
"Is this true, Kampar YB? EPF is forced to sell the MAHB shares, which are a strategic national asset, in order to pay dividends to contributors? Since when does EPF need to sell their strategic assets to pay dividends?
"Just asking, Kampar YB, which strategic national asset will EPF sell next year to pay the dividends?" he asked sarcastically.
Describing it as nonsensical, Dr Wee suggested that EPF must be in dire financial straits if it was resorting to selling its assets to pay dividends, as implied by Chong.
On the contrary, he noted that EPF is doing well financially.
"So do not repeat statements that may damage the people's confidence in EPF," he said.
Dr Wee previously explained that EPF purchased MAHB shares at RM2.50 per share in 1999 and later sold them in 2023 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.
Previously, Chong challenged Dr Wee to prove EPF's alleged RM500mil loss in the MAHB privatisation deal.
Chong vowed to retire if the loss could be demonstrated, arguing EPF profited by initially buying shares at RM2 and selling at RM5.
He dismissed claims of loss, stating the repurchase at RM11 was strategic, anticipating future gains.
