PETALING JAYA: Former finance minister Tan Sri Tengku Razaleigh Hamzah has called for an investigation into the Employees Provident Fund’s (EPF) sale and repurchase of Malaysia Airports Holdings Berhad (MAHB) shares.
He urged the Malaysian Anti-Corruption Commission (MACC) and the police to look into the deal, which allegedly caused losses of between RM539mil and RM694mil.
Tengku Razaleigh has described the transaction as illogical and unacceptable and questioned whether EPF has received instructions from any external party.
He stressed that the retirement fund, which holds savings from Malaysian workers, must act prudently in its investments and avoid unnecessary financial losses.
“This does not make sense because this is workers’ money entrusted to EPF for wise investments that should generate profit,” Tengku Razaleigh said in a recorded video.
He said while EPF has recently increased its dividend payouts, it remains imperative for its investment decisions to be carefully assessed.
He pointed out that EPF has a dedicated investment panel to oversee its operations and questioned how such a deal could have been approved.
“It is impossible that they blindly sold the shares and repurchased them at a much higher price, leading to clear losses for EPF.
“I believe there is an element of manipulation here that cannot be forgiven,” he said.
Tengku Razaleigh insisted that law enforcement agencies must intervene to determine whether there were any irregularities in the transactions.
“For this reason, I believe the police must investigate this matter. Even the MACC must dig deeper to uncover why EPF had to suffer such a massive loss. This is no small-scale transaction,” he stressed.
The EPF’s “sell low, buy high” transaction of MAHB shares has come under scrutiny, with recently MCA president Datuk Seri Dr Wee Ka Siong calling for accountability.
Dr Wee has demanded an explanation from EPF’s top management, particularly those “above the wall” in its Chinese wall policy, which is meant to prevent insider trading. =
He questioned whether the policy was genuinely enforced or used as an excuse for poor investment decisions.
Finance Minister II Datuk Seri Amir Hamzah Azizan, however, has denied that EPF suffered losses, explaining that the sale of a 15.5% stake in MAHB at RM6.80 to RM7.70 per unit in early 2023 generated RM102mil in returns.
He clarified that EPF did not have prior knowledge of the RM11 per unit offer when the shares were repurchased following a takeover by a consortium.
The minister defended the decision as a long-term strategy, considering the future value creation of MAHB, which is set to be relisted at a higher price.
He also insisted that the transactions adhered to legal protocols and the Chinese wall policy, ensuring no conflict of interest or insider trading.
However, Dr Wee questioned who approved the deal and why there have been no direct answers from EPF.
