PETALING JAYA: Datuk Seri Dr Wee Ka Siong has fact-checked claims made by Kampar MP Chong Zhemin on the Employees Provident Fund's (EPF) sale of Malaysia Airport Holdings Bhd (MAHB) shares.
"There are a lot of errors stated by the Kampar MP in the video published by DAP.
"YB Chong, you still don't understand and have swayed far off the root of the topic," the Ayer Hitam MP said in a video posted on social media on Sunday. (Feb 9)
Among Chong's inaccurate claims, he said, was that EPF purchased MAHB shares at RM2.50 each in 1995 – although the company was only listed on the Kuala Lumpur Stock Exchange (KLSE) in 1999.
He also said Chong had raised the issue of short-selling of MAHB shares by EPF.
"Has anyone ever accused the EPF of short-selling? Why is he addressing an accusation that was never made?" asked Dr Wee.
He also said that the MAHB shares were later sold at RM6 per share at a profit of RM3.50, which is also incorrect.
"The Finance Minister II (Datuk Seri Amir Hamzah Azizan) revealed that in 2023, EPF sold a total of 163.4 million MAHB shares, generating a total profit of RM102mil," he said, adding that the actual profit per share is 62 sen.
Dr Wee said this was the amount disclosed in Parliament on Feb 20 by the minister, saying that EPF sold MAHB shares at prices ranging between RM6.80 and RM7.70.
"Since we know that the net profit per share was 62 sen, the cost per share for EPF was clearly between RM6.18 and RM7.08," he said.
The MCA president also noted Chong's assertion – that EPF buying back MAHB shares at RM11 was for the long-term and should be considered a different transaction – as "a joke".
Dr Wee said that EPF was the second-largest shareholder of MAHB and was involved in its privatisation.
"With global aviation recovering, airport management contracts extended for 35 years (until 2069), and airport tax increasing, why was EPF in such a hurry to sell MAHB shares? That's the real question," he said.
He added that if EPF had refrained from trading MAHB shares in 2023, it would not have had to spend an additional RM539mil to RM686mil to repurchase the 9.878% MAHB stake it sold.
He also said that EPF's decision to sell two-thirds of its MAHB shares in 2023 was unprecedented.
On Thursday, Dewan Rakyat Speaker Tan Sri Johari Abdul ruled that there was no case against Dr Wee, who was referred to the Parliamentary Rights and Privileges Committee by Chong.
