KUALA LUMPUR: The government remains open to establishing a Royal Commission of Inquiry (RCI) into Retirement Fund, Inc (KWAP) and the Employees Provident Fund (EPF) if there is credible information, says Datuk Seri Azalina Othman Said.
The Minister in the Prime Minister’s Department (Law and Institutional Reform) said this includes evidence indicating the need for a comprehensive and independent public inquiry.
"The government will continue to ensure that any issues relating to the management of public funds, including governance and investment decisions, are examined based on facts and evidence and through the appropriate oversight mechanisms.
"Should the findings of such an examination indicate a clear need and public interest in a special inquiry, a proposal to establish an RCI may be considered accordingly," she said in a parliamentary written reply on Tuesday (Oct 20).
Datuk Seri Dr Shahidan Kassim (PN-Arau) had asked if the government was prepared to consider an RCI into KWAP and EPF over potentially questionable governance, investment management, or financial decisions.
She added that under the prevailing standard operating procedures (SOP), a proposal to establish the RCI must be submitted through a Cabinet memorandum by the lead ministry for consideration and approval by the Cabinet.
"Once approved, the Prime Minister will submit the proposal to the Yang di-Pertuan Agong for royal assent.
"Upon receiving royal assent, the establishment of the RCI will involve determining its terms of reference, membership and duration of the inquiry.
"These will then be formalised through publication in the Federal Government Gazette before the RCI begins its work," she said.
