The Public Accounts Committee (PAC) is set to summon key individuals, which likely includes Transport Minister Anthony Loke Siew Fook, over allegations of a RM500mil loss in the Employees’ Provident Fund’s (EPF) share transactions involving Malaysia Airports Holdings Bhd (MAHB).
The allegation that EPF had lost RM 500 million to RM 900 Million due to a suspicious dealing involving MAHB shares was first brought to light by MCA's vice president, Datuk Dr Ir Lawrence Low
According to Lawrence, In 2023, EPF had sold off a large portion of its shares in Malaysia Airports Holdings Bhd (MAHB) at a lower price. However, they have since repurchased them, months later, at a strikingly high premium rate.
These series of transactions, where EPF had bought high and sold low, contrary to the accepted norm of buying low and selling high, has resulted in an estimated loss ranging between RM500 mil to RM900 mil for EPF.
In response to the allegation, PAC chairman Datuk Mas Ermieyati Samsudin has stated that PAC will be conducting hearings, beginning in the second week of this month, to address the issue of EPF selling MAHB shares at RM6.74 per unit and repurchasing them at RM11 after a few months.
She has also not ruled out calling the transport minister to testify in the proceedings if necessary.
“We have listed several parties to be called, and, God willing, we expect to start proceedings in the second week of this month.
“I do not rule out summoning the transport minister as well, given the issues surrounding the aerotrain services. It is important to obtain his response and testimony,” she said after attending the launch of Bersatu women’s wing Srikandi’s Melaka Service Centre on Jan 31.
For context, other than EPF’s losses in involving the sales and re-purchase of the MAHB shares, the hearings that PAC has scheduled, will also address MAHB’s delisting and high ticket prices and Aerotrain delays, which also falls under the purview of the Transport Minister.
It is indeed most fortunate that PAC has taken heed of public concern and proactively addressed the matter in question, considering that other than the MCA Vice president, there also have been professionals and professional bodies that have have voiced their reservation in regards to EPF's sales and repurchase of the MAHB shares.
The independent directors of MAHB, for example, explicitly opposed the exercise, arguing that it lacked rationale.
The independent consultant, Hong Leong Investment Bank, also had bluntly stated that something was amiss with EPF’s decision.
Considering the number of professionals as well as prominent personalities, who have cast aspersion on the subject matter, and considering the immense loss amounting to between RM 500 million to RM 900 million that EPF has allegedly endured, due to the transaction, it is indeed most appropriate for a body like PAC to address a matter of great importance to the public, to alleviate any suspicion that EPF might have deliberately acted improperly, in a way that might implicate its decision makers of abuse of power.
EPF is not a body that anybody should be playing with. Unlike any other organisation or company, EPF is a body that is responsible for the lives and future of most Malaysians, and thus Its dealing must be clearly above board and undoubtedly free from suspicion and doubt.
Once a grave doubt about EPF has been raised, by personalities and institutions of standing in society, in regards to how EPF might have lost between half a billion to a billion ringgit due to a suspicious transaction, the only way to alleviate the doubt is by having a body like PAC to inspect the matter openly and publicly.
Either way, it is only if the matter is investigated openly, thoroughly and publicly, will the matter be finally be able to put to rest.
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