Datuk Seri Dr Wee Ka Siong, president of the MCA, has called for an investigation into the Employees Provident Fund (EPF)'s recent sale and repurchase of Malaysia Airport Holdings Berhad (MAHB) shares. He alleges that the EPF sold shares at a lower price and then repurchased them at a significant premium, raising concerns about transparency and potential vested interests.
An investigation is needed into the Employees Provident Fund ( EPF )'s sale of its Malaysia Airport Holdings Berhad ( MAHB ) shares at a lower price and subsequent repurchase at a premium within a short period, according to Datuk Seri Dr Wee Ka Siong. The MCA president stated that records indicate EPF 's equity holdings in MAHB stood at 15.67%, or 259,917,492 shares, in November 2022. Dr Wee further explained that EPF progressively sold 163,363,080 shares at prices ranging from RM6.74 to RM7.
70 per unit. This led to a reduction in its ownership in MAHB to 5.97% by December 2023. He revealed that just months later, under a general offer (GO), EPF repurchased the previously disposed shares at approximately RM11, resulting in a premium payment of between RM539 million and RM696 million.Dr Wee expressed concerns regarding potential weaknesses in EPF's information management and planning, questioning how the fund could have sold shares without being aware of MAHB's privatization plans. However, he also suggested the possibility of deliberate action, implying a lack of transparency by EPF or the involvement of vested interests from certain parties. 'It is like selling a bunch of bananas for RM10 and repurchasing the same ones for RM20. I am riled up. Where are all the smart people managing a very important organization in the country,' said Dr Wee. 'Where are the investment experts entrusted to manage the funds? Has EPF become so great and wealthy or is it paying out dividends up to 30% annually? It is not,' said Dr Wee. 'Hence, how is it that EPF is so generous to pay over RM500 million for the buyback of MAHB shares? This is fishy and illogical. It is not a small sum, and it is insensible of EPF to do so. This must be investigated as the 'victims' are EPF members or contributors,' he added in a video posted on Facebook.The planned privatization of MAHB, announced approximately a year ago, remains under discussion between the company and interested investors.
EPF MAHB Privatisation Investment Transparency
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