MCA Beliawanis lodged police reports nationwide urging an investigation into the Employees Provident Fund (EPF)'s sale and repurchase of Malaysia Airports Berhad (MAHB) shares. They claim the transaction resulted in losses for EPF members and call for transparency and accountability.
MCA Beliawanis has lodged several police reports nationwide demanding an investigation into the Employees Provident Fund ( EPF ) concerning the controversial sale and repurchase of Malaysia Airports Berhad ( MAHB ) shares. MCA Beliawanis national chairperson Ivone Low Yi Wen stated that these reports were filed on February 4th to prompt the authorities to conduct an inquiry and ascertain if the interests of EPF members were jeopardized by the disposal and acquisition of MAHB shares.
Low emphasized that Beliawanis urges the police to carry out an independent and impartial investigation. She argued that EPF's decisions directly resulted in losses for its members as the practice of selling low and buying high led to financial losses for the fund, ultimately affecting the returns on their savings. Low further stressed the importance of investigating whether the transaction involved any improper conduct or misuse of power and whether stock market regulations were violated. Moreover, she warned that opaque decision-making in such a significant matter could undermine the confidence of both local and international investors in the Malaysian market, potentially impacting the stability of the country's economy. Low pointed out that as EPF manages the hard-earned money of 16.1 million members, it should prioritize its contributors and avoid leaving them doubtful about its decisions. She called for an investigation into whether EPF's decisions were based on professional judgment or if someone manipulated them for personal gain. Low questioned who profited from this transaction and whether EPF's management system is robust enough to prevent similar losses from recurring. She demanded transparency and accountability in the handling of public funds, particularly in major decisions. Beliawanis MCA urged the authorities to provide a clear explanation as soon as possible. MCA president and Ayer Itam MP Dr Wee Ka Siong recently expressed concerns regarding a weakness in EPF's investment decision concerning its shares in Malaysia Airports Holdings Bhd (MAHB). In Parliament on February 6th, he called for an independent probe into this investment decision. Dr Wee stated that EPF's shareholding was reduced from 15.5% to 5.79% and was subsequently bought back at 30% with a higher share price. It was previously reported that EPF had sold its shares in MAHB at a lower price and repurchased them at a higher price of RM11 per share. Dr Wee revealed that when EPF sold off its shares in MAHB, the price ranged from RM6.74 on January 6, 2023, to RM7.70 on September 1, 2023, representing the lowest and highest prices respectively for that year
Finance Malaysia MCA Beliawanis EPF Malaysia Airports Berhad MAHB Share Sale Share Repurchase Investigation Transparency Accountability
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