09
Jun
15

KWAP, EPF dumped a total of RM3b in 1MDB

On top of giving a RM4 billion loan to 1Malaysia Development Berhad’s (1MDB) former subsidiary SRC International Sdn Bhd, Retirement Fund Incorporated (KWAP) had a total of RM1.4 billion investment and holding in 1MDB and its subsidiaries.

In a written reply yesterday, the Finance Ministry revealed that as of March 31, 2015, KWAP had investments and holdings in four companies, namely Bandar Malaysia Sdn Bhd, 1MDB Energy Limited, 1MDB Global Investment Limited and Jimah Energy Ventures Bhd (JEV).

KWAP was much criticised for giving a RM4 billion loan to SRC International, which is now under the Finance Ministry.

Part of the loan was invested in Gobi Coal & Energy Ltd, a joint venture project in Mongolia.

“Meanwhile, Employees Provident Fund (EPF) has subscribed a total of RM200 million in bonds raised by 1MDB in 2009, which is guaranteed by the government.

“On top of that, EPF has also invested a total of RM1.52 billion in Panglima Power Sdn Bhd (PPSB) and JEV, a subsidiary of 1MDB.

“The involvement of EPF in both PPSB and JEV can be traced back to 2003 and 2005 respectively, prior to 1MDB’s takeover in 2012 and 2014,” said the ministry.

Deals signed and dleivered?

The ministry’s written reply shows that both KWAP and EPF have invested a total RM3.12 billion in 1MDB and its subsidiaries.

This includes RM1.4 billion from KWAP and RM1.72 billion from EPF.

Rafizi Ramli (PKR-Pandan) has asked the finance minister to list out the investments and holdings of KWAP and EPF in 1MDB, it’s subsidiaries and former subsidiaries including SRC International Sdn Bhd.


…more
May 19, 2015 – Malaysiakini
KWAP, EPF dumped a total of RM3b in 1MDB

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