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Tuesday, July 4, 2017

Malaysian funds told to stay away from IPO of former 1MDB company

The country's institutional investors overseeing public funds, such as the Employees Provident Fund (EPF) and Lembaga Tabung Haji, have been urged by PKR vice-president Rafizi Ramli to stay away from the planned initial public offering by Edra Power Holdings Sdn Bhd, a former subsidiary of 1MDB.
"I urge public institutional investments and funds, particularly the EPF, Tabung Haji, Retirement Fund Incorporated (KWAP), Social Security Organisation (Socso), Permodalan Nasional Bhd (PNB), Khazanah, Mara and others to stay away and boycott the listing of Edra.
"(This) is to avoid public funds from becoming involved in the 1MDB scandal for the second time," Rafizi said in a statement today.
Edra was formerly the holding company of 1MDB's energy assets, which were acquired through two bonds totalling US$3.5 billion.
According to the US Department of Justice (DOJ), which is investigating 1MDB funds allegedly laundered through the US financial system, US$1.367 billion out of  US$3.5 billion was misappropriated in 2012.
1MDB sold Edra to China General Nuclear Power Group (CGN) for RM9.83 billion in 2015, as part of its efforts to pare down its debts.

On a separate matter, Rafizi also criticised Prime Minister Najib Abdul Razak for touting the economic performance under his leadership.
He added that the people were not feeling the fruits of the successes that Najib was claiming.
Rafizi also questioned whether the prime minister dared to call for a general election this year, if the people were indeed happy with the economy.- Mkini

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