PKR vice-president Rafizi Ramli says Prime Minister Najib Abdul Razak's announcement that the Employees’ Provident Fund (EPF) would increase its US investments goes against his own ministry's limitations.
“What he (Najib) does not realise is that his announcement goes against the rules set by the Finance Ministry, which limits EPF’s foreign investment to only 30 percent of its total investments,” Rafizi said in a statement today.
He said EPF’s chief executive officer (CEO) Shahril Ridza Ridzuan said in an interview in February this year that the EPF has nearly reached its maximum limit of 30 percent foreign investment.
EPF itself also reportedly revealed that its overseas investments accounted for 29 percent of its total investment assets.
“I do not have to mention the maximum stupidity shown by Najib as finance minister, who... announced to the investment world EPF’s additional investments in the US, which goes against rules set by his own ministry,” Rafizi said.
During his meeting with US President Donald Trump on Tuesday, Najib announced that EPF would increase its US investments by between US$3 billion and US$4 billion, purportedly “to support (US) infrastructure redevelopment”.
The prime minister said Malaysia wanted to help in terms of strengthening the US economy.
This had earned Najib brickbats from critics, who argued that the total investment commitments, including a separate deal to purchase between US$10 billion and US$20 billion worth of US-made passenger planes and aircraft engines, would be better spent on local infrastructure projects.- Mkini
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