EPF at Risk?

Update 11 March 2007:

Lim Kit Siang's blog mentioned that previously EPF had been into the banking foray through Bank Islam and Bank Pertanian where they suffered massive losses (Bank Islam suffered loses of RM2.3 billion in two years of audited accounts).

The blog also mentioned that EPF should also look into another example where Sime Darby ventured into the banking sector through UMBC and lost RM250 million in an undisclosed short period. At the time, Sime Darby's own CEO Azlan Zainol said the investment will bring long-term benefits and that they had employed specialists to handle the investment...

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Could our Employee's Provident Fund (EPF) be at risk? EPF just made an announcement that it will make a majority shares purchase from Rashid Hussain Berhad's (RHB) previous holding company Utama Banking Group Bhd. The purchase will be worth RM2.25 billion!

This has drawn criticisms from various parties with the primary concern that EPF has no experience in the banking sector.

Source: Star Online Nation "PM: EPF aware it is dealing with public funds"