No hanky-panky in RM55b unguaranteed loans, says EPF

KUALA LUMPUR, Nov 2 The Employees Provident Fund (EPF) today denied any indiscretion over its emanate of thirteen unguaranteed loans totalling RM55 billion, saying it complied with pertinent laws when it did so.

The Auditor-General's Report for 2010 previously noted which all but one of the thirteen loan recipients were not entitled to the funds but initial obtaining some form of government backing.

In the statement today, the EPF pointed out Section twenty-six of the EPF Act 1991 which allows it to lend to the government, government-backed securities and AAA-rated papers but federal guarantees.

All thirteen loans in questioned complied with the section, the EPF said, adding which the Auditor-General has concurred with the assessment.

The account pronounced it practises the "prudent and low-risk investment policy backed by consummate investigate and in accordance with investment best practices to safeguard which members' savings are protected".

It added which none of the thirteen debtors was currently in default.

The EPF is the government group which handles the imperative early retirement savings of all legal employees operative in Malaysia. As of 2010, the account was valued at RM407 billion.

The Malaysian Insider :: Malaysia

Courtesy of Bonology.com Politically Incorrect Buzz & Buzz

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