It is abundantly clear that some high net worth individuals have influence over those who are managing EPF (Employees Provident Fund) funds. It was reported that one such individual "Made a killing on two deals" on the purchase and sale of Laugfs’ stocks. It is comical that the officials managing the EPF funds don't mind being the laughing stock in the eyes of the public.
There ought to be some reason for these officials to conduct themselves in this manner.
Will the EPF care to disclose to its members the value of investments in the stock market and the market value of these investments at present? I don't think even the Minister in charge is aware of the extent of the massive loss. If the investments were made wisely why hesitate to disclose the figures? Let the stakeholders of EPF decide.
The irony of it is some who are responsible for these dubious investments have never contributed to EPF. It was also reported that EPF would have earned a much higher income had these funds been invested in Treasury Bills. What right do these officials have to deprive what the poor members are rightfully entitled to? All EPF members are indebted to the JVP for taking legal action to prevent EPF funds being invested in the stock market.
Concerned EPF member |
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