How could the govt in general and the finance ministry in particular allow the $4.88 billion of Malaysian funds from the EPF coffers be allowed to be invested in U.K properties at the time when FDIs are at a record low and the flght of local funds have contributed to a slowdown in our economic growth.?
It seems so contradictory that at a time when the govt is trying its level best to attract foreign investment in the country, it has by the same insane act allowed the flight of $4.88 billion of the country's wealth. We are not talking about private investment which the govt may not have any control over its decision to invest abroad but here is EPF funds which are directly under the finance ministry control exiting a substantial amount of money to be invested abroad. Needless to say such a phenomenal sum could easily be a stimulus package to help the U.K economy but the question is why was it not invested in Malaysian properties so that it will help to provide a stimulus to our own property market?
Any investment of public funds abroad should be viewed with utmost suspicions.Away from the glare of public local watch dogs, oversea investments have a tendency to mire in losses caused by dishonest schemes and dubious deals. It is not uncommon for most of these investments to end up in substantial losses.
Maybe it is not to late to reverse the EPF decision to invest abroad and to instead direct its investment locally. Failure to do this could predictably caused the EPF to lose a substantial amount of employees funds caused by the fiasco of a failed oversea investment.
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