Gambling with our money, EPF is outrageous

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We were gravely shocked to learned that based on the recent audit report, it has been found that the Employees Provident Fund or EPF has approved a large amount of about RM55.1 billion in loans which are not backed by government guarantees.

The management of EPF is gambling with our money by giving out insecure loans. What we were informed that some of the loans given to debtors also had some standard operating procedures skipped just because these loans were disbursed to federal and state governments, government linked organizations, government linked companies (GLCs) and one incorporated body of the finance ministry.

Just look at most of the government departments and agencies, all with blatant misadventures in their procurement and spending, like nobody's business. The costs of purchases were also mostly above that of the market value and some pricing and tenders were just simply being approved without even have the market price or value being analyzed.

We all knew that under the EPF Act 1991, it allows the provident fund to extend credits to federal and state governments, companies incorporated under the Companies Act 1965, GLCs and other government corporations but it does not mean that EPF could just use our hard earned savings like that to grant loans without even adhering to standard or basic procedures.

Procedures are procedures, and EPF should be mindful of that as they should realize that the people had given their trust to EPF to manage and handle their hard earned savings in a proper and professional manner. This savings will be our some sort of retirement fund in event of our retirement when we reach the age to call it off one day.

As such, we urge the management and the board of EPF to be very careful when managing and investing our money in areas of unconvincing.

By the way, it would be best if EPF could make public of all their accounts, investments, loans and liabilities so that our people would know how their money and savings are being roll for the future. Aside, EPF should also allow the public to scrutinize their various portfolios instead of maintaining it as confidential because all these involve the interest of the public at large.

EPF has long insist that we could not withdraw our hard earned savings unless we reach our age of retirement and because of this, the EPF should be more transparent in dealing and handling the money. Our people must be made aware of how their money are being used or invested. This is one of the fundamental human rights.

Gambling away our money like that is most outrageous. We also knew that most of the transactions were government to government relationship, but will this guarantee the efficient pay back in near future? Remember, the audit report also exposed many failures of these department, agencies and GLCs in their financial management.

Therefore, be it government or non-governmental, the risks are still there. EPF, please be serious in your job and responsibilities.

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