As of March 31 this year, two of the country’s largest pension funds have invested nearly RM3 billion of their (read: your) money into struggling sovereign development fund 1Malaysia Development Berhad (1MDB).
That nugget of information was revealed in Parliament yesterday, when the Finance Ministry in a written statement answered a question by Pandan MP Rafizi Ramli of PKR over how much of the money deposited into the Employees Provident Fund (EPF) and the Retirement Fund Incorporated (KWAP) had been used to buy up assets from 1MDB and its subsidiaries.
According to the ministry, the EPF had put in RM1.52 billion into 1MDB, while KWAP has thus far invested RM1.4 billion.
The money had been spent investing in 1MDB subsidiaries Bandar Malaysia Sdn Bhd, 1MDB Energy Limited, 1MDB Global Investment Limited. Jimah Energy Ventures Sdn Bhd (JEV) and Panglima Power Sdn Bhd (PPSB).
However, Shazwan Mustafa Kamal of The Malay Mail Online reports the Finance Ministry was quick to point out that EPF’s investments in PSB and JEV were made in 2003 and 2005, before 1MDB had bought over the companies in 2012 and 2014.
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