MCA President uploaded two videos again. One last night and another video this noon lecturing on EPF purported RM500 Million losses.
In the first video, Wee Ka Siong claimed that EPF did not deny incurring a loss when repurchasing MAHB shares at a higher price than previously sold. According to Wee, “EPF only said that there was no wrongdoing but did not say the EPF did not incur a loss.”
This is despite EPF said clearly in their statement on 12th Feb.
“The Employees Provident Fund (EPF) refutes any allegations of misconduct or regulatory breaches in the buying and selling of Malaysia Airports Holdings Berhad (MAHB) shares and the purported losses made from this transaction, as these claims are unfounded.”
It is crystal clear that EPF denied both the allegations of misconduct and regulatory breaches and the purported losses made from MAHB transactions. Wee Ka Siong’s latest reply on the EPF RM500 Million scandal proves that there is never a most ridiculous response as there is always another more ridiculous response coming from Wee Ka Siong. It seem that only Wee Ka Siong can surpass Wee Ka Siong (in the most ridiculous response).
Will Wee Ka Siong produce another video to lecture how to read and comprehend EPF’s statement on the 12th Feb?
In the second video, Wee Ka Siong confessed that EPF had made a profit of RM3.50 per share by selling MAHB shares in 2023 for RM6. However he argued that the fact that EPF bought back the shares at RM11 cause EPF to lose RM500 Million.
Wee Ka Siong cannot be more wrong. As I have explained in parliament, this is not an actual financial loss but an opportunity cost. EPF lost out on potential profit but no actual money was lost!
I have three questions for Wee Ka Siong to answer.
How can Wee Ka Siong predict that MAHB shares will rise from RM6 to RM11 from 2023 to 2024.
If so did he buy any shares himself?
Based on Wee Ka Siong’s logic, if EPF did not buy MAHB shares at RM11 in 2024, were there any losses?
EPF was presented an opportunity to take over MAHB in 2024 through a consortium with Khazanah Nasional, Abu Dhabi Investment Authority (ADIA) and BlackRock's Global Infrastructure Partners (GIP). Given that an independent valuation of Hong Leong Investment Bank of RM12.61 and RM13.71 per MAHB share, is RM11 of takeover price a sound investment?
Should EPF buyback MAHB shares at RM11 in 2024?
I look forward to Wee Ka Siong’s reply.