DAP Sabah is disappointed that EPF investment panel has continued to finance government affiliated projects such as light rail transit (LRT) project & newly proposed low cost housing Project.
Junz Wong DAP Sabah state assistant secretary opposed the move to use RM1.5 billion Employee's Provident Fund (EPF) fund to finance a low cost housing project announced in KL recently.
It is reported that this project is not even financially appealing to commercial banks. Ie They had failed to obtain bank loans purchase public housing units.
Federal Territories and Urban Wellbeing Minister Raja Nong Chik had also reportedly announced an 'easy financing scheme' for 20,000 eligible PPR tenants and potential buyers who could not obtain bank loans.
"Even banks are not prepared to give the loan. What is the EPF's investment panel doing? " Junz asked.
EPF stakeholders would not want to be dealing with a situation where EPF is in trouble instead of the banks when borrowers could not service their loans, Junz explained.
Junz Wong who is also DAPSY KK assistant Youth Chief strongly objected this move as EPF's role is to ensure the financial security of its contributor's retirement funds as main priority.
DAP Sabah demanded BN government to come clean with this proposed EPF financing scheme as interests of EPF holders must not be compromised.
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