November 18, 2009 15:26 PM

MRCB Has No Cooperation Project With EPF In Iskandar Malaysia

KUALA LUMPUR, Nov 18 (Bernama) -- Malaysian Resources Corp Bhd (MRCB) has no development projects by way of cooperation with any developer or party including the Employees Provident Fund (EPF) in the development of Iskandar Malaysia in Johor till now.

Deputy Finance Minister, Datuk Dr Awang Adek Hussein, said the involvement of EPF in Iskandar Malaysia was through property investment activities only.

"The shareholders in Iskandar Investment Berhad are EPF with 20 per cent, Kumpulan Prasarana Rakyat Johor (20 per cent)and Khazanah Nasional (60 per cent)," he said in reply to a question by Jeff Ooi Chuan Aun (DAP-Jelutong) in the Dewan Rakyat here Wednesday.

Ooi wanted to know whether EPF did not practise an open tender principle but instead would be called upon to carry out development projects in Iskandar Malaysia in cooperation with MRCB.

"EPF practises open tender in procurement in line with the Treasury Circular of the Ministry of Finance. So, MRCB has nothing to do in Iskandar Malaysia and EPF too has no investment in Iskandar Malaysia whether through or cooperation with MRCB," Awang Adek said.

Awang Adek said Iskandar Investment Berhad was managed by a management and board of directors which were responsible for implementing business operation processes to generate profits from various developments.

"Iskandar Investment Berhad also practises the open tender principle in line with the 'Red Book' Manual - Procurement Guidelines and Best Practices', an initiative implemented by Khazanah Nasional Berhad," he said.

Regarding investment returns, Awang Adek said EPF's investment return in the property sector was 5.27 per cent a year, last year.

-- BERNAMA

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