EPF Has Not Been Part Of Proposed Mega-Bank Merger Talks

KUALA LUMPUR, Sept 5 (Bernama) -- The Employees Provident Fund (EPF) has reiterated that it has not been part of any discussions on the details of the proposed merger that would create the country's largest bank.

The banks involved are CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB).

In a statement Friday, the EPF said it has merely asked the RHB board to consider the fund's unique position as the guardian of the rights and savings of 14 million working Malaysians, who deserved a voice in determining the future of their investments.

"We regret that the actions of these parties seemed to be designed to place the EPF in an unfavourable light and pre-emptively prevent an impartial discussion of the legitimate voting rights of a shareholder.

"This unique situation deserves close and careful consideration as any decision to the contrary would severely impede the EPF in carrying out its mandate to serve the Malaysian public at large," the statement said.

The EPF's statement came in response to the articles by The Star and The Edge Financial Daily, Friday, which had reported on a leaked information in relation to EPF's voting rights for the proposed merger.

"We find it shocking that certain parties have unscrupulously distributed confidential correspondence and discussions at board level to members of the media.

"Their actions are unacceptable under Malaysian law and market practice and a clear breach of trust and professional duty," it said.

The EPF has also requested that appropriate action be taken to investigate this matter and address this gross misconduct.


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