“If you can truly prove that EPF lost a single ringgit, I will announce my retirement from politics,” Chong Zhemin (PH-Kampar) said while debating the royal address in the Dewan Rakyat.

He described the claim that EPF suffered losses as puzzling, saying that it would have profited RM3 per share from initially buying it at RM2 and then selling it at RM5.

With EPF now buying it back at a higher price of RM11 per share, Chong contended that the price would rise further in the future.

“So how can there be any loss? Not even one sen was lost. This is based on predictions that the shares will increase in the future,” he said.

Last Tuesday, the Gateway Development Alliance achieved a 94.47% acceptance level for its takeover offer for all the shares of MAHB under its privatisation plan.

Before the deal was sealed, its critics claimed that EPF had lost RM500 million in stock trading from buying back MAHB shares at higher prices after selling them at lower rates.

MCA president Wee Ka Siong said EPF’s stake in MAHB dropped from 15% to under 6% in 2023 before it repurchased shares in 2024 amid the takeover deal.

On Feb 1, Public Accounts Committee chairman Mas Ermieyati Samsudin said the “relevant people”, including transport minister Loke Siew Fook, would be called to testify in stages.

However, Loke earlier today questioned whether Mas Ermieyati had ulterior motives in making the suggestion.