Just what the Employees' Provident Fund EPF in Malaysia is doing with its members' money is anyone's guess.
The issue of transparency in the country's largest retirement fund has come to a head with the government recently announcing that the publicly-managed fund has on its books doubtful loans to the tune of 791.05 million ringgit $208 million.
The government says it would be able to recover the loans in a couple of months, without specifying how, or from whom. The fund's 9.45 million members meanwhile are understandably anxious.
Under the EPF Act 1991, Malaysian workers are required to make a monthly contribution of 11% of their wages...