Published July 29, 2009

EPF denies talks of loan to Prokhas

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(KUALA LUMPUR) The Employees Provident Fund (EPF), Malaysia's largest pension fund, yesterday dismissed a media report it was in talks to provide a RM5 billion (S$2.05 billion) loan facility to a government agency.

The Malaysian Reserve newspaper, citing an unidentified source yesterday, said the EPF was ready to fund the loan at an undisclosed rate to Prokhas, a government-owned special purpose vehicle.

Prokhas, owned by the Finance Ministry, runs two schemes under the government's economic stimulus, providing guarantees on bank loans to small and medium enterprises.

'The EPF denies that it is currently in talks with Prokhas for a RM5 billion loan,' said the pension fund in a statement.

Prokhas also issued a statement denying the report. 'There has been no deal or 'talks' between Prokhas and EPF on any loan issues. Prokhas itself is not in need of any loan for its operations,' said Prokhas. -- Reuters