Govt open to RCI into KWAP, EPF if evidence warrants probe

KUALA LUMPUR: The government is open to considering a Royal Commission of Inquiry (RCI) into the Retirement Fund Incorporated (KWAP) and the Employees Provident Fund (EPF) if credible information or evidence warrants a comprehensive and independent investigation.

Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said issues involving the management of public funds, including governance and investment decisions, would continue to be examined based on facts and evidence through appropriate oversight mechanisms.

"Should further scrutiny establish a clear need and public interest in a special investigation, the proposal to establish an RCI may be considered accordingly," she said in a written parliamentary reply.

Azalina was responding to Datuk Seri Dr Shahidan Kassim (Pas-Arau), who asked whether the government was prepared to consider an RCI into KWAP and EPF over governance, investment management or questionable financial decisions.

Shahidan also sought clarification on the criteria used by the government to determine whether an RCI was necessary for institutions managing public funds.

Azalina said the establishment of an RCI was subject to the Commissions of Inquiry Act 1950 and procedures prescribed by the government.

"Under the standard operating procedures, a proposal to establish an RCI must be submitted through a Cabinet Memorandum by the lead ministry for consideration and approval by the Cabinet.

"Once approved, the prime minister will submit the proposal to the Yang di-Pertuan Agong for royal consent.

"Upon obtaining consent, the RCI's terms of reference, membership and duration of the inquiry will be determined and finalised through publication in the Federal Government Gazette before it begins its work," she said.

She said the government would consider the public interest, seriousness of the issues, available facts and evidence, and the need for an independent and comprehensive investigation when deciding whether to establish an RCI, whether into institutions managing public funds or any other institution.