Prokhas denies being in talks with EPF

KUALA LUMPUR, July 28 (Bernama) -- Prokhas Sdn Bhd, a company wholly owned by Minister of Finance Incorporated, today denied a financial newspaper report headlined "Prokhas said to be seeking RM5 billion EPF loan". Prokhas' managing director Fazlur Rahman Ebrahim said that there has been no deal or "talks" between Prokhas and the Employees' Provident Fund (EPF) on any loan issues.

 

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Tuesday, 28 July 2009

KUALA LUMPUR, July 28 (Bernama) -- Prokhas Sdn Bhd, a company wholly owned by Minister of Finance Incorporated, today denied a financial newspaper report headlined "Prokhas said to be seeking RM5 billion EPF loan". Prokhas' managing director Fazlur Rahman Ebrahim said that there has been no deal or "talks" between Prokhas and the Employees' Provident Fund (EPF) on any loan issues.

"Prokhas itself is not in need of any loan for its operations," he said in a statement on the report which came out Monday. Fazlur said Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) was administering two schemes under the second stimulus package on behalf of the government.

SJPP is the body managing the Working Capital Guarantee Scheme and Industry Restructuring Financing Guarantee Scheme worth RM10 billion. Under the two schemes, the government will guarantee financing provided by the participating financial institutions that meet the relevant criteria. As of early last week, SJPP has approved guarantees of financing worth RM3.5 billion under the schemes, Prokhas said.

The participating financial institutions and the government are fully capable of funding for the financing and the guarantee respectively, it said.

"Hence, neither SJPP nor Prokhas has any need to raise funds for the purpose as claimed in the report," it added.

-- BERNAMA