The Employees Provident Fund (EPF) denies reports in today's newspapers (November 20, 2002) which associated the operations of ValueCap Sdn Bhd with the EPF's investments and two other state-run funds.

The EPF wishes to clarify that it has not appointed ValueCap Sdn Bhd to manage the EPF's investment fund. The EPF also denies that its involvement in the KLSE is to shore up the stock market.  The EPF's investments are not used to bail out ailing companies.

The EPF invests in companies with sound fundamentals, long-term growth potential and competent management. The EPF is always prudent and professional in its approach when investing members' savings. The Fund ensures that the investments are safe, not exposed to high risks and gives reasonable returns to its members for their retirement.

(DR. ROSLAN A. GHAFFAR)
Deputy Chief Executive Officer (Investment)
Employees Provident Fund

Date: 20 November 2002