Fund involvement for dam protested

Fund involvement for dam protested

KUALA LUMPUR (AFP): Malaysian activist groups yesterday protested the involvement of the national Employees Provident Fund (EPF) in financing the controversial Bakun hydroelectric dam project.

"What guarantees can the EPF give the Malaysian workforce, should something go wrong with the project in the future?" asked Cynthia Gabriel, spokeswoman for non-governmental organizations (NGOs) opposing the dam.

Deputy Prime Minister Anwar Ibrahim announced Thursday that EPF would hold a 10 percent stake in the 13.6-billion-ringgit (US$5.44 billion) Bakun dam in the eastern state of Sarawak, which will be 51 percent owned by the listed Ekran Bhd.

The Sarawak state government will have a nine percent stake in the project, while the national electricity company Tenaga Nasional Bhd will hold 25 percent and the listed Malaysia Mining Corp Bhd the remaining five percent.

Ekran had earlier dismissed the need to use the national workers' fund to finance the project.