Friday, February 17, 2006

EPF Poor Project & Land Management




23rd July 2003, The Star

EPF had to discontinue its housing projects on 419 pieces on land it owns in 2001 due to financial difficulties, poor planning & ineffective supervision. This include projects on 415 pieces of land in Kuala Kuantan in Pahang and 4 pieces of land in Petaling district in Kuala Lumpur.

The Auditor report stated that EPF owned a total of 486 pieces of land worth RM854.48 million and to-date only 46 of them had been fully developed.

Overall, the Auditors found that EPF did not implement the development according to the plans approved by the investment panel.

The report said that the main cause of problem was due to poor planning and ineffective supervision. The report also found that land management by EPF was poor. Citing an example of a project in Petaling District, the report said EPF had spent RM59.63 million up to December 2002 and the project had to stop as EPF did not receive planning approval from the local government to change the land use from housing to commercial use.

EPF also bought a land in Shah Alam to built its new headquarters to replace the one in Jalan Gasing in Petaling Jaya.

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