PKR vice-president Rafizi Ramli says Prime Minister Najib Abdul Razak's announcement that the Employees’ Provident Fund (EPF) would increase its US investments goes against his own ministry's limitations.

“What he (Najib) does not realise is that his announcement goes against the rules set by the Finance Ministry, which limits EPF’s foreign investment to only 30 percent of its total investments,” Rafizi said in a statement today.

He said EPF’s chief executive officer (CEO) Shahril Ridza Ridzuan said in an interview in February this year that the EPF has nearly reached its maximum limit of 30 percent foreign investment...