Auditor-General Ambrin Buang has urged the parliamentary Public Accounts Committee (PAC) to look into rising investments abroad by the Employees Provident Fund, particularly in real estate.

PAC chairperson Nur Jazlan Mohamed ( left ) said this was because overseas investment last year had risen to RM6.46 billion, up 10 percent from 2012.

Nur Jazlan said this was because investments abroad were beyond the oversight of local regulators.

"The auditor-general wants to know what the investments are for and how they are derived, and whether they are risky or not and if we can get our money back. There might even be elements of corruption. We don't know," he said.

He was speaking after a briefing on the first of three instalments of the audit report that are scheduled to be tabled this year.

According to the Auditor General's Department, EPF's total investment in 2013 was RM14.36 billion, making overseas property investment about half its total investment.

Return on total investment was, however, healthy at 7.9 percent or RM1.14 billion.

"This are good returns," Nur Jazlan said.

The Pulai MP also qualified that PAC will only look into the matter to know EPF's policy "in case something goes wrong", not because something has gone awry.

"We call EPF so it can tell us how it governs and mitigates risks so it can give comfort to the PAC and general public that their monies are well-managed by the EPF," he said.

He added, however, that PAC will not instruct EPF on where to invest as EPF has its own board of directors.

Six called by PAC

EPF is among six ministries and agencies to be called by PAC this year following the first installment of the Auditor General Report 2013.

The others are:

- Ministry of Agriculture and Agribusiness over the RM343.55 million Paya Peda dam in Terengganu which was awarded through direct negotiation and is not yet complete despite its November 2013 deadline;

- Ministry of Education over Universiti Pendidikan Sultan Idris (Upsi) which was built not to specification that it failed to receive the certificate of fitness despite being in use for 2012;

- Ministry of Education over development funds of more than RM300 million to support research, with a single academic paper published;

- Ministry of Health over management of food and equipment for hospitals;

- Home Ministry over purchase of RM17 million worth of boots for the volunteer corp (Rela) which did follow proper procedure; and

- Works Ministry over the building of civil service quarters.