KUALA LUMPUR: The government will not compromise on any corruption or fraud regarding the Retirement Fund (Incorporated) (KWAP) investment in failed aquaculture start-up eFishery, said Prime Minister Datuk Seri Anwar Ibrahim.
He said although the initial report indicated no such elements had occurred, the Malaysian Anti-Corruption Commission (MACC) needed to investigate the entire investment process.
Anwar, who is also Finance Minister, said he had met with the KWAP management and stated the need for them to be totally on board with the investigation.
“I have met with KWAP management to state (that they) must cooperate fully. Even after reviewing the initial report, I do not believe there are any such elements. I would like to stress that we cannot compromise on any fraud or corruption.
“That is why, even though we think so, MACC should also examine the investment process and the decisions made by the investment panel, which were ultimately agreed upon by the board,” he said during the Oral Answers session at the Dewan Negara yesterday.
The Prime Minister was replying to a question from Senator Mohd Hasbie Muda about the government’s strategy to ensure that the national retirement funds, namely the Employees Provident Fund and KWAP, are able to provide the best dividends despite facing global geopolitical uncertainty.
In a Bernama report, Anwar also responded to a supplementary question from Senator Wan Martina Wan Yusoff on government transformation efforts, detailing how they guide investment choices and guarantee the continued protection of public money.
Anwar said world-class financial institutions and firms were also not immune to errors, citing Goldman Sachs, which was embroiled in the 1Malaysia Development Bhd scandal.
“This is a lesson and a wake-up call for us,” he said.
Last Thursday, the Finance Ministry reportedly said KWAP’s investment in eFishery was a well-planned fraud, stating that the company’s management had manipulated its financial statements.
Last Saturday, KWAP said it will continue to pursue all available avenues to maximise the recovery of its investment in eFishery.
