KUALA LUMPUR: The government is open to establishing a Royal Commission of Inquiry (RCI) into the Retirement Fund Inc (KWAP) and the Employees Provident Fund (EPF) if there is credible information or public interest, says Datuk Seri Azalina Othman Said (pic).
“The government will continue to ensure that any issues regarding the management of public funds, including governance and investment decisions, are examined based on facts and evidence and through the appropriate oversight mechanisms,” she said in a parliamentary written reply.
The Minister in the Prime Minister’s Department (Law and Institutional Reform) said should findings indicate a need for a special inquiry, a proposal to establish an RCI may be considered.
The reply was to a question from Datuk Seri Dr Shahidan Kassim (PN-Arau), who asked if the government would consider an RCI into KWAP and EPF over potentially questionable governance, investment management or financial decisions.
Azalina said under the prevailing standard operating procedures, a proposal to establish the RCI must be submitted through a memorandum by the lead ministry for consideration and approval by the Cabinet.
“Once approved, the Prime Minister will submit the proposal to the Yang di-Pertuan Agong for royal assent.
“Upon receiving royal assent, the establishment of the RCI will involve determining its terms of reference, membership and duration of the inquiry.
“These will then be formalised through publication in the Federal Government Gazette before the RCI begins its work,” she said.
It was reported that the Finance Ministry found KWAP was deceived out of about US$47.7mil in investment in an Indonesian agritech startup, eFishery.
KWAP was reported to have invested alongside a consortium of reputable international institutional investors, including Temasek, SoftBank, 42XFund, and Northstar, all of which conducted their own rigorous reviews.
Prime Minister Datuk Seri Anwar Ibrahim said regulations would be tightened to ensure responsible management of public funds entrusted to KWAP.
