KUALA LUMPUR: The investigation by the Malaysian Anti-Corruption Commission (MACC) into Retirement Fund Inc (KWAP) over its investment in Indonesian aquaculture technology company eFishery is still ongoing.
Finance Minister Datuk Seri Anwar Ibrahim said the investigation has not uncovered any evidence of criminal wrongdoing involving corruption or misappropriation, according to media reports in August.
“KWAP has also worked with the relevant authorities and an investor consortium to take appropriate action against those responsible.
“At the same time, efforts to maximise the recovery of the investment through appropriate channels are ongoing,” he said in a written parliamentary reply on Wednesday (Oct 28).
He was responding to a question from Kalam Salan (PN-Sabak Bernam), who asked about the parties responsible for KWAP’s failure in due diligence and sought clarification on the investment approval process.
KWAP’s investment in eFishery amounted to RM163.4mil, representing a 2.51% equity stake in the company.
Anwar said the investment had undergone established assessment and governance processes, including verification by a qualified international auditor based on the information available at the time.
However, eFishery was subsequently found to have engaged in deliberate financial manipulation and misrepresentation in its financial reports.
“Several major global institutional investors were also affected by the misconduct,” he said.
Anwar said KWAP had conducted a comprehensive review of the investment’s assessment, approval and monitoring processes following the disclosures.
The findings were presented to its board for detailed scrutiny and discussion, with follow-up action taken in line with the institution’s governance framework and accountability principles, he said.
“As a government-linked investment company (GLIC) entrusted with managing funds to finance the federal government’s pension liabilities, KWAP takes its responsibility to protect and grow the fund sustainably seriously.
“Accordingly, KWAP will continue to review and strengthen its governance framework, risk management, and investment assessment and monitoring processes from time to time to safeguard the interests of the Fund and pensioners,” he said.
