Kuala lumpur: The government will not compromise on any corruption or fraud in the Retirement Fund (Incorporated) (KWAP) investments in aquaculture technology start-up company, eFishery, said Prime Minister Datuk Seri Anwar Ibrahim. He stated that although the initial report indicated no such elements had occurred, the Malaysian Anti-Corruption Commission (MACC) needed to investigate the entire investment process.
According to BERNAMA News Agency, Anwar, who is also Finance Minister, emphasized the necessity for full cooperation during the investigation after meeting with KWAP management. 'I have met with KWAP management to state (that they) must cooperate fully. Even looking at the initial report, I do not believe there are such elements. I would like to stress that we cannot compromise on any fraud or corruption. That is why, even though we think so, the MACC should also examine the investment process and the decisions made by the investment panel, which are ultimately agreed upon by the board,' he said during the Oral Answers session at the Dewan Negara today.
The Prime Minister was responding 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 (KWSP) and KWAP, are able to provide the best dividends despite facing global geopolitical uncertainty. Anwar also addressed a supplementary question from Senator Wan Martina Wan Yusoff regarding the state of the government's transformation efforts to determine investment destinations and the guarantees to protect the rakyat's money.
Anwar cited world-class financial institutions and firms, such as Goldman Sachs, which was embroiled in the 1Malaysia Development Bhd scandal, to highlight that even renowned entities are not immune to errors. 'This is a lesson and a wake-up call for us,' he remarked.
Last Thursday, the Ministry of Finance reportedly stated that KWAP's investment in eFishery was a well-planned fraud, claiming that the company's management had manipulated its financial statements. On Saturday, KWAP announced its intention to pursue all available avenues to maximize the recovery of its investment in eFishery.