EFishery: No Compromise If There Is Corruption, Fraud In KWAP Investments -- PM Anwar
KUALA LUMPUR, July 20 (Bernama) -- 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 said that 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 KWAP management and stated the need for full cooperation during the investigation.
“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 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 (KWSP) and KWAP, are able to provide the best dividends despite facing global geopolitical uncertainty.
Anwar also responded to a supplementary question from Senator Wan Martina Wan Yusoff regarding the state of the government’s transformation efforts to determine which companies will be the destination of investments, and what guarantees there are so that the rakyat’s money will continue to be protected in every investment.
Anwar said world-class financial institutions and firms are 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 Ministry of Finance reportedly said KWAP's investment in eFishery was a well-planned fraud, stating that the company’s management had manipulated its financial statements.
On Saturday, KWAP said that it would continue to pursue all available avenues to maximise the recovery of its investment in eFishery.
-- BERNAMA