PM to address KWAP’s eFishery losses in Dewan Negara tomorrow
Malaysian Prime Minister Anwar Ibrahim plans to address the Retirement Fund Inc's (KWAP) RM163.4 million investment loss in the Indonesian aquaculture firm eFishery. The loss resulted from a fraud scheme involving the manipulation of financial statements by the company's management.
Why it matters
The incident raises concerns regarding the governance and due diligence of state-managed pension funds in international investments.
KWAP said in a statement yesterday that its total investment in eFishery amounted to RM163.4 million, representing about 2.51% of the company’s total shareholding. (KWAP pic)
IPOH: Prime Minister Anwar Ibrahim says he will address the issue of the Retirement Fund Inc's (KWAP) investment losses in Indonesian aquaculture technology company, eFishery, during the Dewan Negara sitting tomorrow.
Anwar, who is also finance minister, said although KWAP does not report directly to the government, he does not want that used as an excuse.
“I will discuss the matter in the Dewan Negara tomorrow ... KWAP is a financial institution managing pension funds. It has an investment panel and a board.
“It does not report to us, but I do not want to use that as an excuse. Let us present the facts tomorrow in the Dewan Negara,” he said when asked by reporters about KWAP’s RM200 million investment loss in eFishery.
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