Malaysian PM Anwar Ibrahim Says KWAP's Investment in eFishery Underwent Due Diligence

Malaysian Prime Minister Anwar Ibrahim has stated that the investment made by the civil service pension fund, Kumpulan Wang Persaraan (KWAP), in the Indonesian aquaculture technology start-up eFishery had undergone proper scrutiny. “The question is, was it not researched? The answer is, from the investment panel, the investment was researched,” Anwar told parliament in Kuala Lumpur on Monday. Anwar, who also serves as finance minister, was addressing the loss suffered by KWAP after investing RM163.4 million (approximately Rp718 billion) in eFishery. The case involves allegations that eFishery’s management manipulated financial reports, causing losses to investors, including the Malaysian pension fund. The case has sparked widespread discussion on social media in both Malaysia and Indonesia, drawing public and political attention. Anwar added that KWAP’s investment decisions do not require approval from the Ministry of Finance. He noted that the case involved a planned fraud by eFishery’s management, who are now facing legal proceedings and have been imprisoned. He explained to parliament that KWAP was not the only institution to invest in eFishery. Other investors from Europe, Abu Dhabi, Singapore, and Indonesia also suffered losses. “All of them invested more than KWAP. So, they were all deceived,” Anwar said. He pointed out that KWAP has not only invested in eFishery but also in other Malaysian start-ups that have yielded significant returns. “So, we must look at the overall picture,” he explained. Anwar also supported the Malaysian Anti-Corruption Commission’s (SPRM) move to investigate potential legal violations or corruption in KWAP’s investment decision. He has asked KWAP’s management to be transparent and cooperate with the SPRM. “Although based on the initial report, I do not believe there were elements of corruption, we must follow the process responsibly,” Anwar said.