PM Anwar to Address Parliament on Malaysian Pension Fund's Losses in Indonesian Startup eFishery

Malaysian Prime Minister Anwar Ibrahim will provide an explanation to Parliament regarding the investment losses incurred by the civil service pension fund, Kumpulan Wang Persaraan (KWAP), in the Indonesian aquaculture startup eFishery. Anwar, who also serves as Finance Minister, confirmed he would address the issue in the Dewan Negara on Monday.

The Ministry of Finance previously confirmed that KWAP was a victim of an organised fraud following financial report manipulation by eFishery’s management. KWAP stated it had invested 163.4 million ringgit in the company, representing approximately 2.51 percent of total shareholding, making it a minority shareholder. The fund noted that other major global institutional investors were also affected by the violations.

Last year, one of eFishery’s co-founders, Gibran Huzaifah, was reportedly sentenced to nine years in prison by a court in Bandung, West Java, after being found guilty of embezzlement and money laundering. The Malaysian Anti-Corruption Commission has also established a team to thoroughly study and examine the investment loss issue.