Summary
- KWAP invested RM200 million in eFishery.
- Anwar says fund was deceived by manipulated accounts.
- Due diligence was conducted before investment.
- Recovery efforts and legal action underway.
KUALA LUMPUR, July 18 — Prime Minister and Finance Minister Anwar Ibrahim said the Retirement Fund (Incorporated) (KWAP) was deceived into investing about RM200 million in Indonesian startup eFishery.
After the company manipulated its financial statements. Anwar said KWAP had carried out due diligence and relied on audited financial information before approving the investment.
Which also involved major international investors. He added that legal action, fund recovery efforts and governance reviews are underway.
With KWAP strengthening its investment controls to better safeguard civil servants’ retirement funds.
