AN MCA leader has called for a Public Accounts Committee (PAC) inquiry into Retirement Fund Incorporated’s (KWAP) investment in Indonesian aquaculture start-up eFishery, saying the Finance Ministry must account for the fund’s reported losses and strengthen governance safeguards.
Its information chief Chan Quin Er the reported losses had raised serious questions about oversight and the management of public retirement savings, noting that KWAP falls under the purview of the Finance Ministry (MOF).
“The buck stops at the Finance Ministry,” she said in a statement.
She also urged the government to clarify the actual extent of KWAP’s losses, noting that different figures had been cited publicly.
“News reports and the Prime Minister have referred to losses of around RM200 mil, while KWAP has stated that its actual exposure was RM163.4 mil for a 2.51% stake in eFishery.
“These figures should be reconciled and explained transparently. Accountability cannot rest on numbers that have yet to be clarified,” she stressed.
The eFishery controversy emerged after the Indonesian agritech unicorn was accused of manipulating its financial statements, prompting investigations by investors and regulators.
Earlier this year, Indonesian authorities convicted the company’s former chief executive and sentenced him to nine years’ imprisonment over the fraud.
In Malaysia, MOF has confirmed in a written parliamentary reply that KWAP had been deceived through manipulated financial reports when making its investment.
Chan said the government’s acknowledgement that KWAP had been defrauded did not end the matter.
“If the investment underwent proper due diligence, the more important question is how manipulated financial reports escaped detection,” she remarked.
“Being defrauded explains the loss, but it does not explain whether adequate safeguards were in place.”
Chan also pointed to Datuk Seri Anwar Ibrahim’s dual role as Prime Minister and Finance Minister, saying this placed responsibility for addressing the issue squarely on the government.
“As Prime Minister, he has defended the investment process. As Finance Minister, he is also accountable for KWAP. The government must provide a full explanation of what happened,” she said.
Chan further called on KWAP’s board, investment panel and senior management to explain how the investment was approved and what risk controls were in place at the time.
She said any negligence or breach of fiduciary duty identified through investigations by the Malaysian Anti-Corruption Commission should be met with appropriate action.
Among the reforms proposed by MCA are stricter exposure limits for high-risk overseas venture capital investments, independent verification of investee companies’ financial statements before investments are made, co-investment only alongside vetted lead fund managers, enhanced board reporting through trigger-based monitoring, and an explicit capital preservation mandate for retirement funds.
Chan also urged the PAC to investigate KWAP’s investment in eFishery, including its approval process and governance framework, and table its findings in Parliament.
“Public money warrants parliamentary scrutiny. Malaysians deserve transparent explanations, a thorough investigation and accountability where failures are found,” she said. ‒ July 20, 2026
Main image: KWAP
