The controversy surrounding the Retirement Fund (Incorporated)(KWAP) investment in eFishery has escalated, with PAS Youth demanding that Prime Minister Anwar Ibrahim resign as finance minister over the RM163.4 million loss.
Its chief, Afnan Hamimi Taib Azamudden, said the issue was not merely an investment matter, but involved public trust and accountability.
He also demanded the suspension of KWAP chairperson Johan Mahmood Merican pending the completion of investigations. Johan is also the Treasury secretary-general.
Afnan (above) said that Anwar’s statement in the Dewan Negara calling for the MACC to investigate the issue is "deeply disappointing".
"The people do not only want an investigation, but also want to know who was responsible for approving the investment and how KWAP’s governance process failed, resulting in public funds being exposed to fraud.
"The argument that KWAP continues to record billions of ringgit in profits cannot in any way be used to justify playing down the loss of RM163.4 million. Every ringgit of retirement funds is held in trust for the people, and is not a figure that can be taken lightly.
"As finance minister, Anwar cannot absolve himself of political responsibility. He must come forward with a comprehensive explanation, rather than merely providing a technical response," the Alor Setar MP said on Facebook.
Afnan also called for an independent and transparent investigation into the investment process.
"No one should be allowed to escape accountability," he added.
Anwar told the Dewan Rakyat on July 16 that KWAP incurred the losses from its investment in the aquaculture start-up due to a “planned fraud” despite the investment having undergone KWAP’s governance process.
The process included internal assessments, independent due diligence, and reviews of the company’s financial, legal, and operational standing before approval.
Anwar later said investment decisions should not rely solely on audit firms, noting that two international auditors had endorsed the investment while a third could not complete its review in time.
KWAP and other investors have initiated legal action and are pursuing efforts to recover the funds while strengthening internal governance.
‘Set good example and resign’
Pasir Gudang MP Hassan Abdul Karim had also called for Anwar's resignation last week, telling him to set a good example and uphold the principles of accountability and responsibility.
“… take the courageous decision to resign as finance minister with immediate effect," he said on Facebook.
The PKR lawmaker pointed out that KWAP was deceived before in the SRC International embezzlement scandal involving billions, which resulted in the conviction of the then prime minister.
"Having failed to learn from the SRC International scandal, KWAP’s board of directors, investment panel and senior management have now committed the same mistake,” he added. - Mkini
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