The Retirement Fund Incorporated (KWAP) today insisted that its investment in e-hailing company Uber was made in accordance with KWAP's governance structure and internal processes.
"We would like to clarify that all our investments, including KWAP's investment in Uber were made following KWAP's governance structure and internal processes which encompassed thorough investment evaluation and assessments.
"We would like to reiterate our commitment to our mandate in delivering continued progress to pensioners and civil servants to ensure a sustainable growth in fund size and ultimately boosting the fund performance," KWAP said in a statement today.
KWAP's response comes after Uber was reported to be conducting an internal investigation into whether any form of quid pro quo occurred in Malaysia.
Bloomberg reported that Uber’s lawyers are currently reviewing a series of financial deals and transactions purportedly tied to the Malaysian government that may have influenced lawmakers here.
The lawyers are looking at a corporate donation of tens of thousands of dollars, announced in Aug 2016, to the Malaysian Global Innovation and Creativity Centre (Magic).
Around the same time, KWAP supposedly invested US$30 million in Uber.
About a year later, Parliament passed a bill on ride-hailing laws that were favourable to Uber and others like it.
Meanwhile, Magic in a statement today refuted its involvement in "any quid pro quo arrangements".
"At Magic we regularly collaborate with corporates, offering strategic platforms and initiatives to connect them with Malaysia's leading entrepreneurial talent.
"As part of our efforts to help build a thriving entrepreneurial ecosystem, these partnerships help inspire young entrepreneurs at the ideation stage, bridging a gap in our ecosystem." - Mkini
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.