Malaysian Anti-Corruption Agency Probes RM200 Million KWAP Investment Loss

Malaysia's Anti-Corruption Commission (SPRM) is actively investigating a significant investment loss amounting to RM200 million (approximately US$35 million) incurred by the Retirement Fund Inc (KWAP). The probe centers on KWAP's investment in the Indonesian aquaculture technology company, eFishery.

SPRM has recorded statements from 10 witnesses, including senior officials from KWAP and the Ministry of Finance, who were involved in the investment decision-making process. These statements were finalized as part of the initial investigation phase. The commission began its investigation on July 20, visiting KWAP's premises to secure relevant documents pertaining to the investment.

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SPRM is currently studying the obtained statements and examining various important documents related to the investment.

Currently, SPRM is meticulously reviewing the collected statements and various crucial documents. These include initial and final proposal papers, site visit reports, meeting minutes related to eFishery, due diligence reports, investment procedure documents, and KWAP's financial records. The commission is also tracing financial flows through Cash Transaction Reports (CTR) and Suspicious Transaction Reports (STR) to identify any potentially illicit transactions.

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The investigation is comprehensive, covering elements of corruption, abuse of power, and embezzlement.

The investigation is comprehensive, covering elements of corruption, abuse of power, and embezzlement. SPRM is also focusing on governance aspects, including compliance with financial and legal procedures, as well as the decision-making processes involved in KWAP's investment in eFishery. More individuals are expected to be called in to assist the investigation, including members of the Finance Committee and the KWAP Investment Panel who approved the investment.

Furthermore, SPRM has identified parties outside of Malaysia who may possess information relevant to the case. The commission plans to submit a Mutual Legal Assistance (MLA) request through the Attorney General's Chambers to seek cooperation from foreign authorities and obtain statements from relevant witnesses abroad. SPRM emphasizes that the investigation is still in its early stages and requires time due to the complexity of examining various aspects, including criminal corruption and governance issues.

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SPRM will submit a Mutual Legal Assistance (MLA) request through the Attorney General's Chambers to seek cooperation from foreign authorities.