PAC considers investigating EPF's investment in eFishery amid fraud allegations

Malaysia's Parliamentary Select Committee on Public Accounts (PAC) is contemplating an inquiry into the Employees Provident Fund's (EPF) investment in Indonesian aquaculture firm eFishery, following allegations that the fund incurred losses due to the startup's alleged financial misrepresentation. PAC Chairman Mas Ermieyati Samsudin indicated that the committee will discuss the necessity of such proceedings.

"The matter is not currently on the PAC's agenda. However, we will discuss whether the PAC needs to get involved in this matter," Samsudin stated. She added that the committee has existing proceedings to resolve before deciding on the eFishery investment issue. The EPF's investment has come under scrutiny after eFishery was accused of manipulating its financial reports to secure funding.

Prime Minister Anwar Ibrahim defended the investment decision, asserting that it adhered to established evaluation and governance protocols based on available information, including verification by certified international auditors. He noted that the investor consortium, which included the EPF, conducted independent due diligence to ensure the completeness and accuracy of all relevant data before committing funds. The investment also involved other international institutional investors and technology funds such as Temasek, SoftBank, 42XFund, and Northstar, all of whom have international-standard investment assessment, control, and governance processes.

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The matter is not currently on the PAC's agenda. However, we will discuss whether the PAC needs to get involved in this matter.