KUCHING, July 18 2026: Social activist Voon Shiak Ni told Prime Minister Anwar Ibrahim to investigate individuals involved in the loss of RM200 million of retirement funds to scammers in Indonesia.
She also told the prime minister that the public has the right to know the extent of due diligence done by the Finance Ministry and Board of Retirement Fund (Incorporated) (KWAP) on the investment loss of RM200 million to scammers .
She noted that the prime minister had revealed in Parliament two days ago that the country had lost RM200 million of the retirement funds to a fraudulent investment scheme in Indonesia.
“Though the prime minister has explained that due diligence has been exercised before the investment was done but this does not answer the question of political accountability as well as legal and administrative responsibility of the federal government and the board of KWAP for the loss of public funds of RM200 million,” Voon said in a statement.
She noted that KWAP lost the money because the federal government invested in what is later found to be a fraudulent scheme and it is only right that someone has to be responsible for the loss as the money belongs to the people .
“As the KWAP's board and management are primarily responsible for carrying out due diligence, assessing risks, and approving investments in accordance with the law and their fiduciary duties , the people has the right to know the extent of due diligence performed and whether KWAP's investment policies and governance procedures were followed .
“If there were failures in governance, negligence, or misconduct, the individuals involved need to be investigated and held legally accountable.
“The Minister of Finance has political responsibility to oversees the statutory framework for KWAP.
“The public deserved to be informed and what steps will be taken to recover the funds and prevent similar incidents from happening .
“There is an urgency for the matters to be scrutinized by Parliament, auditors, enforcement agencies as part of political accountability to the public ..
“This is a worrying issue and public confidence is at stake. A million - dollars government's investment lost to scam is one too many .
“There is no doubt that the public is concerned of the risks of any other possible losses in future to scam which may involve EPF funds , Amanah Saham funds and related government investments schemes .
“The federal government, the Finance Ministry and the board of KWAP need to take responsibility for the loss of public funds of RM200 million to scammers,” she said.
Anwar had told Parliament that KWAP duped of RM200 million of its investment in Indonesian aquaculture startup eFishery.
He alleged that the company manipulated financial reports to deceive KWAP into investing RM200 million.
He said KWAP was not the only one being duped by eFishery, saying that international institutional investors and technology funds, including Temasek, SoftBank, 42XFund and Northstar, were also the victims.
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