PAS Youth has called on Prime Minister Datuk Seri Anwar Ibrahim to step down as Finance Minister following the controversy surrounding Kumpulan Wang Persaraan (Diperbadankan) (KWAP)’s RM163.4 million investment in Indonesian aquaculture technology start-up eFishery, which has been linked to alleged corporate fraud.
Its chief, Afnan Hamimi Taib Azamudden, said Anwar must take political responsibility for what he described as a failure to ensure proper governance and oversight of the country’s financial institutions. He also urged that the KWAP chairman be temporarily relieved of his duties while investigations are carried out.
In a statement issued on Tuesday, Afnan said the loss was far more than a failed investment, arguing that it had undermined public confidence in the management of Malaysia’s retirement funds. He stressed that no individual involved should escape accountability over the matter.
His remarks came after Anwar told the Dewan Negara on Monday that the government would not tolerate any wrongdoing if investigations uncovered elements of corruption or misconduct linked to KWAP’s investment in eFishery. While preliminary findings reportedly showed no evidence of such offences, the Prime Minister said the Malaysian Anti-Corruption Commission (MACC) should continue examining the entire investment process.
However, Afnan described Anwar’s response as disappointing, saying merely calling for an investigation was insufficient. He said Malaysians deserved to know who approved the investment, why governance safeguards had failed, and how public retirement funds were exposed to an alleged corporate fraud.
He also rejected suggestions that KWAP’s overall profitability justified the loss, pointing out that every ringgit entrusted to the pension fund belongs to the people and should be managed with the highest level of responsibility. According to Afnan, the RM163.4 million loss cannot be dismissed simply because KWAP continues to record billions of ringgit in profits.
Calling for greater transparency, Afnan insisted that Anwar could not distance himself from the political responsibility surrounding the issue and urged the Prime Minister to provide a full explanation over the investment controversy.
