KUALA LUMPUR, July 16 — The Public Accounts Committee (PAC) will discuss whether it should conduct proceedings into the Retirement Fund (Incorporated) (KWAP)’s investment in start-up company eFishery, which has been linked to allegations of organised fraud.

PAC chairman Datuk Mas Ermieyati Samsudin said the matter is not currently part of the committee’s proceedings.

“Presently, we already have several matters pending before us. We can discuss (KWAP’s investment) to determine whether the PAC should look into the matter,” she told a press conference at the Parliament building today.

Earlier, the Ministry of Finance (MOF), in a written parliamentary reply, confirmed that KWAP’s investment in eFishery had fallen victim to an organised fraud following the manipulation of the Indonesian company’s financial statements by its management.

According to the MOF, the consortium of investors, including KWAP, has taken firm measures, including initiating legal action, pursuing efforts to recover the funds, conducting an internal governance review, and strengthening internal controls to safeguard its investment interests.

The media previously reported that eFishery is under investigation over allegations of financial misconduct, including the manipulation of its financial statements, which resulted in the company’s revenue being overstated.

According to DealStreetAsia, KWAP invested about USD47.7 million (RM200 million) in eFishery’s Series D funding round in 2023.

Meanwhile, Mas Ermieyati said the PAC had tabled six reports in the Dewan Rakyat during the current sitting, which began on June 22, and had also conducted several inquiry proceedings into issues raised in the Auditor-General’s Report (LKAN) 2026 Series 1.

She said the proceedings covered the management of student fee collection and expenditure at the Universiti Kebangsaan Malaysia (UKM), the National Research, Development, Commercialisation and Innovation (R&D&C&I) programme, and investments by Pelaburan Hartanah Berhad (PHB).

She said the PAC had conducted seven proceedings on UKM’s management, five proceedings on the R&D&C&I programme involving several ministries and agencies, while proceedings on PHB had begun and would continue next week.

Mas Ermieyati said each proceeding served as a checks-and-balances mechanism to improve the government’s service delivery system.

“The PAC will continue to put forward recommendations for implementation by the relevant agencies and ensure appropriate follow-up action by the executive in the interests of the people and the country. I wish to stress that the committee remains committed to carrying out the PAC’s functions to ensure that every ringgit of public funds is spent prudently and in accordance with the prescribed regulations,” she said. — Bernama