Malaysian Prime Minister Anwar Ibrahim has defended the Retirement Fund Inc. (KWAP)’s RM163.4 million investment in Indonesian aquaculture technology startup eFishery, saying the losses should be viewed in the context of the pension fund’s strong overall performance.

Speaking in the Dewan Negara on Monday, Anwar said the investment was made without political interference and had gone through a rigorous process involving professional fund managers, feasibility assessments and approvals by KWAP’s investment panel.

Anwar said eFishery’s former chief executive is now serving a prison sentence over financial fraud, noting that several leading global investors, including Singapore’s Temasek and Japan’s SoftBank, had also invested in the company.

He said that although KWAP lost about RM160 million in the investment, the fund recorded a net profit of RM12.9 billion and expanded its assets by RM9.3 billion, arguing that its overall performance should not be judged based on a single investment loss.

Anwar added that the government would fully cooperate with investigations into the investment. He said Malaysia’s anti-corruption agency would take appropriate action if any evidence of wrongdoing is found. He also described the case as a lesson in strengthening oversight while maintaining that investments in startups inevitably carry risks.