SRC International becoming a fiasco with the KWAP

From the Edge:

The amendment came at a time when KWAP is under the spotlight for extending a RM4 billion loan to SRC International Sdn Bhd, a wholly-owned unit by the Ministry of Finance.

To recap, Pandan Member of Parliament Rafizi Ramli had disclosed that SRC International, formerly owned by1Malaysia Development Bhd (1MDB), recorded a loss of RM164 million for the financial year ended March 31, 2014.

It also recorded an impairment loss on available-for-sale investment of RM115.25 million for the same financial year.

He is also mulling legal action against KWAP for its handling of the pension fund of the civil servants.

The other amendment include an additional Section 21A which seeks to punish any person disclosing any information whether obtained through sitting in a meeting or documents.

Remember, I highlighted this issue weeks ago.  Now, more information is coming to light as the unit had recorded losses.  Not only me has been wondering what nonsense is going on.  It's not a question if pension funds will put money in 1MDB.  Apparently they already did through SRC International.

KWAP could easily be sued and most of the independent directors should resign for mixing pension fund money, people's retirement money and using it in silly opaque investments such as SRC international.  Pension funds should be sticking to liquid stocks and bonds, income producing items, not resource producing land mines.

I wonder how much more money has the MOF decided to borrow out of the pension and retirement funds in Malaysia.  Oversight is certainly lacking.  Are the boards in cahoots with the hanky panky?