PKR secretary-general and Pandan MP Rafizi Ramli might nudge pensioners to initiate a civil suit against their fund, Retirement Fund Incorporated  (KWAP) for "careless investment".

He said this was to be considered as there are scarce answers as to the RM4 billion that KWAP had loaned to SRC International Sdn Bhd, a finance ministry-owned company.

"I am seriously discussing this matter with lawyers and there is an avenue to file a civil suit against all officers involved in KWAP for not doing due diligence on these so-called investments," Rafizi said.

SRC was a subsidiary of the beleaguered 1Malaysia Development Berhad (1MDB) when the money was loaned to them. The money was used to invest in a Mongolian coal and energy company Gobi Coal and Energe Ltd.

However, the subsidiary was subsequently absorbed as a fully-owned entity of the finance ministry, with the RM4 billion liability removed from 1MDB's books.

The loan had been guaranteed by the federal government.

Similarities with 1MDB

In a related development, Petaling Jaya Utara MP Tony Pua said he has tried to query the finance ministry on details of SRC's deal with the Mongolian company to no avail.

"Gobi Coal and Energy Ltd is an energy company based in Mongolia. The investment was made jointly with international investors, with each owning 50 percent.

"Every investment by the joint venture company is conducted in accordance to good business practices by taking a long-term perspective and considering the short-term volatile nature of market prices.

"At the same time, the company expects the prices and return on investment will increase in the longer term for natural resources," read the ministry's reply.

Pua said that this reply from the ministry amounted to nothing and yet it is eerily similar to what the finance ministry's position on 1MDB's joint-venture with PetroSaudi International.

"It was only last month after the agreement was exposed when we found out that the joint venture was an elaborate scam to immediately siphon US$700 million," said Pua in a press release this afternoon.

Pua also noted that SRC was audited by Deloitte Malaysia and led by Nik Faisal Ariff Kamil, a former director of Utama Banking Group (UBG) with alleged links with businessman Jho Low, who in turn is embroiled in the 1MDB controversy.

In view of the suspicious nature of SRC's dealings, Pua said DAP called upon the finance ministry to publish the joint venture agreement with Gobi Coal and Energy Ltd and provide details of SRC's investments.

He also urged the auditor-general to investigate SRC.

"The circumstances around SRC and 1MDB are perhaps just too similar, coincidental and suspicious to be ignored," said Pua.