MACC launches probe into KWAP’s RM200 million eFishery investment loss
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has begun investigating the reported RM200 million investment loss suffered by the Retirement Fund (Incorporated) (KWAP) involving Indonesian aquaculture technology company eFishery.
MACC chief commissioner Datuk Seri Abd Halim Aman said a special investigation team from the commission’s headquarters was established to conduct a detailed review of the matter and assess all relevant aspects surrounding the investment.
He said the investigation would be carried out in a fair, transparent and impartial manner in line with existing laws and procedures.
“MACC stresses that the investigation will be conducted fairly, transparently and without bias according to the provisions of the law,” he said in a statement.
Abd Halim also urged the public to avoid making premature assumptions or spreading speculation while the investigation is ongoing, stressing that such actions could create confusion and affect the integrity of the process.
The investigation follows confirmation from the Ministry of Finance (MOF) that KWAP’s investment in eFishery had been affected by an alleged organised fraud involving the manipulation of financial information by the Indonesian company’s management.
In a written parliamentary response, the ministry said a consortium of investors, including KWAP, had taken several measures following the discovery, including initiating legal action, pursuing recovery efforts, conducting internal governance assessments and strengthening investment safeguards.
The ministry said these steps were aimed at protecting investors’ interests and ensuring stronger risk management practices in future investment decisions.
Earlier media reports stated that eFishery had come under scrutiny over alleged financial irregularities, including claims that the company’s financial statements had been manipulated, resulting in reported revenue figures being overstated.
According to reports by DealStreetAsia, KWAP participated in eFishery’s Series D funding round in 2023, investing approximately US$47.7 million (around RM200 million) in the Indonesian startup.
The investment was part of a funding round that attracted participation from several institutional and technology-focused investors.
Following the reported losses, questions have emerged over investment evaluation processes, due diligence procedures and governance mechanisms involved in approving major investments involving public funds.
KWAP, which manages retirement savings and investments for Malaysia’s public sector employees, is responsible for ensuring sustainable returns while maintaining strong governance and risk management standards.
The MACC investigation is expected to examine the circumstances surrounding the investment decision, including whether any elements of misconduct, negligence or violations of relevant laws occurred.
Authorities have yet to disclose further details on the scope of the investigation or whether any individuals have been identified as subjects of the probe.
The commission said updates would be provided when appropriate as investigations progress.
