KUALA LUMPUR: The Retirement Fund (Incorporated) (KWAP) says that it is continuing to pursue all available avenues to maximise the recovery of its investment in eFishery.
In a statement today, KWAP said its total investment in eFishery amounted to RM163.4 million, representing approximately 2.51 per cent of the company’s total shareholding.
KWAP was a minority shareholder, while the majority of the company’s shares were held by other investors, including major global institutional investors that were similarly affected by the misconduct.
"In light of the matters raised, we wish to provide further clarity on the actions undertaken following our internal review, as well as the measures being implemented to safeguard the interests of the fund.
"Following the discovery of the irregularities, KWAP conducted an internal investigation and the necessary reviews of the investment processes, post-investment monitoring arrangements and information available to KWAP throughout the investment period," it said.
The Fund also said appropriate follow-up actions have been taken in accordance with KWAP’s internal governance and accountability framework.
Clarifying further, KWAP said the broader eFishery case involved deliberate financial manipulation and misrepresentation of the company’s financial reporting.
On April 29, 2026, eFishery co-founder and former chief executive officer Gibran Huzaifah was sentenced by the Bandung District Court to nine years’ imprisonment following his conviction for embezzlement and money laundering.
KWAP also said it has further strengthened its approach to private markets investing.
"The measures include greater portfolio diversification, investing alongside experienced fund managers and strategic partners, enhanced post-investment monitoring, and closer oversight of material developments involving portfolio companies.
"The Fund remains supported by a diversified portfolio across asset classes, sectors and geographies," it said.
Based on unaudited results for the financial year ended Dec 31, 2025, KWAP recorded gross investment income of RM8.33 billion, with total funds under management of RM195.26 billion.
KWAP remains committed to managing the Fund prudently, transparently and responsibly in fulfilment of its statutory mandate to assist the Government in meeting its pension obligations to public sector retirees.
Last Thursday, the Ministry of Finance (MOF) said in a written reply published on the Parliament website that it found KWAP was deceived over its investment in eFishery and that it was a well-planned fraud.
The ministry said the Indonesian aquaculture startup's management had manipulated its financial statements.
Following the discovery, MOF said the consortium of investors, including KWAP, had taken firm measures, including legal action, fund recovery efforts, internal governance reviews and strengthened controls. - Bernama
