PUTRAJAYA: Investigations have been launched into the Retirement Fund (Incorporated) (KWAP) RM200mil investment losses involving Indonesian aquaculture technology company eFishery, says Datuk Seri Abdul Halim Aman.
The Malaysian Anti-Corruption Commission (MACC) chief commissioner said the anti-graft agency formed a special investigation team on July 17 to begin its probe following media reports on the losses.
“The investigation will be carried out fairly, transparently and in accordance with existing laws,” he said in a statement yesterday.
He urged the public to refrain from speculating on the case, saying this could create confusion and undermine the integrity of the investigation.
“We have begun the investigation and will thoroughly scrutinise all aspects of the reported investment losses,” Abdul Halim added.
It was previously reported that the Finance Ministry said KWAP’s US$47.7mil (about RM200mil) investment in Indonesian agritech startup eFishery had fallen victim to an orchestrated fraud.
In a written parliamentary reply dated July 15, the ministry said KWAP’s investment, made in July 2023, followed a robust evaluation and governance process.
This included internal assessments, independent due diligence and verification of the company’s financial statements by internationally recognised audit firms.
KWAP invested alongside a consortium of reputable international institutional investors, including Temasek, SoftBank, 42XFund and Northstar, all of which conducted their own rigorous due diligence.
Despite these safeguards, the startup’s management allegedly executed a sophisticated fraud by manipulating its financial statements.
The consortium has since lodged reports with the relevant authorities and initiated legal action to recover the funds.
KWAP has also completed an internal review of the investment and presented its findings to the board, which subsequently initiated actions under the fund’s accountability framework.
On Thursday, Parliament’s bi-partisan Public Accounts Committee (PAC) said it was considering an investigation into the losses.
Its chairman Datuk Mas Ermieyati Samsudin said the matter was not currently on the PAC’s agenda but would be discussed by the committee to determine whether a formal probe should be initiated.
Meanwhile, in a statement yesterday, KWAP said it is continuing to pursue all available avenues to maximise the recovery of its investment in eFishery.
It clarified that its total investment in the company amounted to RM163.4mil, representing approximately 2.51% of eFishery’s total shareholding.
KWAP added that it was a minority shareholder, with the majority stake held by other investors, including major global institutional investors that were similarly affected by the misconduct.
It noted that 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 after being convicted of embezzlement and money laundering.
“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 reviewed its investment processes, post-investment monitoring arrangements and the information available throughout the investment period,” it said, as reported by Bernama.
The fund said appropriate follow-up actions had been taken in accordance with its internal governance and accountability framework.
It added that it has further strengthened its approach to private market investments.
KWAP also assured stakeholders that the fund remains supported by a diversified portfolio spanning multiple asset classes, sectors and geographical markets.
Based on its unaudited financial results for the year ended Dec 31, 2025, KWAP recorded gross investment income of RM8.33bil, with total funds under management amounting to RM195.26bil.
