KUALA LUMPUR: Graft busters have taken statements from 10 witnesses, with more, including those overseas, expected to be called in as the investigation into the Retirement Fund (Incorporated) (KWAP) RM200mil investment losses in Indonesian aquaculture technology company eFishery ramps up.
Malaysian Anti-Corruption Commission (MACC) chief commissioner Datuk Seri Abdul Halim Aman said a special task force probing the case has called in 10 witnesses, comprising senior KWAP and Finance Ministry officials involved in the investment decision-making process.
“They are now analysing the witness statements and reviewing documents seized during the probe.
“More individuals are expected to be called in, including members of KWAP’s Finance Committee and all members of its Investment Panel involved in the investment,” he said in a statement.
Several parties overseas have also been identified to assist in the investigation.
“We will submit applications for Mutual Legal Assistance in Criminal Matters through the Attorney General’s Chambers to obtain evidence and statements from witnesses abroad,” he added.
Abdul Halim said the investigation will be comprehensive, covering possible elements of corruption, abuse of power and misappropriation, while also scrutinising governance issues, including financial procedures, legal compliance and the decision-making process.
He said the special task force began investigations on July 17, examining KWAP’s investment in eFishery’s “Smart Feeder” technology for fish and shrimp farming.
“The special task force is led by MACC senior director of investigation and senior officers from the Investigation, Legal and Prosecution as well as Governance Investigation divisions.
“Investigators have also gone over to KWAP’s premises on July 20,” he said.
The MACC, according to Abdul Halim, will also conduct financial trail analyses, including cash transaction reports and suspicious transaction reports.
“Among the documents being scrutinised are the initial and final investment proposal papers, site visit reports, minutes of meetings related to eFishery, due diligence reports, investment procedures and KWAP’s financial records,” he said.
“It is still too early to disclose the findings.”
Abdul Halim urged all parties to allow them time and space to carry out a thorough investigation.
According to the Finance Ministry, KWAP’s US$47.7mil (about RM200mil) investment in Indonesian agritech startup eFishery was the victim of an orchestrated fraud.
In a recent parliamentary written reply, the ministry said KWAP’s July 2023 investment followed a robust evaluation and governance process.
This included internal assessments, independent due diligence and the verification of financial statements by certified international auditors.
KWAP invested alongside a consortium of reputable international institutional investors, including Temasek, SoftBank, 42XFund and Northstar, all of which conducted their own rigorous reviews.
Despite these comprehensive safeguards, the startup’s management successfully executed a well-planned fraud by manipulating its financial reports.
The consortium has since lodged reports with the relevant authorities and initiated legal action to recover the funds.
Internally, KWAP completed a holistic review of the investment and presented the findings to its board for scrutiny, leading to subsequent actions taken under its institutional accountability framework.
