MoF: MACC still investigating KWAP's investment in eFishery
KUALA LUMPUR: The Malaysian Anti-Corruption Commission is still investigating Retirement Fund Inc’s (KWAP) investment in Indonesian aquaculture technology company eFishery, the Finance Ministry (MoF) said today.
The Malaysian Anti-Corruption Commission (MACC) is continuing to investigate Retirement Fund Inc (KWAP) for its investment in Indonesian aquaculture technology company eFishery, according to the Finance Ministry (MoF). The investigation, which began on August 13, 2026, has not yet revealed any evidence of criminal wrongdoing related to corruption or misappropriation, the ministry reported.
KWAP has cooperated with the relevant authorities and the investor consortium in taking appropriate action against those responsible, the MoF added.
In response to a parliamentary question, the MoF clarified that the eFishery investment went through established assessment and governance processes, including verification by an international auditor. However, it later emerged that eFishery had engaged in financial manipulation and misrepresented facts in its financial reports.
Despite this, the assessment process before investment approval involved internal evaluations, independent due diligence, and reviews of financial, legal, and operational aspects. The actual investment by KWAP was RM163.4 million, representing a 2.51% equity stake in eFishery.
The MoF emphasized that several major global institutional investors were also affected by eFishery's misconduct. KWAP is a minority shareholder in eFishery, with other investors, including major global institutional investors, holding the majority of the company's shares.
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