MACC probe into KWAP’s eFishery investment ongoing, Finance Ministry says
KUALA LUMPUR, Oct 29 — The Malaysian Anti-Corruption Commission (MACC) is still investigating Retirement Fund Inco...
The Malaysian Anti-Corruption Commission (MACC) is still probing the Malaysian Retirement Fund Incorporated's (KWAP) investment in Indonesian aquaculture technology company eFishery, according to the Ministry of Finance (MoF). MoF clarified that no evidence of criminal wrongdoing, including corruption or misappropriation, has emerged thus far. KWAP has cooperated with authorities and the investor consortium to take appropriate action against those responsible, MoF added.
The MoF response comes after a question from Tuan Kalam Salan (PN-Sabak Bernam), who sought clarification on KWAP's RM200 million investment in eFishery. The ministry addressed the investment approval, parties responsible for due diligence failures, total losses, and potential action against negligent parties.
The eFishery investment underwent standard assessment and governance procedures, including verification by an international auditor based on available information at the time. However, eFishery was later found to have engaged in financial manipulation and misrepresented facts in its financial reports. These issues affected several major global institutional investors as well.
The RM163.4 million investment represents a 2.51% equity stake in eFishery. KWAP is a minority shareholder in the company, with other investors, including major global institutional investors, holding the majority of shares.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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