{
  "id": 16986508,
  "title": "MACC probe into KWAP’s eFishery investment ongoing, Finance Ministry says",
  "url": "https://urgent.news/2026/10/29/macc-probe-into-kwaps-efishery-investment-ongoing-finance-ministry",
  "topic": "world",
  "section": "World",
  "published": "2026-10-29T01:07:44.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail",
    "url": "https://www.malaymail.com/news/malaysia/2026/10/29/macc-probe-into-kwaps-efishery-investment-ongoing-finance-ministry-says/241057"
  },
  "original_language": "en",
  "account": "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.\n\nThe 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.\n\nThe 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.\n\nThe 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.",
  "summary": "KUALA LUMPUR, Oct 29 — The Malaysian Anti-Corruption Commission (MACC) is still investigating Retirement Fund Inco...",
  "key_points": [
    "MACC probe ongoing into KWAP's eFishery investment",
    "No evidence of criminal wrongdoing found yet",
    "KWAP cooperated with authorities on the matter"
  ],
  "editors_take": "The ongoing investigation into the eFishery investment highlights the systemic risks faced by institutional investors when foreign technology companies misrepresent financial data during standard due diligence processes.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}