MACC Probes KWAP’s RM200 Million Investment Loss in eFishery

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has commenced an investigation into the RM200 million investment loss suffered by the Retirement Fund (Incorporated) (KWAP) in Indonesian aquaculture technology company, eFishery.

MACC Chief Commissioner Datuk Seri Abd Halim Aman said an investigation team from MACC Headquarters was formed yesterday to study and scrutinise the matter thoroughly.

“MACC stresses that the investigation will be conducted fairly, transparently and justly, in accordance with existing legal provisions,” he said in a statement today.

As such, Abd Halim advised the public not to speculate on the matter to avoid confusion and to preserve the integrity of the investigation process.

Previously, the Ministry of Finance (MOF), through a written reply in Parliament, confirmed that KWAP fell victim to an organised fraud in the investment following the manipulation of financial reports by the Indonesian company’s management.

According to MOF, the investor consortium, including KWAP, has taken firm measures, including initiating legal action, continuing efforts to recover the funds, conducting internal governance reviews, and strengthening controls to protect investment interests.

Media previously reported that eFishery is under investigation following allegations of financial irregularities, including manipulation of financial statements which resulted in the company’s revenue being reported higher than the actual figures.

According to DealStreetAsia, KWAP invested approximately USD47.7 million (RM200 million) in eFishery’s Series D funding round in 2023.

BERNAMA