MACC Still Investigating KWAP’s Investment in eFishery – MoF

KUALA LUMPUR: The Ministry of Finance (MoF) said the Malaysian Anti-Corruption Commission (MACC) is still investigating the Retirement Fund (Incorporated) (KWAP)’s investment in Indonesian aquaculture technology company eFishery.

According to the ministry, investigations have so far found no evidence of criminal wrongdoing involving corruption or misappropriation related to KWAP’s investment in eFishery, as reported by the media on August 13, 2026.

The ministry said KWAP had also cooperated with the relevant authorities and a consortium of investors in taking appropriate action against those responsible.

“At the same time, efforts are continuing through appropriate channels to maximise the recovery of the investment’s value,” the ministry said in a written reply published on Parliament’s website today.

The statement was in response to a question from Kalam Salan (PN-Sabak Bernam), who asked the government to confirm KWAP’s investment of approximately RM200 million in eFishery, which had been exposed to fraud.

He also sought clarification on who approved the investment and who should be held responsible for the failure of the due diligence process, the actual amount of losses incurred, and whether KWAP would take action against those found negligent.

According to MoF, the investment in eFishery had undergone the prescribed evaluation and governance processes, including verification by accredited international auditors based on the information available at the time.

However, the ministry said the company was subsequently found to have engaged in deliberate financial manipulation and misrepresentation of facts in its financial statements.

“This occurred despite the evaluation process having included internal assessments, independent due diligence and thorough examinations of financial, legal and operational aspects before the investment proposal was approved.

“In fact, several major global institutional investors were also affected by the misconduct,” the ministry said.

According to the ministry, KWAP’s actual investment in eFishery amounted to RM163.4 million, representing approximately a 2.51 per cent equity stake in the company.

MoF said KWAP was a minority shareholder in eFishery, while the majority of the company’s shares were held by other investors, including major global institutional investors.

Bernama