KWAP confirms RM163.4 million investment in eFishery, reviews process amid fraud allegations

Malaysia's Retirement Fund Inc. (KWAP) has confirmed an investment of RM163.4 million in the Indonesian aquaculture startup eFishery. The fund clarified that this stake constitutes approximately 2.51% of eFishery's total shares, emphasizing that its own financial standing remains robust and unaffected.

KWAP stated it is a minority shareholder in eFishery, with the majority held by other investors, including major global institutions that have also been impacted by alleged management misconduct at the company. The fund initiated a comprehensive internal review of its entire investment process, post-investment monitoring mechanisms, and information received during the investment period due to revelations of financial manipulation and factual misrepresentation in eFishery's financial reports.

"KWAP is also continuously exploring and implementing all appropriate channels to maximize efforts in recovering the investment value," the statement read. Previously, Malaysian Prime Minister Datuk Seri Anwar Ibrahim disclosed that KWAP had fallen victim to a scam involving approximately RM200 million by eFishery, which allegedly manipulated financial reports to attract investment. This scandal has also affected prominent international investment institutions such as Singapore's Temasek Holdings, Japan's SoftBank, UAE's 42XFund, and Singapore's Northstar Group, all of whom invested in the company.

KWAP asserted that it will continue to strengthen its approach to private market investments to mitigate future risks. The fund also reiterated that its financial position remains strong, supported by a diversified investment portfolio across various asset classes, sectors, and geographic locations. For the unaudited financial year ending December 31, 2025, KWAP recorded gross investment income of RM8.33 billion, with total funds under management increasing to RM195.26 billion.

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KWAP is also continuously exploring and implementing all appropriate channels to maximize efforts in recovering the investment value.