KWAP confirms RM163.4 million investment in eFishery, vows to recover funds

Malaysia's retirement fund, Kumpulan Wang Persaraan (Diperbadankan) (KWAP), has confirmed its RM163.4 million investment in Indonesian aquaculture startup eFishery represents a minority stake of approximately 2.51%. The fund emphasized that its financial standing remains robust and unaffected by the situation.

KWAP clarified that it is a minority shareholder, with the majority stake held by other investors, including prominent global institutions that were also impacted by the company's alleged management misconduct. The fund initiated a thorough internal review of its investment process, post-investment monitoring, and information received concerning eFishery following revelations of financial manipulation and factual misrepresentation in its financial reports.

"Appropriate follow-up actions have been taken in line with internal governance and the company's accountability framework to ensure all weaknesses are identified and improved," KWAP stated. The fund is actively exploring and utilizing all suitable channels to maximize efforts in recovering the investment value.

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Appropriate follow-up actions have been taken in line with internal governance and the company's accountability framework to ensure all weaknesses are identified and improved.

This investment situation came to light after Malaysian Prime Minister Datuk Seri Anwar Ibrahim revealed that KWAP had been defrauded of approximately RM200 million by eFishery, which allegedly manipulated financial reports to attract investment. Several other international investment institutions, including Singapore's Temasek Holdings, Japan's SoftBank, UAE's 42XFund, and Singapore's Northstar Group, were also reportedly affected.

KWAP reiterated its commitment to prudent, transparent, and responsible fund management to fulfill its statutory mandate of assisting the government in meeting pension obligations. The fund reported gross investment income of RM8.33 billion for the financial year ending December 31, 2025, with assets under management reaching RM195.26 billion, underscoring its diverse investment portfolio across various asset classes, sectors, and geographies.

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KWAP remains committed to managing funds prudently, transparently, and responsibly in carrying out its statutory mandate to assist the government in meeting pension payment obligations to public sector retirees.