Malaysian Anti-Corruption Agency Seeks Documents at Retirement Fund Over eFishery Investment

Investigators from the Malaysian Anti-Corruption Commission (SPRM) reportedly visited the offices of Kumpulan Wang Persaraan (KWAP), Malaysia's retirement fund, in Cyberjaya. The visit is part of an investigation into a RM163 million investment linked to the Indonesian aquaculture technology company eFishery.

The SPRM team is believed to be seeking documents pertinent to the case. The investment is under scrutiny following allegations that KWAP was defrauded due to manipulated financial reports by eFishery's management. The Malaysian Ministry of Finance confirmed in a written parliamentary reply that KWAP was a victim of a "well-orchestrated fraud" by eFishery.

SPRM Chief Commissioner Datuk Seri Abd Halim Aman is expected to issue a statement on the investigation's developments later today. Media reports from July 18 indicated that SPRM had already initiated an investigation into the RM163 million investment loss incurred by KWAP in eFishery. Abd Halim had previously stated that a dedicated investigation team from SPRM headquarters was formed to thoroughly examine the issue.

In response to the alleged fraud, the ministry stated that the consortium of investors, including KWAP, has taken firm actions. These include legal proceedings, fund recovery efforts, internal governance reviews, and strengthening controls to safeguard investment interests. Reports from DealStreetAsia suggest KWAP invested approximately USD47.7 million (RM200 million) in eFishery's Series D funding round in 2023. The company is reportedly under investigation for financial irregularities, including the alleged manipulation of financial statements to inflate its reported revenue.