The Retirement Fund Inc is actively working to recover its investment in eFishery, an Indonesian aquaculture start-up, following financial manipulation and misrepresentation of the firm's financial records.
PETALING JAYA: The Retirement Fund Inc says it is actively working on recovering the funds it invested in Indonesian aquaculture start-up eFishery. In a statement, KWAP also clarified that its investment in eFishery was RM163.4 million, not nearly RM200 million as reported previously.
It added that this RM163.4 million only represented about 2.51% of its total shareholding.
“KWAP is continuing to pursue all available avenues to maximise the recovery of its investment,” it said. KWAP reiterated that the eFishery case involved deliberate financial manipulation and misrepresentation of the firm’s financial records. After the irregularities were uncovered, it held an internal probe and review of its investment processes, post-investment monitoring, and the information that was available to KWAP throughout the investment period.
“KWAP was a minority shareholder in the venture, while the majority of the company’s shares were held by other investors, including major global institutional investors that were similarly affected by the misconduct. “Appropriate follow-up actions have been taken in accordance with KWAP’s internal governance and accountability framework. KWAP has further strengthened its approach to investing in private markets.
“These measures include greater portfolio diversification, investing alongside experienced fund managers and strategic partners, enhanced post-investment monitoring, and closer oversight of material developments involving portfolio companies. ” KWAP added that it remains backed by a diverse portfolio with a total of RM195.26 billion in funds under its management and a gross investment income of RM8.33 billion recorded in the last financial year ended Dec 31, 2025.
“KWAP remains committed to managing the funds prudently, transparently and responsibly in fulfilling its statutory mandate to assist the government in meeting its pension obligations to public sector retirees. ” Prime Minister Anwar Ibrahim, who is also finance minister, had labelled the investment as a “deliberate fraud” as eFishery’s management had manipulated its financial statements. KWAP reportedly invested US$47.7 million in eFishery in July 2023.
The start-up was presented as a tech-driven aquaculture firm that would modernise fish and shrimp farming. Last year, eFishery co-founder Gibran Huzaifah was sentenced to nine years in jail by a court in Bandung, Indonesia, after being convicted of embezzlement and money laundering.
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