Malaysia investigates KWAP investment in eFishery

The Malaysian Ministry of Finance (MoF) has confirmed that the Malaysian Anti-Corruption Commission (MACC) is investigating the Kumpulan Wang Persaraan (Diperbadankan) (KWAP) investment in the Indonesian aquaculture technology company eFishery.

While the investigation is ongoing, the MoF stated that no elements of criminal misconduct, corruption, or misappropriation have been detected regarding the investment thus far. The investment, valued at approximately RM200 million, was subject to established governance and due diligence processes, including verification by certified international auditors.

However, eFishery was subsequently found to have engaged in intentional financial manipulation and the falsification of facts within its financial reports. This misconduct has also affected several major global institutional investors. KWAP is currently cooperating with relevant authorities and an investor consortium to take appropriate action against responsible parties and to maximize the recovery of the investment value.