Malaysia's KWAP probes RM163.4 million loss in Indonesian eFishery startup

Malaysia’s Retirement Fund (Incorporated) – KWAP – has launched a formal investigation into a RM163.4 million (US$40 million) loss incurred from its investment in Indonesian aquaculture technology startup eFishery. The Malaysian Anti‑Corruption Commission (MACC) formed a team to study the matter transparently and impartially, urging the public not to speculate.

KWAP, a minority shareholder holding about 2.51 % of eFishery, had invested the amount in the company’s July 2023 Series D round, which was presented as a tech‑driven solution for fish and shrimp farming. The startup later collapsed after fraud allegations and the conviction of co‑founder Gibran Huzaifah, who received a nine‑year prison sentence in Indonesia for embezzlement and money‑laundering.

The fund is pursuing all legal avenues to recover the investment and has clarified that earlier reports of a RM200 million loss were inaccurate. Malaysia’s finance ministry and Prime Minister Datuk Seri Anwar Ibrahim said the matter will be addressed in Parliament, emphasizing KWAP’s independent governance structure and the broader impact on other global institutional investors affected by the misconduct.