# Malaysia KWAP eFishery fraud probe updates

> Live situation record from CLSTR: https://clstr.news/situations/malaysia-kwap-efishery-investment-fraud
> Updated: 2026-08-13T09:03:39.000Z. Sources: 14. Developments: 4.

Following the 2023 Series D investment in Indonesian aquaculture startup eFishery, Malaysia’s public pension fund, KWAP, suffered a loss of RM163.4 million after the company’s management manipulated financial statements. The fraud led to the conviction of eFishery co-founder Gibran Huzaifah, who was sentenced to nine years for embezzlement and money-laundering. While earlier reports suggested a RM200 million loss, KWAP clarified the actual figure and stated it would pursue all legal avenues for recovery.

On 18 July 2026, the Malaysian Anti-Corruption Commission (MACC) launched a formal investigation. Although an initial review found no evidence of wrongdoing, the Malaysian Anti-Corruption Commission (SPRM) announced on 20 July 2026 that it would continue investigating. Prime Minister Anwar Ibrahim ordered full cooperation, emphasizing the need for accountability and due diligence. He also noted that despite KWAP’s significant earnings, the fund faces challenges meeting long-term pension liabilities, leading to tighter controls on withdrawals.

By 13 August 2026, MACC Chief Commissioner Datuk Seri Abd Halim Aman stated that no elements of corruption, misappropriation, or abuse of power have been detected so far. The commission has interviewed 19 witnesses from KWAP, the Ministry of Finance, and Khazanah Nasional Berhad. The investigation remains ongoing as authorities await financial documents from overseas banks via Mutual Legal Assistance (MLA) requests involving Singapore, Indonesia, the United States, and the United Arab Emirates.

## Timeline

### 2026-08-13: MACC finds no corruption in KWAP eFishery investment probe

MACC reports no evidence of corruption or misappropriation found so far regarding KWAP’s RM163.4 million investment in Indonesia’s eFishery. Investigations involving overseas jurisdictions continue.

2 sources. https://clstr.news/cluster/macc-finds-no-corruption-in-kwap-efishery-investment-probe

### 2026-07-20: Malaysia's KWAP faces corruption probe over eFishery investment and pension funding shortfall

Malaysia's KWAP investment in eFishery is under SPRM investigation, with PM Anwar vowing zero tolerance for corruption, while the fund’s billions‑range returns still fall short of covering long‑term pension Li​

6 sources. https://clstr.news/cluster/malaysias-kwap-faces-corruption-probe-over-efishery-investment-and-pension-funding-shortfall

### 2026-07-18: Malaysia's KWAP probes RM163.4 million loss in Indonesian eFishery startup

Malaysia’s KWAP investigates its RM163.4 million loss in Indonesia’s eFishery startup, seeking recovery after fraud and the founder’s imprisonment.

8 sources. https://clstr.news/cluster/malaysias-kwap-seeks-recovery-of-rm1634-million-stake-in-indonesias-efishery

### 2026-07-16: Malaysia's KWAP Loses RM200 million in eFishery fraud

Malaysia's KWAP lost about RM200 million after the Indonesian start‑up eFishery fraudulently manipulated its finances, prompting parliamentary scrutiny and legal recovery efforts.

4 sources. https://clstr.news/cluster/malaysias-kwap-loses-rm200-million-in-efishery-fraud

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Cite as: Malaysia KWAP eFishery fraud probe updates. CLSTR, https://clstr.news/situations/malaysia-kwap-efishery-investment-fraud