MACC probe into KWAP’s eFishery investment ongoing, Finance Ministry says

The ongoing investigation has not uncovered any evidence of criminal wrongdoing involving corruption or misappropriation, as reported by the media on August 13, 2026, the ministry said. — Picture by Choo Choy May

First Published: Thursday, 29 Oct 2026 9:07 AM MYT

KUALA LUMPUR, Oct 29 — The Malaysian Anti-Corruption Commission (MACC) is still investigating Retirement Fund Incorporated’s (KWAP) investment in Indonesian aquaculture technology company eFishery, the Ministry of Finance (MoF) said yesterday.

The ongoing investigation has not uncovered any evidence of criminal wrongdoing involving corruption or misappropriation, as reported by the media on August 13, 2026, the ministry said.

KWAP has also cooperated with relevant authorities and the investor consortium in taking appropriate action against those responsible, MoF added.

“At the same time, efforts are continuing through appropriate channels to maximise the recovery of the investment value,” it said in a written reply on the Parliament website yesterday.

MoF was responding to a question from Tuan Kalam Salan (PN-Sabak Bernam), who wanted to know KWAP’s investment of about RM200 million in eFishery.

Tuan Kalam also requested clarification on the investment approval, the parties responsible for the due diligence failure, total losses, and whether KWAP will take action against the negligent, MoF said.

The eFishery investment underwent established assessment and governance processes, including verification by a qualified international auditor based on the information available at the time, MoF said.

The company was, however, subsequently found to have engaged in financial manipulation and misrepresentation of facts in its financial reports.

“The assessment process before investment approval also included internal evaluations, independent due diligence, and reviews of financial, legal and operational aspects. Several major global institutional investors were also affected by the misconduct,” the ministry said.

The actual investment amounted to RM163.4 million, a 2.51 per cent equity stake.

KWAP is a minority shareholder in eFishery. Other investors, including major global institutional investors, hold most of the company’s shares, it added. — Bernama