MoF: MACC still investigating KWAP's investment in eFishery

KUALA LUMPUR: The Malaysian Anti-Corruption Commission is still investigating Retirement Fund Inc's (KWAP) investment in Indonesian aquaculture technology company eFishery, the Finance Ministry (MoF) said today.

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

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

MoF was responding to a question from Tuan Kalam Salan (PN-Sabak Bernam).

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

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," said the ministry.

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, the ministry added.