MACC reviewing KWAP documents on eFishery investment loss
The Malaysian Anti-Corruption Commission (MACC) is investigating the Retirement Fund Incorporated (KWAP) regarding investment losses in the aquaculture startup eFishery. The investigation follows allegations of financial misconduct and manipulated reports by the Indonesian firm.
Why it matters
This case highlights the risks associated with institutional investments in tech startups and the importance of rigorous financial oversight.
KWAP is among the investors affected by an alleged organised fraud involving eFishery, whose financial reports were purportedly manipulated. (KWAP pic)
PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has obtained documents related to Retirement Fund Incorporated’s (KWAP) investment loss in Indonesian aquaculture technology company eFishery.
Quoting a source, Berita Harian reported that MACC investigators obtained the documents during a visit to KWAP’s Cyberjaya headquarters earlier this week.
"The investigating team is completing the investigation and going through several documents already obtained," the source was quoted as saying.
The source also said MACC chief commissioner Abd Halim Aman is expected to provide an update on the probe today.
Halim previously said the anti-graft agency had formed an investigation team to examine KWAP’s investment in eFishery.
The finance ministry had confirmed that KWAP was among the investors affected by an alleged organised fraud involving eFishery, whose financial reports were purportedly manipulated.
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