MACC steps in over KWAP’s RM200m investment loss linked to Indonesia’s eFishery
The Malaysian Anti-Corruption Commission has launched an investigation into a RM200 million investment loss by the Retirement Fund (Incorporated) involving the Indonesian aquaculture firm eFishery. The fund reportedly fell victim to an organized fraud scheme involving the manipulation of financial statements.
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This highlights significant governance and due diligence risks for state-linked pension funds investing in high-growth international tech startups.
KUALA LUMPUR, July 18 — The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into the RM200 million investment loss suffered by the Retirement Fund (Incorporated) (KWAP) involving Indonesian aquaculture technology company eFishery.
MACC chief commissioner Datuk Seri Abd Halim Aman said an investigation team from the commission’s headquarters was formed yesterday to conduct a comprehensive review and assessment of the matter.
“MACC stresses that the investigation will be carried out fairly, transparently and impartially in accordance with existing legal provisions,” he said in a statement today.
Abd Halim also advised the public against making any speculation on the investigation to avoid confusion and preserve the integrity of the process.
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