MOF: KWAP deceived on efishery investment, fund recovery underway
The Malaysian Ministry of Finance has confirmed that the state retirement fund, KWAP, was defrauded during its investment in the Indonesian startup eFishery. The ministry is currently pursuing legal action and internal governance reviews to recover the lost funds.
Why it matters
This case highlights the risks of private market investments by public pension funds and the importance of rigorous due diligence.
KUALA LUMPUR: The Ministry of Finance (MOF) has found that the Retirement Fund (Incorporated) (KWAP) was deceived about its investment in eFishery and that it was a well-planned fraud.
The article reports on official government statements regarding a financial investigation.
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