KUALA LUMPUR: Kumpulan Wang Persaraan (Incorporated) (KWAP) is pursuing all available avenues to maximise the recovery of its RM163.4 million investment in Indonesian aquaculture technology company eFishery following the discovery of financial irregularities involving the company.
In a statement today (July 18), KWAP said its total investment in eFishery represented approximately 2.51 per cent of the company’s total shareholding, making it a minority shareholder.
It noted that the majority of eFishery’s shares were held by other investors, including major global institutional investors that were similarly affected by the company’s misconduct.
Following the discovery of the irregularities, KWAP said it undertook an internal investigation and conducted a comprehensive review of its investment processes, post-investment monitoring arrangements and the information made available to the fund throughout the investment period.
It added that appropriate follow-up actions had been implemented in accordance with KWAP’s internal governance and accountability framework.
“KWAP is also continuing to pursue all available avenues to maximise the recovery of its investment,” the fund said.
The clarification follows recent media reports regarding KWAP’s investment in eFishery, which involved deliberate financial manipulation and misrepresentation of the company’s financial reporting.
Earlier, the Ministry of Finance (MOF), in a written parliamentary reply, confirmed that KWAP’s investment in eFishery had fallen victim to an organised fraud following the manipulation of the Indonesian company’s financial statements by its management.
The ministry said the consortium of investors, including KWAP, had taken firm measures, including initiating legal action, pursuing efforts to recover the funds, conducting an internal governance review, and strengthening internal controls to safeguard their investment interests.
The media had previously reported that eFishery was under investigation over allegations of financial misconduct, including the manipulation of its financial statements, which resulted in the company’s revenue being overstated.
On Apr 29 this year, eFishery co-founder and former chief executive officer Gibran Huzaifah was sentenced by the Bandung District Court to nine years’ imprisonment after being convicted of embezzlement and money laundering.
KWAP said it has since strengthened its approach to private market investments through greater portfolio diversification, investing alongside experienced fund managers and strategic partners, enhanced post-investment monitoring, and closer oversight of material developments involving portfolio companies.
Despite the incident, the fund said it remains supported by a diversified investment portfolio across various asset classes, sectors and geographical markets.
Based on its unaudited financial results for the financial year ended Dec 31, 2025, KWAP recorded gross investment income of RM8.33 billion, while total funds under management stood at RM195.26 billion.
