KUALA LUMPUR (JULY 18): The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into the Retirement Fund Incorporated (KWAP)’s RM200 million investment loss in Indonesian aquaculture technology start-up eFishery.
“The investigation will be conducted fairly, transparently and impartially in accordance with the existing provisions of the law,” MACC Chief Commissioner Datuk Seri Abd Halim Aman said in a statement on Saturday, which noted the formation of the special investigation team from its headquarters on Friday (July 17).
The anti-graft agency urged the public not to speculate on the case, saying doing so could create confusion and undermine the integrity of the investigation.
The MACC statement did not identify any individuals or specify the scope of its investigation beyond the reported investment loss.
KWAP, Malaysia’s public sector pension fund, had in July 2023 invested in eFishery, an Indonesian aquaculture technology company that attracted backing from several international investors — including Singapore’s Temasek Holdings Pte Ltd, Japan’s Softbank Group and Abu Dhabi’s 42XFund — before questions emerged over the start-up’s financials.
In a parliamentary reply dated July 15, the Ministry of Finance said KWAP was a victim of an orchestrated fraud at eFishery.
On April 29, eFishery founder and chief executive officer Gibran Huzaifah was handed a nine-year prison sentence in Indonesia after being found guilty of embezzlement and money laundering, concluding a high-profile US$300 million (RM1.23 billion) financial scandal that brought down what was once one of Southeast Asia’s most celebrated start-ups.