In a written reply to Parliament, Malaysia's Finance Ministry confirmed that the Malaysian Anti-Corruption Commission is still examining the Retirement Fund Incorporated's investment in eFishery, an Indonesian aquaculture technology firm. The investment, once remembered as roughly RM200 million, is in fact RM163.4 million for a modest 2.51 per cent minority stake, and the ministry insists that KWAP, like other sophisticated backers, was deceived by a company that falsified its own accounts. Whether public money was lost through negligence or simply through another's fraud remains an open quest
MACC Probe into KWAP's eFishery Investment Still Ongoing, Finance Ministry Tells Parliament
One of several investors deceived, the ministry argues, not one that skipped its checks
Mark
Start with the basics. What did the ministry actually tell Parliament?
Mimi
That the MACC is still investigating KWAP's eFishery investment, that nothing criminal like corruption or misappropriation has turned up so far, and that KWAP is working to recover value.
Luke
Careful with "nothing has turned up." That's the ministry's characterisation, not a published MACC finding. The probe is ongoing.
Mark
The lawmaker said about RM200 million. Is that right?
Mimi
The ministry gave a different number: RM163.4 million, for a 2.51 per cent stake.
Luke
And the reply doesn't explain the gap between the two figures. We only know which one the ministry stands behind.
Mark
Why does the minority stake matter?
Mimi
It frames KWAP as one investor among many. Large global institutions hold most of the shares and were also affected by the misconduct.
Luke
That's context, not exoneration. It tells us KWAP wasn't alone, not that its checks were adequate.
Mark
What did the ministry say about due diligence?
Mimi
That there were internal evaluations, independent due diligence, and an international auditor's verification based on information available then.
Luke
Yet the lawmaker asked who was responsible for the failure, and the reply names no one. Total losses and any specific action against individuals are also unaddressed.
Mark
So what's known about recovery?
Mimi
Only that efforts continue through appropriate channels. No amount, no timeline.
El Pulso
- The MACC investigation into KWAP's eFishery stake is still open, with no timeline offered for its conclusion.
- Lawmakers pressed for answers on the size of the investment, who approved it, and who failed due diligence, and the reply left much of that unanswered.
- The Finance Ministry corrected the headline figure to RM163.4 million for a 2.51 per cent stake, shifting the story from a large bet to a minority position.
- eFishery's manipulated financial reports have pulled several global institutional investors into the same loss, giving KWAP shared exposure rather than sole blame.
- Authorities say they are working with the investor consortium to pursue recovery, but no recovery amount or total loss figure has been disclosed.
In a written reply to Parliament, Malaysia's Finance Ministry confirmed that the Malaysian Anti-Corruption Commission is still examining the Retirement Fund Incorporated's investment in eFishery, an Indonesian aquaculture technology firm. The investment, once remembered as roughly RM200 million, is in fact RM163.4 million for a modest 2.51 per cent minority stake, and the ministry insists that KWAP, like other sophisticated backers, was deceived by a company that falsified its own accounts. Whether public money was lost through negligence or simply through another's fraud remains an open question, one that will be settled only when the investigation and the recovery effort finally reach their conclusions.
The Finance Ministry has put in writing to Parliament that the Malaysian Anti-Corruption Commission is still investigating the Retirement Fund Incorporated's investment in eFishery, the Indonesian aquaculture technology company. The answer responded to a question from Tuan Kalam Salan, the Perikatan Nasional member for Sabak Bernam, who had put the investment at about RM200 million and asked how it was approved, who failed in due diligence, what had been lost, and whether anyone would be held to account.
The ministry offered a corrected picture. KWAP invested RM163.4 million for a 2.51 per cent minority stake, and most of the company is owned by other investors, including major global institutions. The ministry says the investigation has so far found no evidence of corruption or misappropriation, though it gave no timeline for its conclusion.
The government defended the approval process, which included verification by an international auditor and internal and independent due diligence. It also acknowledged that eFishery was later found to have manipulated its financial reports, misleading several major investors at once. KWAP, the ministry said, has cooperated with the authorities and the investor consortium, and efforts continue to recover as much value as possible.
What remains open is the amount that can be recovered, the total loss, and who answers for the due diligence failure. The next marker will be the MACC's findings and any update on recovery.
The Finance Ministry put its answer on the Parliament website on Wednesday: the Malaysian Anti-Corruption Commission is still investigating the Retirement Fund Incorporated's investment in eFishery, an Indonesian aquaculture technology company. The reply was in writing, and it addressed a question about one of the more awkward holdings in the portfolio of the fund that looks after public-sector pensions.
The question came from Tuan Kalam Salan, the Perikatan Nasional member for Sabak Bernam. He asked about KWAP's investment, which he put at about RM200 million. He also wanted to know how the investment was approved, who was responsible for the failure of due diligence, how much had been lost in total, and whether KWAP would take action against anyone found negligent.
On the criminal question, the ministry said the investigation so far has found no evidence of corruption or misappropriation. It tied that statement to media reports of August 13, 2026. The ministry did not say when the probe might conclude, and it described the investigation as continuing.
On the figures, the ministry corrected the number in the question. The actual amount invested was RM163.4 million, which bought a 2.51 per cent equity stake. That makes KWAP a minority shareholder. Most of eFishery's shares are held by other investors, among them major global institutional investors.
The ministry defended the process behind the investment. It said eFishery went through established assessment and governance procedures, including verification by a qualified international auditor, based on the information available at the time. The assessment before approval also covered internal evaluations, independent due diligence, and reviews of the financial, legal and operational aspects of the company.
The ministry then acknowledged what went wrong. eFishery was later found to have engaged in financial manipulation and to have misrepresented facts in its financial reports. In the ministry's words, several major global institutional investors were also affected by the misconduct. Its argument is that KWAP was one of several sophisticated backers deceived by the company, not a lone investor that skipped its checks.
The ministry said KWAP has cooperated with the relevant authorities and with the investor consortium in taking appropriate action against those responsible. It did not name those people or describe the action. Alongside that, it said efforts continue through appropriate channels to maximise recovery of the investment's value. It gave no recovery figure and no estimate of total losses, which was one of the points the lawmaker had raised.
So the reply leaves several things open. The MACC has not finished, the amount that can be recovered is unstated, and the question of who answers for the due diligence failure has not been answered directly. The next marker will be the outcome of the MACC investigation and any update on recovery.
Citas Notables
Efforts are continuing through appropriate channels to maximise the recovery of the investment value.— Ministry of Finance, written parliamentary reply
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