By DayakDaily Team
KUCHING, July 18: The Retirement Fund Inc (KWAP) says it is actively pursuing the recovery of its RM163.4 million investment in Indonesian aquaculture start-up eFishery, clarifying that the amount invested was RM163.4 million, not nearly RM200 million as reported previously.
It added that the amount only represented about 2.51 per cent of its total shareholding, and that it is pursuing all available avenues for the recovery of its investment.
KWAP also reiterated that the case with eFishery involved deliberate financial manipulation and misrepresentation of the firm’s financial records.
Following the discovery of the irregularities, KWAP held an internal probe and review of its investment processes, post-investment monitoring, and the information that was available to KWAP throughout the investment period.
“KWAP was a minority shareholder in the venture, while the majority of the company’s shares were held by other investors, including major global institutional investors that were similarly affected by the misconduct.
“Appropriate follow-up actions have been taken in accordance with KWAP’s internal governance and accountability framework. KWAP has further strengthened its approach to investing in private markets.
“These measures include greater portfolio diversification, investing alongside experienced fund managers and strategic partners, enhanced post-investment monitoring, and closer oversight of material developments involving portfolio companies,” it said as reported by Free Malaysia Today.
KWAP added that it remains backed by a diverse portfolio with a total of RM195.26 billion in funds under its management and a gross investment income of RM8.33 billion recorded in the last financial year ended Dec 31, 2025.
“KWAP remains committed to managing the funds prudently, transparently and responsibly in fulfilling its statutory mandate to assist the government in meeting its pension obligations to public sector retirees.”
KWAP reportedly invested US$47.7 million in eFishery in July 2023, which presented itself as a tech-driven aquaculture firm that would modernise fish and shrimp farming.
In 2025, eFishery co-founder Gibran Huzaifah was sentenced to nine years in jail by a court in Bandung, Indonesia, after being convicted of embezzlement and money laundering.
KWAP is Malaysia’s largest public sector pension fund for civil servants. — DayakDaily
