The Kumpulan Wang Persaraan (KWAP), Malaysia’s pension fund, lost nearly RM200 million after investing in Indonesian aquaculture technology startup eFishery, which manipulated financial reports to deceive investors.
KWAP invested approximately RM163.4 million (about US$47.7 million) in eFishery during its Series D funding round in July 2023. The stake represented about 2.51% of eFishery's total shareholding, making KWAP a minority shareholder along with international institutional investors including Temasek, SoftBank, 42XFund, and Northstar [1, 2, 3, 4, 5, 6, 7].
Prime Minister Datuk Seri Anwar Ibrahim said the eFishery investment was a "premeditated fraud" involving manipulation of financial reports by the company's management [1]. eFishery's co-founder and former CEO, Gibran Huzaifah, was sentenced by the Bandung District Court on April 29, 2026, to nine years in prison for embezzlement and money laundering related to the fraud [2, 8, 4, 5, 6, 7].
Following the discovery of the fraud, KWAP joined the consortium of investors in taking legal action and pursuing efforts to recover their funds [1, 3, 4, 5, 9, 7]. KWAP also conducted internal reviews of its investment evaluation, approval, and monitoring processes and has implemented safeguards and enhanced governance measures [1, 2, 4, 5, 6, 7].
The Malaysian Anti-Corruption Commission (MACC) opened an investigation into KWAP's loss in July 2026, forming a special investigation team on July 17 to probe the matter. MACC Chief Commissioner Datuk Seri Abd Halim Aman said the investigation will be "fairly, transparently and impartially" conducted and urged the public not to speculate [8, 10, 9, 11].
KWAP’s financial report for the year ended December 31, 2025, showed gross investment income of RM8.33 billion and total funds under management of RM195.26 billion, contrasting with the significant loss from the eFishery investment [2, 5, 6, 7].
On July 15, 2026, the Finance Ministry confirmed in a parliamentary reply that KWAP was a victim of premeditated fraud involving manipulation of eFishery’s financials. KWAP issued a statement on July 18 confirming its investment amount and ongoing efforts to recover funds and strengthen governance [1, 2, 3, 4, 5, 9, 6, 7].
