MACC investigates the RM200 million KWAP investment loss in eFishery, promising a fair and transparent probe.
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into the RM200 million investment loss suffered by the Retirement Fund (Incorporated) (KWAP) involving Indonesian aquaculture technology company, eFishery.
MACC chief commissioner Datuk Seri Abd Halim Aman said an investigation team from the commission’s headquarters was formed yesterday to conduct a comprehensive review and assessment of the matter.
“MACC stresses that the investigation will be carried out fairly, transparently and impartially in accordance with existing legal provisions,” he said in a statement today.
Abd Halim also advised the public against making any speculation on the investigation to avoid confusion and preserve the integrity of the process.
Previously, the Ministry of Finance (MOF), in a written parliamentary reply, confirmed that KWAP’s investment in eFishery had fallen victim to an alleged organised fraud following the manipulation of financial reports by the Indonesian company’s management.
The ministry said a consortium of investors, including KWAP, had taken firm action, including pursuing legal proceedings, efforts to recover funds, conducting internal governance reviews and strengthening controls to protect investment interests.
Media reports previously stated that eFishery was being investigated over alleged financial misconduct, including the manipulation of financial statements that resulted in the company’s revenue being overstated.
According to DealStreetAsia, KWAP invested about USD47.7 million (RM200 million) in eFishery’s Series D funding round in 2023.
