KUALA LUMPUR – Anti-graft investigators have yet to find any trace of corruption or misappropriation in Retirement Fund Incorporated’s (KWAP) multimillion-ringgit venture into Indonesian aquaculture firm eFishery, the Ministry of Finance (MoF) revealed today.
Addressing the controversy surrounding the investment, the ministry confirmed that the Malaysian Anti-Corruption Commission’s (MACC) ongoing probe has found no evidence of criminal misconduct, echoing initial media reports from Aug 13.
KWAP, which acquired a 2.51 per cent equity stake for RM163.4 million — rather than the RM200 million figure previously speculated — is working alongside international partners to mitigate the fallout.
“At the same time, efforts are continuing through appropriate channels to maximise the recovery of the investment value,” the ministry said in a written reply published on the Parliament website.
The ministry noted that KWAP has maintained active cooperation with regulators and its fellow consortium members to pursue accountability against those liable.
The clarification came in response to queries raised by Tuan Kalam Salan (PN-Sabak Bernam), who pressed the government on the approval process, potential due diligence failures, the exact financial toll, and legal repercussions for negligence.
Defending the pension fund’s initial entry, the MoF stated that the deal passed through established vetting and governance frameworks, including sign-offs from an accredited international auditor relying on data available at the time.
However, eFishery subsequently became embroiled in allegations of systemic financial manipulation and fabricated figures in its books.
“The assessment process before investment approval also included internal evaluations, independent due diligence, and reviews of financial, legal and operational aspects. Several major global institutional investors were also affected by the misconduct,” the ministry stated.
The MoF reiterated that KWAP remains merely a minority shareholder, with the bulk of eFishery’s equity held by prominent global institutional investors who were similarly blindsided by the irregularities. – October 29, 2026