Malaysia’s public pension fund Kumpulan Wang Persaraan (Diperbadankan) [KWAP] said it is pursuing all available avenues to recover its MYR 163.4 million ($39.97 million) investment in Indonesian aquaculture startup eFishery after the company became embroiled in a financial fraud scandal that led to the imprisonment of its former chief executive.
The fund said in a statement on last Saturday that it acknowledges the concerns raised following recent media reports regarding its investment in eFishery.
It noted the broader eFishery case involved deliberate financial manipulation and misrepresentation of the company’s financial reporting.
On April 29, 2026, eFishery Co-founder and former Chief Executive Officer Gibran Huzaifah was sentenced by the Bandung District Court to nine years’ imprisonment following his conviction for embezzlement and money laundering.
“In light of the matters raised, we wish to provide further clarity on the actions undertaken following our internal review, as well as the measures being implemented to safeguard the interests of the fund,” said KWAP.
KWAP’s total investment in eFishery amounted to MYR 163.4 million, representing approximately 2.51% of the company’s total shareholding.
KWAP was a minority shareholder, 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.
Following the discovery of the irregularities, KWAP said it conducted an internal investigation and the necessary reviews of the investment processes, post-investment monitoring arrangements and information available to KWAP throughout the investment period.
“Appropriate follow-up actions have been taken in accordance with KWAP’s internal governance and accountability framework. KWAP is also continuing to pursue all available avenues to maximize the recovery of its investment,” the fund said.
KWAP also said it has further strengthened its approach to private markets investing.
The 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 noted the fund remains supported by a diversified portfolio across asset classes, sectors and geographies.
Based on unaudited results for the financial year ended December 31. 2025, KWAP recorded gross investment income of MYR 8.33 billion, with total funds under management of MYR 195.26 billion.
KWAP said it remains committed to managing the fund prudently, transparently, and responsibly in fulfilment of its statutory mandate to assist the Malaysian government in meeting its pension obligations to public sector retirees.
Indonesia’s eFishery founder gets nine-year jail term in $300M case – report