Kumpulan Wang Persaraan (Diperbadankan) [KWAP], Malaysia’s public pension fund, stated that it is making every effort to recoup its MYR 163.4 million ($39.97 million) investment in Indonesian aquaculture startup eFishery following the company’s involvement in a financial fraud scandal that resulted in the former CEO’s imprisonment.
In a statement released last Saturday, the fund acknowledged the worries expressed in response to recent media coverage of its eFishery investment.
It stated that intentional financial manipulation and falsification of the company’s financial reports were part of the larger eFishery case.
Gibran Huzaifah, the co-founder and former CEO of eFishery, was found guilty of embezzlement and money laundering and sentenced to nine years in jail by the Bandung District Court on April 29, 2026.
“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 invested MYR 163.4 million, or roughly 2.51% of the company’s total stake, in eFishery.
The majority of the company’s shares were owned by other investors, including significant international institutional investors who were also impacted by the malfeasance; KWAP was a minority shareholder.
KWAP claimed that when the inconsistencies were found, it carried out an internal investigation and reviewed the investment procedures, post-investment monitoring plans, and data that KWAP had access to during 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.
Additionally, KWAP stated that it has improved its strategy for investing in private markets.
Increased portfolio diversity, investing with seasoned fund managers and strategic partners, improved post-investment monitoring, and better supervision of significant changes impacting portfolio firms are some of the methods.
It stated that a diversified portfolio spanning asset classes, industries, and regions continues to sustain the fund.
According to unaudited data for the fiscal year that concluded on December 31, 2025, KWAP reported gross investment revenue of MYR 8.33 billion and total funds under administration of MYR 195.26 billion.
As part of its legal responsibility to support the Malaysian government in fulfilling its pension commitments to public sector pensioners, KWAP stated that it is still dedicated to manage the fund sensibly, openly, and responsibly.
