Kuala lumpur: The Retirement Fund (Incorporated) (KWAP) has announced its ongoing efforts to explore all possible measures to recover its investment in the Indonesian aquaculture startup eFishery. KWAP's total investment in the company amounts to RM163.4 million, representing approximately 2.51% of eFishery's total shareholding.

According to BERNAMA News Agency, KWAP, as a minority shareholder, was affected by financial misconduct that impacted several investors, including major global institutional investors. The fund revealed that following the discovery of irregularities, it conducted an internal investigation, reviewing investment processes and post-investment monitoring arrangements to protect its interests.

KWAP's statement highlighted that the broader eFishery case involved deliberate financial manipulation and misrepresentation of financial reports. On April 29, 2026, eFishery co-founder and former CEO Gibran Huzaifah was sentenced to nine years in prison by the Bandung District Court for embezzlement and money laundering.

To prevent similar incidents, KWAP has strengthened its approach to private markets investing, incorporating greater portfolio diversification, strategic partnerships, enhanced monitoring, and closer oversight of portfolio companies. These measures aim to safeguard the fund's interests and the retirement savings of public sector employees.

The fund remains robust, with a diversified portfolio across various asset classes, sectors, and geographies. For the financial year ending December 31, 2025, KWAP recorded a gross investment income of RM8.33 billion and managed total funds amounting to RM195.26 billion.

Last Thursday, the Ministry of Finance disclosed that KWAP was deceived in a well-planned fraud, as eFishery's management manipulated its financial statements. In response, the consortium of investors, including KWAP, has implemented firm measures, including legal actions, fund recovery efforts, and strengthened internal controls.