Kuala lumpur: The Malaysian Anti-Corruption Commission (MACC) has recorded statements from 10 witnesses as part of its investigation into the RM200 million investment loss suffered by the Retirement Fund (Incorporated) (KWAP) in Indonesian aquaculture technology firm eFishery.
According to BERNAMA News Agency, MACC chief commissioner Datuk Seri Abd Halim Aman stated that the recording of statements began on Tuesday, involving senior officials from KWAP and the Ministry of Finance (MOF) who were involved in the investment decision-making process. Statements from all 10 witnesses have been recorded, marking the initial stage of the investigation. The investigating officers are reviewing the statements and documents obtained, while conducting financial trail analysis through cash transaction reports (CTR) and suspicious transaction reports (STR).
Abd Halim mentioned that more individuals would be called to assist the investigation, including members of the Finance Committee and the KWAP Investment Panel involved in the investment. Investigators are examining documents such as investment proposal papers, due diligence reports, site visit reports, meeting minutes, investment procedure documents, and KWAP financial records related to eFishery.
The investigation is still in its early stages, and Abd Halim emphasized that it remains ongoing. He added that several overseas parties had also been identified to assist the investigation. The MACC would apply for Mutual Legal Assistance in Criminal Matters (MACMA) through the Attorney General's Chambers to obtain statements from relevant witnesses abroad. A special task force headed by the senior director of the Investigation Division has been formed, comprising senior officers from various divisions.
Official investigations commenced on July 17, with document retrieval at KWAP's premises beginning on July 20. The scope of the investigation is comprehensive, covering possible offences involving corruption, abuse of power, and misappropriation, while also examining governance aspects, including financial procedures, legal compliance, and the decision-making process related to KWAP's investment in eFishery.
The Ministry of Finance previously confirmed in a written parliamentary reply that KWAP was the victim of an organized fraud following the manipulation of the company's financial statements by its management. The investor consortium, including KWAP, has taken decisive action by initiating legal proceedings, pursuing fund recovery efforts, conducting internal governance reviews, and strengthening controls to safeguard its investment interests. Media reports also indicated that eFishery was under investigation over alleged financial irregularities, including inflating revenue figures.
According to DealStreetAsia, KWAP invested approximately US$47.7 million (RM200 million) in eFishery's Series D funding round in 2023.