Kuala lumpur: The Malaysian Anti-Corruption Commission (MACC) has launched an investigation into the RM200 million investment loss suffered by the Retirement Fund (Incorporated) (KWAP) involving Indonesian aquaculture technology company, eFishery. MACC chief commissioner Datuk Seri Abd Halim Aman said an investigation team from the commission's headquarters was formed yesterday to conduct a comprehensive review and assessment of the matter.

According to BERNAMA News Agency, Abd Halim emphasized that the investigation will be conducted fairly, transparently, and impartially in accordance with existing legal provisions. He urged the public to refrain from making any speculation on the investigation to avoid confusion and to preserve the integrity of the process.

Previously, the Ministry of Finance (MOF), in a written parliamentary reply, confirmed that KWAP's investment in eFishery had fallen victim to an alleged organised fraud following the manipulation of financial reports by the Indonesian company's management. The ministry stated that a consortium of investors, including KWAP, had taken firm action, including pursuing legal proceedings, efforts to recover funds, conducting internal governance reviews, and strengthening controls to protect investment interests.

Media reports previously indicated that eFishery was being investigated over alleged financial misconduct, including the manipulation of financial statements that resulted in the company's revenue being overstated. According to DealStreetAsia, KWAP invested about USD47.7 million (RM200 million) in eFishery's Series D funding round in 2023.