The Malaysian Anti-Corruption Commission continues to investigate Retirement Fund Incorporated’s investment in Indonesian aquaculture technology company eFishery, though current reviews have found no criminal wrongdoing, the Ministry of Finance announced in a written reply on the Parliament website.
Parliamentary Inquiry Triggers Ministry Response on eFishery Investment
The Ministry of Finance issued its update in response to an inquiry from Tuan Kalam Salan, the Member of Parliament for Sabak Bernam. The lawmaker sought details regarding the approximately RM200 million investment, approval processes, due diligence failures, total losses, and potential disciplinary actions against negligent parties. Records show the actual deployed capital reached RM163.4 million, giving the Malaysian statutory body a 2.51 per cent equity stake as a minority shareholder.
Audits and International Overreliance Exposed in Due Diligence Review
Prime Minister Datuk Seri Anwar Ibrahim admitted during Prime Minister’s Question Time in the Dewan Rakyat that the investment process suffered from significant weaknesses. The prime minister noted that the investment team relied too heavily on prevailing international trends and the participation of major global players from Japan and Europe, including SoftBank, operating under the assumption that such backing guaranteed soundness.
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Before approval, the proposal underwent internal evaluations, independent due diligence, and reviews across financial, legal, and operational aspects, alongside verification by a qualified international auditor, the Ministry of Finance stated. Investigators later discovered that eFishery engaged in financial manipulation and misrepresentation within its financial reports, leaving multiple major global institutional investors affected by the misconduct.
Prime Minister Pledges Stricter Procedures to Safeguard Public Funds
Following the substantial losses, Prime Minister Datuk Seri Anwar Ibrahim acknowledged the necessity of introducing stricter procedures to safeguard public funds entrusted to government entities. While emphasizing that KWAP has historically recorded strong overall returns and achieved record performance, the government confirmed that efforts are actively continuing through appropriate channels to maximize the recovery of the investment value.
Frequently Asked Questions About the eFishery Inquiry
What was the exact financial loss suffered by KWAP in eFishery?
KWAP deployed RM163.4 million for a 2.51 per cent equity stake, with total losses reaching nearly RM200 million.
When did the Ministry of Finance clarify that no criminal wrongdoing had been uncovered?
The ministry addressed the status of the investigation in a written reply published on the Parliament website on October 29, referencing earlier media reports from August 13, 2026.
Which international institutions influenced KWAP’s investment decision?
Prime Minister Datuk Seri Anwar Ibrahim stated in the Dewan Rakyat that the investment committee followed international trends and placed confidence in major players including SoftBank and institutions from Japan and Europe.
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