KUALA LUMPUR, July 18 — The Retirement Fund (Incorporated) (KWAP) has confirmed it invested RM163.4 million in scandal-hit Indonesian aquaculture startup eFishery, saying it is pursuing all available avenues to recover the funds.

The public pension fund issued the statement today following recent media reports on its investment in eFishery, whose former chief executive was convicted earlier this year over financial fraud.

KWAP said the broader eFishery case involved “deliberate financial manipulation and misrepresentation of the company’s financial reporting.” 

It noted that eFishery co-founder and former chief executive Gibran Huzaifah was sentenced by the Bandung District Court on April 29 to nine years’ imprisonment after being convicted of embezzlement and money laundering.

The startup was once regarded as one of Indonesia’s leading agritech companies before allegations of accounting fraud unravelled its rapid rise and led to criminal proceedings against its former leadership.

KWAP disclosed that its total investment in eFishery amounted to RM163.4 million, representing about 2.51 per cent of the company’s shareholding.

It stressed that it was a minority shareholder and that the majority of eFishery’s shares were held by other investors, including major global institutional investors that were similarly affected by the misconduct.

Following the discovery of the irregularities, KWAP said it had conducted an internal investigation and reviewed its investment process, post-investment monitoring arrangements and the information available throughout the investment period.

The fund said it had taken “appropriate follow-up actions” under its internal governance and accountability framework and was continuing to pursue “all available avenues” to maximise the recovery of its investment.

KWAP added that it had strengthened its approach to private market investing by increasing portfolio diversification, investing alongside experienced fund managers and strategic partners, enhancing post-investment monitoring, and stepping up oversight of material developments involving portfolio companies.

Seeking to reassure contributors and pensioners, the fund said its portfolio remained diversified across asset classes, sectors and geographies.

Based on unaudited results for the financial year ended December 31, 2025, KWAP recorded gross investment income of RM8.33 billion and managed total assets of RM195.26 billion, underscoring that the eFishery investment represented only a small fraction of its overall portfolio.