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Malaysia fund details US$47.7 million fraud tied to eFishery
Malaysia’s finance ministry said KWAP’s 2023 investment followed internal review, independent due diligence, and certified-auditor checks before eFishery’s management manipulated financial reports.
Malaysia’s finance ministry said The Retirement Fund Incorporated, known as KWAP, was the victim of an orchestrated fraud involving its US$47.7 million investment in Indonesian agritech start-up eFishery, according to a parliamentary written reply dated July 15.
The ministry said KWAP’s July 2023 investment followed a structured governance process that included internal assessments, independent due diligence, and verification of financial statements by certified international auditors.
It also said KWAP invested alongside a consortium of international institutional investors, including Singapore’s Temasek, SoftBank, 42XFund, and Northstar, which conducted their own reviews.
The consortium has since filed reports with relevant authorities and started legal action to recover the funds, after the ministry said eFishery’s management successfully executed fraud by manipulating its financial reports, despite the safeguards.