RETIREMENT fund manager Kumpulan Wang Persaraan (KWAP) will carry out a comprehensive internal review of its investment processes and oversight mechanisms following the disclosure of financial misconduct involving Indonesian aquaculture technology company eFishery.
KWAP said the review would cover investment procedures, post-investment monitoring frameworks and information available throughout the investment period as part of efforts to strengthen governance and protect the interests of its funds.
The move is in line with the organisation’s internal governance and accountability framework following the revelations involving alleged financial manipulation at eFishery.
KWAP said it would continue exploring and implementing appropriate measures to maximise investment recovery efforts while strengthening its approach towards private market investments.
“These measures include broader portfolio diversification, co-investments with experienced fund managers and strategic partners, enhanced post-investment monitoring and closer oversight of material developments involving portfolio companies,” it said in a statement.
KWAP said its total investment in eFishery amounted to RM163.4 million, representing approximately 2.51% of the company’s total shareholding.
The fund manager stressed that it was only a minority shareholder, while the majority of eFishery’s shares were held by other investors, including several major global institutional investors that were also affected by the alleged misconduct.
KWAP said the eFishery case involved deliberate financial manipulation and misrepresentation of information in the company’s financial reports.
“On 29 April, eFishery co-founder and former Chief Executive Officer (CEO) Gibran Huzaifah was sentenced to nine years’ imprisonment by the Bandung State Court after being convicted of criminal breach of trust and money laundering,” it said.
At the same time, KWAP maintained that the funds under its management remained financially resilient, supported by a diversified investment portfolio spanning different asset classes, sectors and geographical markets.
“Based on unaudited financial performance for the financial year ended 31 December 2025, KWAP recorded gross investment income of RM8.33 billion, while total funds under management increased to RM195.26 billion,” it said.
KWAP reaffirmed its commitment to managing public retirement funds prudently, transparently and responsibly in fulfilling its statutory mandate to support the government’s pension obligations for public sector retirees.
The fund manager said the strengthened governance measures would help enhance investment resilience and ensure greater accountability in future private market investment decisions. - July 18, 2026
