KUALA LUMPUR, 18 July 2026 – Kumpulan Wang Persaraan (Diperbadankan) [KWAP] acknowledges the concerns raised following recent media reports regarding its investment in eFishery.
The broader eFishery case involved deliberate financial manipulation and misrepresentation of the company’s financial reporting. On 29 April 2026, eFishery co-founder and former Chief Executive Officer Gibran Huzaifah was sentenced by the Bandung District Court to nine years’ imprisonment following his conviction for embezzlement and money laundering.
In light of the matters raised, we wish to provide further clarity on the actions undertaken following our internal review, as well as the measures being implemented to safeguard the interests of the Fund.
KWAP’s total investment in eFishery amounted to RM163.4 million, representing approximately 2.51% of the company’s total shareholding. KWAP was a minority shareholder, while the majority of the company’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 conducted an internal investigation and the necessary reviews of the investment processes, post-investment monitoring arrangements and information available to KWAP throughout the investment period.
Appropriate follow-up actions have been taken in accordance with KWAP’s internal governance and accountability framework. KWAP is also continuing to pursue all available avenues to maximise the recovery of its investment.
KWAP has further strengthened its approach to private markets investing. The measures include greater portfolio diversification, investing alongside experienced fund managers and strategic partners, enhanced post-investment monitoring, and closer oversight of material developments involving portfolio companies.
The Fund remains supported by a diversified portfolio across asset classes, sectors and geographies. Based on unaudited results for the financial year ended 31 December 2025, KWAP recorded gross investment income of RM8.33 billion, with total funds under management of RM195.26 billion.
KWAP remains committed to managing the Fund prudently, transparently, and responsibly in fulfilment of its statutory mandate to assist the Government in meeting its pension obligations to public sector retirees.
– END –
About Kumpulan Wang Persaraan (Diperbadankan)
Kumpulan Wang Persaraan (Diperbadankan) [KWAP] or the Retirement Fund (Incorporated) was established on 1st March 2007 under the Retirement Fund Act 2007 (Act 662) replacing the repealed Pensions Trust Fund Act 1991 (Act 454).
KWAP manages contributions from the Federal Government and relevant agencies made into the Retirement Fund [Fund] to obtain optimum returns on its investments through sound management and investment of the Fund in equity, fixed income securities, money market instruments, and other forms of investments as permitted under the Retirement Fund Act 2007 (Act 662). The Fund shall be applied towards assisting the Federal Government in funding its pension duties. In 2015, KWAP was officially appointed as an agent of the Federal Government for the purpose of payment of pension, gratuity, and other benefits granted under any written law from the Consolidated Fund as agreed between the Federal Government and KWAP.
Visit www.kwap.gov.my for more information.
Issued by Kumpulan Wang Persaraan (Diperbadankan) [KWAP]
