Malaysia’s Kumpulan Wang Persaraan (Diperbadankan), or KWAP, the country’s civil service pension fund, said on July 18 statement that it is seeking to recover 163.4 million ringgit (US$40 million) invested in Indonesian aquaculture startup eFishery.

The fund said the move follows what it described as deliberate financial manipulation and misrepresentation in the company’s financial reporting.

KWAP said its 2.51% stake made it a minority shareholder, alongside other institutional investors affected by the misconduct.

EFishery co-founder and former CEO Gibran Huzaifah was sentenced by the Bandung District Court on April 29, 2026, to nine years in prison after being convicted of embezzlement and money laundering.

KWAP manages 195.3 billion ringgit (US$47.8 billion) and has a mandate to help fund federal pension liabilities.

Malaysia’s finance ministry said KWAP invested US$47 million in July 2023 alongside Temasek, SoftBank, 42XFund, and Northstar.

The investor group has since lodged reports and started legal action to recover funds.

Before the scandal, eFishery had raised about US$315 million across five funding rounds.

An FTI assessment said the company was not commercially viable in its current form and that investors might recover only 9.5 cents on the dollar in an optimistic scenario.

KWAP said it had reviewed its investment processes and strengthened post-investment monitoring and oversight of private-market investments following the case.

🔗 Source: KWAP

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