The Retirement Fund Incorporated (KWAP) of Malaysia has confirmed that its US$47.7 million investment in the Indonesian agritech start-up eFishery was the victim of an orchestrated fraud, according to Malaysia’s finance ministry.

In a parliamentary written reply dated July 15, 2026, the ministry explained that KWAP’s investment made in July 2023 followed a robust evaluation and governance process. This process included internal assessments, independent due diligence, and verification of financial statements by certified international auditors.

KWAP invested alongside a consortium of reputable international institutional investors, including Singapore’s Temasek, SoftBank, 42XFund, and Northstar, all of which conducted their own rigorous reviews. Despite these comprehensive safeguards, the start-up’s management successfully executed a well-planned fraud by manipulating its financial reports.

The consortium has since lodged reports with the relevant authorities and initiated legal action to recover the funds. Prime Minister Anwar Ibrahim stated, “The consortium of investors, including KWAP, is continuing all possible efforts to recover the investment funds.”