KUALA LUMPUR July 20, 2026 — Prime Minister Dato’ Seri Anwar Ibrahim today clarified in the Dewan Negara that the losses suffered by the Retirement Fund Incorporated (KWAP) in the Indonesian agritech startup eFishery resulted from corporate fraud that also affected several major global investors.
In his parliamentary response and a subsequent post on X, Anwar stated that the eFishery case involves allegations of premeditated corporate fraud involving the manipulation of financial reports. He emphasised that KWAP was not the only investor impacted.
“[The] eFishery case is a corporate fraud allegation that also ensnared prominent global investors such as Temasek, SoftBank and 42XFund. KWAP is not the only investor affected,” Anwar said.
Anwar noted that while the investment loss had already been accounted for in 2024, KWAP still delivered strong results. The fund recorded a net profit of RM12.9 billion with a 9.3% growth in fund value. He described this as evidence of “professional and prudent fund management.”
Looking forward, Anwar highlighted the GEAR-uP initiative. Under this programme, KWAP and other Government-Linked Investment Companies (GLICs) will increase investments in promising Malaysian companies such as ZUS Coffee, Bateriku, and Lapasar. The goal is to generate sustainable returns, strengthen the national economy, and create more opportunities for Malaysians.
Reports indicate KWAP invested approximately RM163.4 million in eFishery (around 2.51% stake) as part of a larger funding round in 2023.
The Indonesian startup, once valued highly in the agritech sector, faced allegations of significant financial manipulation. Its co-founder and former CEO, Gibran Huzaifah, was sentenced to nine years in prison in April 2026 for embezzlement and money laundering.
The Malaysian Anti-Corruption Commission (MACC) has formed a team to investigate the matter, and KWAP has stated it is pursuing all available avenues for recovery while reviewing its internal processes.
Anwar, who also serves as Finance Minister, had earlier indicated he would not use KWAP’s independent governance structure as an excuse and committed to presenting the full facts in Parliament.
The Prime Minister posted a video of his Dewan Negara remarks on his official X account shortly after the session, along with the hashtags #MalaysiaMADANI, #MADANIbekerja, #YakinMADANI, and #EkonomiMADANI.
This development comes amid ongoing public and political discussion regarding accountability for the investment decision.
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