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Malaysia’s US$47 million investment in Indonesian start-up revealed as fraud

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

By Samantha Johnson / July 16, 2026
The Retirement Fund Incorporated’s (KWAP) US$47.7 million investment in Indonesian agritech start-up eFishery was the victim of an orchestrated fraud, Malaysia’s finance ministry has confirmed.

In a parliamentary written reply dated July 15, the ministry explained that KWAP’s July 2023 investment followed a robust evaluation and governance process. This included internal assessments, independent due diligence and the 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.

“The consortium of investors, including KWAP, is continuing all possible efforts to recover the investment funds,” Prime Minister Anwar Ibrahim said.

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