Malaysia investigates state pension’s failed eFishery investment

Malaysia investigates state pension’s failed eFishery investment The agritech start-up collapsed over a US$300 million fraud, with its jailed CEO revealing that he had falsified the company’s accounts A team was formed on Friday to “study and examine the issue thoroughly,” Malaysian Anti-Corruption Commission Chief Commissioner Abdul Halim Aman said in a statement on Saturday. “The investigation will be conducted fairly, transparently and impartially based on existing legal provisions,” Abdul Halim said. “The public is requested not to speculate on this investigation to avoid confusion and maintain the integrity of the investigation process.” KWAP, as the pension fund is known, invested about 163.4 million ringgit (US$40 million) in eFishery, it said in a statement on Saturday. That represented about 2.51 per cent of eFishery’s shareholding, it said. “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,” the pension fund said. “KWAP is also continuing to pursue all available avenues to maximise the recovery of its investment.” [Image text:] Tumbuh Bersama eFishery eFishery