Ipoh, Malaysia. Malaysian Prime Minister Anwar Ibrahim said on Sunday he would explain the Retirement Fund Inc. (KWAP)'s investment losses in Indonesian aquaculture startup eFishery when he addresses the Dewan Negara, the upper house of Parliament, on Monday.

Anwar, who also serves as finance minister, said he would present the facts surrounding the investment despite KWAP operating independently of the government.

“KWAP is a financial institution that manages pension funds. It has its own investment panel and board, and it does not report directly to us. But I do not want to use that as an excuse. Let us present the facts tomorrow in the Dewan Negara,” Anwar was quoted as saying by the state news agency Bernama.

Malaysia's Finance Ministry said in a written parliamentary reply on Thursday that KWAP had fallen victim to an alleged fraud after eFishery's management manipulated the company's financial statements.

KWAP invested $47.7 million in eFishery in July 2023. The pension fund later disclosed that its total investment amounted to 164.3 million ringgit ($38.8 million at current exchange rates), representing a 2.51% stake in the company. It said it was a minority shareholder and that several major international institutional investors also suffered losses.

Malaysia's Anti-Corruption Commission has established a special task force to conduct a comprehensive review of the investment, according to Chief Commissioner Abdul Halim Aman.

Founded in 2013, eFishery became one of Indonesia's most prominent technology startups after raising $200 million in a Series D funding round in 2024.

The company became embroiled in controversy after a Bloomberg report in January 2025 cited a forensic review alleging that management had inflated revenue by nearly $600 million between January and September 2024 through manipulated financial reporting.

Police arrested eFishery co-founder Gibran Huzaifah and two other executives in August 2025 over alleged financial statement manipulation. Gibran was later convicted of criminal breach of trust and money laundering by the Bandung District Court and sentenced to nine years in prison. Indonesian media reported on Sunday that the West Java High Court reduced his sentence to six years on appeal while upholding the conviction.

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