Pemerintah Malaysia tengah menyoroti kerugian investasi RM 200 juta atau Rp 878,6 miliar (kurs Rp 4.393 per ringgit) yang dialami malaysi atau Kumpulan Wang Persaraan (Diperbadankan) (KWAP) di perusahaan rintisan teknologi akuakultur asal Indonesia, eFishery. Terlebih lagi, eFishery tersandung kasus hukum manipulasi data laporan keuangan.
KWAP diketahui berinvestasi di eFishery pada Juli 2023. Saat itu, startup akuakultur asal Indonesia ini memperoleh pendanaan Seri D senilai US$ 200 juta atau Rp 3,05 triliun (kurs rata-rata 2023 Rp 15.242 per US$) dari sejumlah investor internasional, termasuk Temasek Holdings Pte Ltd dari Singapura, SoftBank Group dari Jepang, dan 42XFund dari Abu Dhabi. Dari jumlah itu, sekitar RM 163,4 juta di antaranya berasal dari investasi KWAP.
Dana Pensiun Malaysia itu mewakili sekitar 2,51% dari total kepemilikan saham eFishery. “KWAP merupakan pemegang saham minoritas, sementara mayoritas saham perusahaan dipegang oleh investor lain, termasuk investor institusional global besar yang juga terkena dampak dari pelanggaran itu,” demikian dikutip dari keterangan pers KWAP, akhir pekan lalu (18/7).
Kemudian DealStreetAsia melaporkan pada akhir 2024, bahwa manajemen eFishery menangguhkan jabatan CEO Gibran Huzaifah dan Chief Product Officer atau CPO Chrisna Aditya pada pertengahan Desember 2024.
Startup perikanan itu menunjuk Adhy Wibisono sebagai CEO interim dan Albertus Sasmitra sebagai interim CFO. DealStreetAsia melaporkan Adhy mengundurkan diri dari posisi CEO, dan posisinya digantikan oleh Martin Wong dari FTI Consulting.
Saat itu, mulai tersiar bocoran laporan sementara FTI Consulting setebal 52 halaman yang diedarkan di antara investor dan ditinjau oleh Bloomberg News, yang menyebutkan manajemen menggelembungkan laporan keuangan eFishery. Berikut rincian dugaan fraud eFishery.
Manipulasi laporan keuangan eFishery menyampaikan kepada investor bahwa perusahaan untung US$ 16 juta atau Rp 261,3 miliar dan meraup pendapatan US$ 752 juta atau Rp 12,3 triliun selama Januari – September 2024. Padahal sebenarnya eFishery merugi US$ 35,4 juta atau Rp 578 miliar. Pendapatan startup perikanan ini diperkirakan US$ 157 juta atau Rp 2,6 triliun.
Secara keseluruhan, pembukuan internal menunjukkan kerugian yang dipertahankan eFishery sekitar US$ 152 juta atau selama Januari – November 2024. Total aset perusahaan US$ 220 juta, termasuk US$ 63 juta dalam bentuk piutang dan US$ 98 juta berupa investasi.
Straits Times menyebutkan pada Januari 2025, bahwa manajemen eFishery telah menggelembungkan pendapatan hampir US$ 600 juta dalam sembilan bulan per September 2024. Jika benar, maka lebih dari 75% dari angka yang dilaporkan adalah palsu.
Laporan FTI Consulting itu didasarkan pada lebih dari 20 wawancara dengan staf perusahaan dan tinjauan terhadap akun dan pesan di WhatsApp, Slack, dan saluran lainnya.
Dikutip dari siaran pers KWAP Malaysia, setelah ditemukannya penyimpangan itu, instansi melakukan investigasi internal dan peninjauan yang diperlukan terhadap proses investasi, pengaturan pemantauan pasca-investasi, dan informasi yang tersedia bagi selama periode investasi.
Tindakan tindak lanjut yang sesuai telah diambil sesuai dengan kerangka tata kelola dan akuntabilitas internal KWAP. Dana Pensiun Malaysia ini juga terus mengejar semua jalur yang tersedia untuk memaksimalkan pemulihan investasi.
Perdana Menteri Malaysia Anwar Ibrahim pun menyampaikan keputusan investasi KWAP telah melalui proses evaluasi dan tata kelola sesuai prosedur. Dana Pensiun Malaysia ini juga mengandalkan laporan keuangan yang telah diverifikasi oleh auditor bersertifikat internasional.
Selain itu, konsorsium investor yang melibatkan KWAP melakukan uji tuntas atau due diligence secara independen. Hal ini dilakukan untuk memastikan seluruh informasi yang tersedia lengkap dan layak dijadikan dasar investasi.
Meski demikian, proses tersebut gagal mendeteksi dugaan manipulasi yang dilakukan oleh manajemen eFishery.
Anwar juga mengungkapkan bahwa KWAP bukan satu-satunya investor yang menjadi korban. Sejumlah investor institusional dan dana teknologi global seperti Temasek, SoftBank, 42XFund, dan Northstar turut menanamkan modal di perusahaan tersebut.
“Namun demikian, investasi di eFishery merupakan penipuan yang telah direncanakan atau premeditated fraud, dan telah terjadi manipulasi laporan keuangan oleh manajemen eFishery,” kata Anwar, dikutip dari The Edge Malaysia, Kamis (16/7).
KWAP mengakui kekhawatiran yang muncul setelah pemberitaan mengenai investasi mereka di eFishery viral belakangan ini, setelah anggota parlemen Subang, Wong Chen bertanya mengenai bentuk pertanggungjawaban terhadap dewan direksi, panel investasi, dan manajemen senior KWAP yang menyetujui investasi di startup Indonesia itu.
“Sehubungan dengan hal-hal yang telah diangkat, kami ingin memberikan klarifikasi lebih lanjut mengenai tindakan yang telah dilakukan setelah tinjauan internal kami, serta langkah-langkah yang sedang diterapkan untuk melindungi kepentingan Dana Pensiun,” demikian dikutip.
KWAP juga memperkuat pendekatan terhadap investasi di pasar swasta. Langkah-langkah ini meliputi diversifikasi portofolio yang lebih besar, berinvestasi bersama manajer dana berpengalaman dan mitra strategis, peningkatan pemantauan pasca-investasi, dan pengawasan yang lebih ketat terhadap perkembangan penting yang melibatkan perusahaan portofolio.
Dana itu tetap didukung oleh portofolio yang terdiversifikasi di berbagai kelas aset, sektor, dan wilayah geografis. Berdasarkan hasil yang belum diaudit untuk tahun keuangan yang berakhir pada 31 Desember 2025, KWAP mencatat pendapatan investasi bruto sebesar RM 8,33 miliar, dengan total dana kelolaan sebesar RM 195,26 miliar.
“KWAP tetap berkomitmen untuk mengelola Dana tersebut secara bijaksana, transparan, dan bertanggung jawab dalam memenuhi mandat hukumnya untuk membantu Pemerintah dalam memenuhi kewajiban pensiunnya kepada para pensiunan sektor publik,” demikian dikutip.
KPK Malaysia Mulai Selidiki
Komisi Antikorupsi Malaysia atau Malaysian Anti-Corruption Commission (MACC) resmi meluncurkan penyelidikan atas kerugian investasi RM 200 juta yang dialami KWAP di eFishery.
“Investigasi akan dilakukan secara adil, transparan, dan tidak memihak sesuai dengan ketentuan hukum yang berlaku,” kata Ketua Komisioner MACC Datuk Seri Abd Halim Aman dalam pernyataan pers dikutip dari The Edge Malaysia, Minggu (19/7).
Untuk menangani kasus eFishery itu, MACC membentuk tim investigasi khusus pada Jumat (17/7). MACC juga meminta masyarakat tidak berspekulasi mengenai kasus itu, karena dapat menimbulkan kebingungan dan mengganggu integritas proses penyelidikan.
Dalam pernyataannya, MACC tidak mengungkap identitas pihak yang diselidiki maupun ruang lingkup penyelidikan selain kerugian investasi yang dialami KWAP.
Sementara itu, pendiri sekaligus mantan CEO eFishery, Gibran Huzaifah, divonis sembilan tahun penjara dalam perkara penggelapan dan tindak pidana pencucian uang eFishery pada April. Namun, Pengadilan Tinggi Bandung menyunat vonis menjadi enam tahun penjara.
Selain itu, ada pidana denda Rp 2 miliar dengan ketentuan apabila dalam waktu 1 bulan sejak putusan memperoleh kekuatan hukum tetap pidana denda tersebut tidak dibayar, maka harta kekayaan atau pendapatan Terdakwa disita dan dilelang oleh Jaksa untuk melunasi pidana denda tersebut.
Apabila hasil penyitaan dan pelelangan tidak mencukupi atau tidak memungkinkan untuk dilaksanakan, maka diganti dengan pidana penjara selama 320 hari, sebagaimana isi amar putusan hakim seperti dilihat dari situs Mahkamah Agung.
The Malaysian government is currently intensifying its scrutiny over a significant investment loss of RM 200 million, equivalent to approximately Rp 878.6 billion (at an exchange rate of Rp 4,393 per ringgit), incurred by the Kumpulan Wang Persaraan (Diperbadankan), widely known as KWAP or Malaysia’s Retirement Fund. This substantial financial setback stems from KWAP’s investment in eFishery, an Indonesian aquaculture technology startup, which is now embroiled in a high-profile legal battle over alleged financial data manipulation and fraud. The unfolding events underscore the critical importance of robust due diligence and transparent corporate governance in the rapidly evolving startup ecosystem.
KWAP’s Strategic Investment in eFishery
KWAP initially invested in eFishery in July 2023, a period when the Indonesian aquaculture startup successfully secured a Series D funding round worth US$ 200 million, or approximately Rp 3.05 trillion (based on an average 2023 exchange rate of Rp 15,242 per US$). This significant funding round attracted a consortium of prominent international investors, including Singapore’s Temasek Holdings Pte Ltd, Japan’s SoftBank Group, and Abu Dhabi’s 42XFund. Out of this substantial sum, KWAP contributed approximately RM 163.4 million, demonstrating its commitment to diversifying its portfolio into promising regional tech ventures.
Despite the considerable investment, Malaysia’s Retirement Fund held a minority stake, representing about 2.51% of eFishery’s total shareholding. A press statement from KWAP, released last weekend (July 18, 2026), clarified their position, stating, “KWAP is a minority shareholder, while the majority shares of the company are held by other investors, including large global institutional investors who are also affected by the breaches.” This indicates that the alleged malpractices had a far-reaching impact across a broad spectrum of sophisticated investors.
The Unraveling of Alleged Financial Misrepresentation
The first signs of trouble emerged in late 2024 when DealStreetAsia reported that eFishery’s management had suspended its CEO, Gibran Huzaifah, and Chief Product Officer (CPO), Chrisna Aditya, in mid-December 2024. This abrupt leadership change at the innovative fishery startup immediately raised concerns among stakeholders. Following these suspensions, Adhy Wibisono was appointed as interim CEO, and Albertus Sasmitra stepped in as interim CFO, aiming to stabilize the company during a tumultuous period. However, DealStreetAsia subsequently reported that Adhy Wibisono resigned from the interim CEO position, which was then filled by Martin Wong from FTI Consulting, a global business advisory firm.
It was around this time that a leaked 52-page interim report from FTI Consulting began circulating among investors and was reviewed by Bloomberg News. This critical document detailed alarming allegations that eFishery’s management had significantly inflated the company’s financial statements, painting a misleading picture of its performance and profitability. The report’s findings cast a dark shadow over the startup’s operational integrity and the reliability of its reported figures.
The Stark Reality: Inflated Figures Versus Actual Performance
The FTI Consulting report laid bare the extent of the alleged financial fraud at eFishery. It revealed that eFishery had reported to investors a profit of US$ 16 million (Rp 261.3 billion) and generated revenue of US$ 752 million (Rp 12.3 trillion) for the period of January to September 2024. However, the grim reality presented by the report was starkly different: eFishery had actually incurred a loss of US$ 35.4 million (Rp 578 billion), with its actual revenue estimated at a mere US$ 157 million (Rp 2.6 trillion).
Further internal bookkeeping for January to November 2024 indicated that eFishery sustained cumulative losses of approximately US$ 152 million. The company’s total assets stood at US$ 220 million, which notably included US$ 63 million in receivables and US$ 98 million in investments. The Straits Times further elucidated the gravity of the situation in January 2025, reporting that eFishery’s management had inflated its revenue by nearly US$ 600 million over the nine months leading up to September 2024. If these allegations prove true, it means that more than 75% of the reported figures were deliberately falsified, representing a profound breach of trust and a severe case of investor deception. The FTI Consulting report itself was meticulously compiled, drawing insights from over 20 interviews with company staff and a thorough review of accounts and communications across various platforms like WhatsApp and Slack.
KWAP’s Proactive Response and Internal Governance Review
Upon the discovery of these significant discrepancies, KWAP swiftly initiated an internal investigation and a comprehensive review of its investment processes, post-investment monitoring arrangements, and all available information during the investment period. This proactive stance underscores KWAP’s commitment to upholding its governance standards and accountability to its contributors. Appropriate follow-up actions have since been implemented in strict adherence to KWAP’s internal governance and accountability frameworks. Furthermore, Malaysia’s Retirement Fund continues to explore all available avenues to maximize the recovery of its investment, demonstrating its dedication to protecting the interests of public sector retirees.
Malaysian Prime Minister Anwar Ibrahim publicly addressed the matter, affirming that KWAP’s investment decisions had undergone rigorous evaluation and governance processes in line with established procedures. He emphasized that the Malaysian Pension Fund relied on financial statements verified by internationally certified auditors and that the investor consortium, including KWAP, conducted independent due diligence to ensure the completeness and reliability of all information used as the basis for the investment. Despite these diligent efforts, the processes regrettably failed to detect the alleged manipulation orchestrated by eFishery’s management.
Prime Minister Anwar Ibrahim Confirms Premeditated Fraud
Prime Minister Anwar Ibrahim further revealed that KWAP was not an isolated victim in this intricate scheme. Numerous other global institutional investors and technology funds, such as Temasek, SoftBank, 42XFund, and Northstar, had also committed capital to eFishery, making them equally susceptible to the alleged deception. “Nevertheless, the investment in eFishery was a premeditated fraud, and there was manipulation of financial statements by eFishery’s management,” Anwar stated, as quoted by The Edge Malaysia on Thursday (July 16, 2026). This strong declaration from the Prime Minister underscores the serious nature of the allegations and the perceived deliberate intent behind the financial misrepresentation.
KWAP acknowledged the growing concerns that emerged after news of their investment in eFishery went viral recently. This heightened public interest followed questions from Subang Member of Parliament, Wong Chen, who sought clarity on the accountability of KWAP’s board of directors, investment panel, and senior management involved in approving the investment in the Indonesian startup. In response, KWAP issued a statement clarifying the actions taken after its internal review and outlining the ongoing measures being implemented to safeguard the Pension Fund’s interests, reinforcing its commitment to transparency and responsible management.
Strengthening Future Investment Safeguards
In light of these events, KWAP is actively strengthening its approach to investments in private markets. These crucial measures include fostering greater portfolio diversification across various asset classes, sectors, and geographical regions to mitigate risks. The fund is also focusing on co-investing with experienced fund managers and strategic partners, leveraging their expertise and shared oversight. Crucially, there will be an enhancement of post-investment monitoring and more stringent oversight of significant developments involving its portfolio companies.
Despite the challenges posed by the eFishery situation, KWAP remains underpinned by a robust and diversified portfolio. Unaudited results for the financial year ending December 31, 2025, show KWAP recorded a gross investment income of RM 8.33 billion, with total assets under management reaching RM 195.26 billion. KWAP reiterated its unwavering commitment to managing the Fund prudently, transparently, and responsibly, fulfilling its statutory mandate to assist the Government in meeting its pension obligations to public sector retirees.
MACC Launches Formal Corruption Probe
The repercussions of the alleged fraud have now escalated to a criminal investigation, as the Malaysian Anti-Corruption Commission (MACC) officially launched a probe into the RM 200 million investment loss suffered by KWAP in eFishery. MACC Chief Commissioner Datuk Seri Abd Halim Aman affirmed in a press statement, as quoted by The Edge Malaysia on Sunday (July 19, 2026), that “the investigation will be conducted fairly, transparently, and impartially in accordance with applicable legal provisions.” This move signals a serious commitment from Malaysian authorities to uncover any wrongdoing and ensure justice.
To effectively handle the complex eFishery case, the MACC formed a specialized investigation team on Friday (July 17, 2026). The commission also urged the public to refrain from speculating on the case, emphasizing that such actions could lead to confusion and potentially compromise the integrity of the ongoing investigation process. While the MACC’s statement did not disclose the identities of the parties being investigated or the full scope of the probe beyond KWAP’s investment loss, the formation of a dedicated team highlights the gravity and complexity of the allegations.
Former CEO Gibran Huzaifah’s Conviction
Adding another layer to this multifaceted scandal, the founder and former CEO of eFishery, Gibran Huzaifah, has already faced legal consequences for his actions. He was sentenced to nine years in prison in April for embezzlement and money laundering related to eFishery. However, the Bandung High Court later reduced his sentence to six years.
In addition to the prison term, Huzaifah was also ordered to pay a fine of Rp 2 billion. The court stipulated that if this fine is not paid within one month of the verdict becoming legally binding, the defendant’s assets or income would be seized and auctioned by the Public Prosecutor to settle the penalty. Should the proceeds from such seizure and auction prove insufficient or unfeasible to execute, the sentence would be substituted with an additional 320 days in prison, as detailed in the judge’s verdict seen on the Supreme Court’s website. This conviction underscores the severe legal repercussions faced by individuals implicated in corporate financial misconduct, serving as a stark reminder of the importance of ethical leadership and accountability in the business world.
