What internal review did KWAP conduct following the eFishery irregularities?

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KWAP Conducted Internal Review of Investment Processes and Monitoring Following eFishery Irregularities

The Retirement Fund (Incorporated) (KWAP) conducted a thorough internal investigation into its investment processes and post-investment monitoring arrangements subsequent to the discovery of irregularities at Indonesian aquaculture startup eFishery. This review encompassed an examination of all information available throughout the investment period. KWAP has confirmed its investment of RM163.4 million in eFishery, which represents approximately 2.51 per cent of the company's shareholding.
Review of Investment Process and Monitoring

KWAP's internal investigation specifically scrutinised its established investment process and the effectiveness of its post-investment monitoring mechanisms. This review aimed to identify any shortcomings or areas for improvement in how investments are evaluated and managed after capital has been deployed, particularly in light of the deliberate financial manipulation and misrepresentation that characterised the eFishery case.
Information Scrutiny Throughout Investment Period

The scope of KWAP's review also extended to an assessment of the information that was accessible to the fund during the entire duration of its investment in eFishery. This involved analysing the data and disclosures provided by the company and evaluating whether the available information adequately reflected the true financial health and operational status of the startup.
Actions Taken and Recovery Efforts

Following the internal review and the discovery of the irregularities, KWAP stated that it had taken "appropriate follow-up actions" in line with its internal governance and accountability framework. The fund remains committed to pursuing all available avenues to maximise the recovery of its RM163.4 million investment.

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What internal review did KWAP conduct following the eFishery irregularities?

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