What steps is KWAP taking to recover RM163.4 million from eFishery?

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KWAP is Pursuing All Available Avenues to Recover RM163.4 Million from eFishery

The Retirement Fund (Incorporated) (KWAP) has confirmed it is actively seeking to recover its RM163.4 million investment in eFishery, following revelations of financial fraud at the Indonesian aquaculture startup. KWAP stated that it is pursuing all available avenues to maximise the recovery of these funds. This action comes after the former chief executive of eFishery was convicted for financial fraud, leading to a reassessment of the investment.
Internal Review of Investment Processes

KWAP conducted a comprehensive internal investigation into its dealings with eFishery. This review encompassed the entire investment lifecycle, including the initial investment process, the post-investment monitoring arrangements, and all information that was accessible during the period the investment was made. This thorough examination aimed to identify any potential shortcomings or areas for improvement within KWAP's own procedures.
Adherence to Governance and Accountability Framework

Following the discovery of irregularities, KWAP affirmed that it has implemented appropriate follow-up actions in line with its internal governance and accountability framework. This indicates that the fund is operating within its established protocols to address the situation and hold responsible parties accountable where applicable. The specific details of these actions remain within the fund's internal processes.
Efforts to Maximise Investment Recovery

The primary focus for KWAP remains the pursuit of all available avenues to recover the RM163.4 million invested in eFishery. This commitment underscores the fund's dedication to safeguarding the retirement savings of its contributors. While the eFishery investment represented approximately 2.51 per cent of the company's shareholding, KWAP, as a minority shareholder, is working alongside other affected institutional investors to address the financial misconduct.

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What steps is KWAP taking to recover RM163.4 million from eFishery?

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