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Malaysia's Retirement Fund Incorporated (KWAP) has been advised it can pursue civil legal action to recover RM163 million in losses from its investment in Indonesian aquaculture firm eFishery, whose leadership allegedly falsified financial records.
A former unit trust consultant has received an 18-month prison sentence and RM2 million fine after being convicted of investment fraud. The case highlights ongoing vulnerabilities in Malaysia's investment sector.
Prime Minister Anwar Ibrahim has highlighted critical failures in Malaysia's audit system, noting that three leading audit firms approved a RM163.4 million KWAP investment in eFishery without detecting fraudulent activities that later emerged.
Malaysia's pension fund KWAP has disclosed a RM163.4 million loss from its investment in Indonesian aquaculture startup eFishery, detailing its response to fraud allegations that have shaken investor confidence in the sector.
KWAP is pursuing multiple recovery avenues for its RM163.4 million investment in Indonesian aquaculture firm eFishery, following the conviction of co-founder Gibran Huzaifah for embezzlement and money laundering.
Malaysia's Retirement Fund (KWAP) has confirmed a RM163.4 million investment in eFishery and is actively pursuing recovery of the funds following fraud allegations that have shaken investor confidence.
Malaysian police have arrested 21 Chinese nationals in Melaka in connection with an elaborate investment fraud syndicate that promised non-existent returns to unsuspecting victims across the country.
Malaysia's Court of Appeal has upheld a RM28 million judgment against Singaporean businessman Chan Cheh Shin for orchestrating investment fraud, finding he actively promoted schemes via seminars and roadshows.
A 47-year-old Singapore man who received a seven-month jail sentence in June for bribery now faces more than 100 additional charges related to fraudulent investment schemes involving S$50.62 million.