The legal case surrounding the Indonesian fishery technology startup,\neFishery, has had long-lasting consequences, resulting in massive losses\nfor foreign investors. This scandal has even drawn the direct attention\nof Malaysian Prime Minister Anwar Ibrahim.<\/p>\n
Anwar openly stated that Malaysia\u2019s pension fund, Retirement Fund Inc\n(KWAP), was impacted by the alleged fraud involving eFisherly due to\nfinancial report manipulation carried out by the management. As a\nresult, KWAP, along with a consortium of global investors, had to bear\nsignificant losses, with KWAP\u2019s investment alone reaching nearly RM200\nmillion, or approximately Rp865 billion.<\/p>\n
\u201cThe (investment) decision went through an evaluation and governance\nprocess based on the information available at the time, including the\nverification of financial reports by internationally recognised\ncertified auditors,\u201d Anwar stated in a written response in the Malaysian\nParliament, as reported on Sunday (13\/9\/2026).<\/p>\n
Anwar added that before committing capital, the investor consortium,\nincluding KWAP, had conducted independent due diligence to ensure the\nvalidity of all information.<\/p>\n
A series of global giants have also been disappointed. KWAP is not\nthe only major financial institution caught in this vortex of problems.\nSeveral global investment funds and leading technology institutions,\nincluding Temasek, SoftBank, 42XFund, and Northstar, are recorded to\nhave channelled significant capital into eFishery.<\/p>\n
\u201cHowever, the eFishery investment was a pre-planned fraud, and there\nwas manipulation of financial reports by eFishery\u2019s management,\u201d Anwar\nasserted.<\/p>\n
Notably, in 2023, eFishery secured Series D funding worth US$200\nmillion. From that total fresh capital, KWAP contributed an investment\nportion of US$47.7 million, equivalent to approximately RM194.35\nmillion.<\/p>\n
This statement was made by Anwar in response to questions from Subang\nMember of Parliament, Wong Chen, regarding the accountability and\noversight of the board of directors and senior management of KWAP\nconcerning this massive investment.<\/p>\n
Responding to this incident, Anwar ensured that the investor\nconsortium has pursued legal channels to recover the invested funds.\nFurthermore, a thorough internal audit has been completed and submitted\nto the KWAP board.<\/p>\n
\u201cKWAP remains committed to managing civil servant pension funds\ntransparently, ethically, and accountably. Improvements have been\nimplemented to strengthen protection for future investments,\u201d concluded\nAnwar.<\/p>\n
Gibran Huzaifah has been sentenced to 9 years in prison. The\nfinancial engineering scandal that shattered the reputation of this\nunicorn startup finally ended in court. Last April, the Bandung District\nCourt judges sentenced the former CEO of eFishery, Gibran Huzaifah, to 9\nyears in prison for the crimes of financial report manipulation and\nmoney laundering.<\/p>\n
In addition to the prison sentence, Gibran was also ordered to pay a\nfine of Rp1 billion, with a subsidiary penalty of 190 days of\nimprisonment. Two of his associates, Angga Hadrian Raditya and Andri\nYadi, were also implicated and sentenced for their involvement in the\nscandal.<\/p>\n
The fraudulent practices within eFishery were initially uncovered\nthanks to whistleblower reports and independent investigation findings\nfrom FTI Consulting, which detected indications of revenue falsification\nreaching nearly US$600 million. An internal investigation report by the\nIndonesian National Police\u2019s Criminal Investigation Agency (Bareskrim\nPolri) alongside DealStreetAsia media in late 2024 subsequently\nconfirmed the existence of systematic data inflation orchestrated by top\nmanagement since early 2024.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/malaysia-affected-by-gibran-scandal-rp865-billion-lost-instantly-1789275244", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }