THE renewed attention on Retirement Fund (Inc) or KWAP’s investment in Indonesian aquaculture startup eFishery is understandable.
Public funds deserve public scrutiny, particularly when investments result in losses.
But revisiting the episode without acknowledging the lessons already learnt risks missing the more important discussion: how Malaysia should invest in innovation and where regulators ought to focus their energies.
KWAP invested around US$30mil in eFishery in July 2023. Financial irregularities at the startup first surfaced publicly in December 2024, when the company’s board suspended its founders following an investigative audit.
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