KUALA LUMPUR, July 18 -- The Retirement Fund (Incorporated) (KWAP) has confirmed it invested RM163.4 million in scandal-hit Indonesian aquaculture startup eFishery, saying it is pursuing all available avenues to recover the funds.

The public pension fund issued the statement today following recent media reports on its investment in eFishery, whose former chief executive was convicted earlier this year over financial fraud.

KWAP said the broader eFishery case involved "deliberate financial manipulation and misrepresentation of the company's financial reporting."

It noted that eFishery co-founder and former chief executive Gibran Huzaifah was sentenced by the Bandung District Court on April 29 to nine years' imprisonment after being conv...