.uasset force import no longer working?

Hey so I downloaded a texture for a water example pack because I didn’t like the ones that come with starter/engine content.
I have an older map which lets the material load, but any maps created in the latest version of UE4 do not load this material.
It’ll still import, and as long as I don’t touch the material after it has imported, it’s fine, but as soon as I go to assign it to an object (a plane in this instance), it just goes grey, like default mat.

Any advice?
P.s: inside the attached zip folder is the uasset file I’m working with.

the material is probably using an old function or something that has being changed since it was created, open it up and hit apply and it will tell you what is wrong with it