Latest news with #eFisheryPte
The Star
05-08-2025
- Business
- The Star
Police detain former eFishery CEO who faked data
Police have detained the co-founder of eFishery Pte, investigating a startup whose collapse shook up South-East Asia's investment and tech community. Gibran Huzaifah was detained last week by the white-collar crimes division, the police said. He and two other former eFishery executives have remained in custody since July 31, according to a text message from Helfi Assegaf, director of special economic crimes at the National Police's Criminal Investigation Agency. The three have been 'officially named as suspects,' according to the police, though it was unclear if any have been officially charged with wrongdoing. Apart from Gibran, they detained and named two other suspects in the probe, Angga Hadrian Raditya and Andri Yadi. Both are former vice-presidents and had been interviewed by internal investigators. Gibran's detention comes months after he gave a detailed account of how he inflated revenue at a startup once valued north of US$1bil (RM4.2bil). Its ultimate collapse dealt a blow to several of the world's highest-profile investors from SoftBank Group Corp and Temasek Holdings Pte to Peak XV (formerly Sequoia India) and Abu Dhabi's 42XFund. The company, which deployed feeders to fish and shrimp farmers in Indonesia, incurred several hundred million dollars in losses between 2018 and 2024, Bloomberg News has reported. EFishery, which was valued at US$1.4bil (RM5.9bil) after a 2023 funding round, had been one of the highest-profile startups to emerge from Indonesia. — Bloomberg
Bloomberg
24-02-2025
- Business
- Bloomberg
SoftBank, Temasek Among eFishery Investors Facing Near Wipeout
Investigators hired by the board of eFishery Pte. have determined the Indonesian startup is in far worse shape than they previously thought, and that investors are likely to get back less than 10 cents for every dollar they invested, according to documents seen by Bloomberg News. The company, which deploys feeders to fish and shrimp farmers in Indonesia, incurred several hundred million dollars in losses between 2018 and 2024 and misrepresented its financial figures for years, according to the documents and a person familiar with the matter who asked not to be identified because the information isn't public.
