In a shocking development, Indonesian agritech startup eFishery has found itself at the center of a major controversy as its co-founder and several former executives have reportedly been detained by authorities. The detentions are linked to allegations of financial misconduct and possible embezzlement, casting a shadow over one of Asia’s once-celebrated startups.
The news, first reported by Tech in Asia, has sent ripples through the startup ecosystem. Gibran Huzaifah, the co-founder and former CEO, is among those detained, with investigations focusing on discrepancies in the company’s financial reporting. This follows months of scrutiny after eFishery’s board suspended Huzaifah and other key figures late last year.
According to sources, the detentions come after authorities gathered substantial evidence, including testimonies from over 20 individuals connected to the company. The allegations suggest that financial statements may have been manipulated, potentially misleading investors like SoftBank and Temasek, who had previously backed eFishery with significant funding.
The fallout from this scandal has raised questions about the future of aquaculture innovation in Indonesia, where eFishery was seen as a pioneer. The company, which provides technology solutions for fish and shrimp farming, had been hailed as a game-changer before these legal issues surfaced.
As the investigation unfolds, stakeholders and industry watchers are keenly observing how this will impact investor confidence in Indonesian startups. The case also highlights the importance of transparency and governance in high-growth tech ventures.
Neither eFishery nor the detained individuals have issued an official statement at the time of reporting. Authorities are expected to provide further updates as the legal proceedings continue, with many hoping for clarity on the extent of the alleged misconduct.
Alfred Lee
