TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
eFishery appoints new CEO amid embezzlement investigation
Tech startup eFishery appoints new interim CEO and CFO amid an investigation into alleged embezzlement by co-founders Gibran Huzaifah and Chrisna Aditya.
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
'Smart system': An eFishery feeding system is placed next to a fish pond in this undated picture. (Kompas.com/eFishery)
T
ech startup eFishery has appointed new leaders amid an ongoing investigation into alleged embezzlement by its co-founders Gibran Huzaifah and Chrisna Aditya.
Gibran and Chrisna have both stepped down from their positions as chief executive officer (CEO) and chief product officer, respectively.
"The decision was made in collaboration with the company's shareholders, as a commitment to enhance the company's governance," the company said in an official statement on Tuesday, as quoted by Kompas.com.
Adhy Wibisono, previously the chief financial officer (CFO) at eFishery, will now take on the role of interim CEO. Before his tenure at eFishery, Adhy held leadership positions at NWP Property and GoPay.
Meanwhile, Albertus Sasmitra, appointed as interim CFO, is a director at Northstar Group and one of eFishery's key investors. Both interim leaders are tasked with navigating the company through this challenging period.
"We understand the seriousness of the issue [which is] currently ongoing, and we are giving it our full attention. We are committed to maintaining the highest standards in corporate governance and ethics in our operations," the company said.
The company, however, did not disclose the value of the embezzled funds.
Founded in 2013, eFishery offers a smart feeding system designed to optimize fish and shrimp farming.
The startup also offers various digital platforms, such as eFisheryKu for education and management and eFisheryFund which provides financing access for fish farmers. There is also eFisheryFresh which connects farmers directly with buyers, streamlining the distribution chain to achieve a more competitive price.
While the company initially focused on smallholder fish farmers in Indonesia, it expanded into shrimp farming in late 2023 and also has a growing presence in India.
The company, which achieved unicorn status in 2023 with a valuation of over US$1 billion after securing $108 million in Series D funding, is under investigation for allegedly misreporting performance and revenue figures.
Aqua-Spark, eFishery's largest investor, holds a significant stake in the company and is actively involved in the ongoing investigation.
However, the recent turmoil casts a shadow on its rapid growth trajectory. In addition to Gibran’s suspension, former CFO Dhianendra Laksamana resigned earlier in May.
eFishery also carried out layoffs in July as part of a business restructuring effort.
