OPINION: eFishery’s Fraud is a Wake-up Call for Indonesia’s Startup Ecosystem
This scandal underscores that good governance and transparency are essential – not optional – for country’s startup ecosystem, and key reforms are critically needed.
In late 2024, Indonesia’s pride in its first aquaculture unicorn turned to shock when it emerged that eFishery, once valued at US$1.4 billion, was embroiled in a massive fraud.
In April this year, co-founder and former chief executive officer Gibran Huzaifah admitted to systematically manipulating eFishery’s financial reports since 2018 to attract investors and...
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