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The eFishery scandal: Indonesia's aquaculture unicorn fraud rocking SE Asia

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By bno - Surabaya bureau One of Southeast Asia's most talked-about controversies is the alleged fraud at eFishery, an Indonesian startup once hailed as a success story in the aquaculture sector. Founded by Gibran Huzaifah,
The eFishery scandal has rocked Southeast Asia's aquaculture industry, revealing significant fraudulent activities within the Indonesian startup once hailed as a unicorn. eFishery, which aimed to revolutionize fish farming through technology, was exposed for inflating its valuation and misrepresenting its financial health to investors. Reports indicate that the company manipulated data, overstated its market reach, and engaged in questionable financial practices to secure funding. This has led to a drastic drop in investor confidence, legal scrutiny, and a tarnished reputation for what was considered a promising tech-driven solution to aquaculture challenges. The fallout has broader implications for the startup ecosystem in Southeast Asia, highlighting the need for more rigorous due diligence and transparency in the region's burgeoning tech sector.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/the-efishery-scandal-indonesia-s-aquaculture-unicorn-fraud-rocking-se-asia/ar-AA1yiWcv ]