The move ‘aims to facilitate a thorough and objective business review to determine the best path forward for the group’, says eFishery’s board
INDONESIAN aquaculture startup eFishery on Tuesday (Feb 4) announced that it has involved business consulting and management advisory FTI Consulting in the acting management of the company, with immediate effect.
This comes amid allegations of systemic fraud within eFishery, following media reports that it purportedly inflated its September 2024 revenue by nearly US$600 million. Several employees under the workers’ union staged a protest in late January to demand transparency and a thorough investigation.
In a statement on Tuesday, eFishery’s board of directors said it had reviewed an interim report from FTI Consulting regarding the governance and financial conditions of the company and its subsidiaries, as well as information received in late 2024 regarding alleged misconduct, including fraud.
The company therefore took steps to address the information, including involving FTI Consulting in the acting management of the company, with the approval of shareholders.
Involving independent third-party management “aims to facilitate a thorough and objective business review to determine the best path forward for the group”, said the board.
FTI Consulting issued a separate statement confirming its involvement, stating that it is focused on gaining a clear understanding of the current situation.
The comprehensive business review “is in its early stages”, and FTI Consulting will provide material updates to stakeholders in coordination with eFishery, said the business consulting firm.
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