SoftBank-backed fish firm allegedly faked most of its sales

Quick Summary:

EFishery Pte, one of Indonesia’s most prominent startups, may have inflated its revenue and profit over several years, according to an internal investigation triggered by a whistleblower’s claim about the company’s accounting.

The allegations of fraud may be damaging for Indonesia’s startup scene, and come at a critical time as young companies and investors in the country struggle to raise new funding.

Shareholders and directors have been surprised at the scale of the alleged fraud given the protective measures that were put in place, including channel checks and exit interviews of staff, said one of the people, who asked not to be named as the matter is private.

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Article Details

Author / Journalist: David Ramli, Olivia Poh & Yoolim Lee | Bloomberg

Category: BusinessStartups

Markets: PhilippinesIndonesiaUnited Arab Emirates

Topics: Efishery Investigation Revenue According Accounts Report People Inflated Investors Startup Million

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-22 @ 10:36:42 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 725 words

Reading Time: 5 minutes read

Sentences: 27 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 25340584

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 53 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 8 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

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Publisher ID: #37

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