Jakarta. eFishery, a startup in the fisheries sector, has temporarily suspended its Chief Executive Officer (CEO) Gibran Huzaifah and Chief Product Officer (CPO) Chrisna Aditya, both co-founders of the company. The decision comes as part of an ongoing investigation into alleged financial misconduct within the unicorn startup.

The company said investors and shareholders have been informed of the investigation, which centers around reports of financial performance and revenue discrepancies linked to the two executives. Gibran and Chrisna each held about 9 percent of the company’s shares.

eFishery's institutional investors include UAE's 42XFund, Switzerland's responsAbility, Singapore's Temasek, Japan's SoftBank, Malaysia's Kumpulan Wang Persaraan, Northstar Ventures, and 500 Global.

In the wake of their suspension, eFishery swiftly appointed interim leaders to fill the vacant positions. Adhy Wibisono has been named interim CEO, while Albertus Sasmitra will serve as interim CFO.

"This decision was made in collaboration with the company’s shareholders to ensure stronger corporate governance," the company said in a statement on Tuesday.

The company added that eFishery recognizes the seriousness of the issue and is fully committed to addressing it.

"We are fully aware of the significance of this matter and are giving it our full attention. eFishery remains committed to maintaining the highest standards of corporate governance and ethical business practices," the statement added.

Earlier reports from Deal Street Asia indicated that some investors had raised concerns about the accuracy of financial reports provided by the two executives. Both Gibran and Chrisna are currently under internal investigation for potential manipulation of performance and revenue reports.

While eFishery has confirmed the ongoing investigation, it has yet to release specific details regarding the alleged financial misconduct, such as the amount of funds involved or the exact nature of the violations. The company, however, has reiterated its commitment to transparent and responsible corporate governance.

eFishery secured $200 million in Series D funding in July, bringing its valuation to over $1 billion, making it a unicorn. The round was led by Abu Dhabi’s 42XFund, with participation from Kumpulan Wang Persaraan (Diperbadankan), Malaysia’s largest public pension fund. Existing investors, including Northstar, Temasek, and SoftBank, also joined the round, with Goldman Sachs serving as eFishery’s exclusive financial advisor. Additionally, eFishery raised $30 million in a conventional debt round in May 2024.

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