SINGAPORE (Reuters) – Indonesian aquaculture tech startup, eFishery, said on Tuesday that it has appointed business advisory firm FTI Consulting to act as its new management following allegations of misconduct including fraud by certain members of its management.
eFishery has not given details of the allegations but FTI was brought in to conduct an investigation after alleged misconduct was first reported by DealStreetAsia in December.
The board directors of eFishery said on Tuesday that the involvement of independent third-party management aimed to facilitate a thorough and objective business review to determine the best path forward for the company and its subsidiaries.
“In response to information received in late 2024 pertaining to alleged misconduct (including fraud) by certain management of our group companies, and upon reviewing the interim report from FTI consulting regarding the governance and financial conditions of eFishery Pte Ltd. … and its subsidiaries … the company has immediately taken necessary and proactive steps to address such information, including involving FTI Consulting as the acting management of the company, effective immediately,” eFishery’s board said in a statement.
The decision was made with the approval of shareholders, it said.
Shareholders of eFishery include Japan’s SoftBank and Singapore-headquartered private equity firm Northstar Group.
The company, founded in 2013, said recent revelations of alleged misconduct including fraud could jeopardize confidence in the Indonesian investment climate and that it would move forward to protect that.
FTI, in a separate statement, confirmed its involvement in the acting management of eFishery and said it aimed to support ongoing efforts to conduct a thorough and objective business review of the company’s true financial and operational position.
(Reporting by Yantoultra Ngui; Editing by Susan Fenton)
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