EFishery, an Indonesian agritech startup, may undergo liquidation or restructuring following allegations of accounting fraud, according to a document reviewed by Bloomberg News.

FTI Consulting Singapore, the company’s advisor, has urged investors to make a decision soon, with a shareholders’ vote anticipated in the coming weeks.

FTI Consulting, engaged by eFishery’s board, is conducting an independent review of the company’s cash flow, solvency, assets, liabilities, and loans.

The timeline for this review is uncertain and may take longer than originally expected, according to sources familiar with the situation.

An internal investigation claims eFishery inflated its revenue by approximately US$600 million in the first nine months of 2024, representing over 75% of its reported revenue.

Recent eFishery developments