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Hi readers,
Avirtech Group, a company that specializes in drone services for palm oil plantations, is beginning the year with a legal brawl. The agricultural drone company has terminated its CEO, Rendy Ferixsen The, for alleged “serious misconduct.”
The firm, which was recently acquired by Terra Drone, is accusing its former top executive of redirecting resources to his personal venture, undervaluing assets, and poaching employees.
However, The’s lawyers told Tech in Asia that he voluntarily resigned on December 2, 2023, due to suspected irregularities in the management of funds by Avirtech’s COO, Wilson Ong. However, a police report filed by Ong’s lawyer claims that The and his family members embezzled about US$1.2 million through unauthorized deals.
Meanwhile, Ferdy William The, the ex-CEO’s sibling and majority shareholder of Avirtech’s Indonesia entity, has also filed police reports alleging that Ong had committed data theft and violent theft of drone spare parts.
Both parties have yet to provide further comments. I guess we’ll have to stay tuned for their next moves.
— Lokesh Choudhary, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Indonesia’s Avirtech fires CEO, to pursue legal action
Avirtech, which was acquired by Terra Drone last year, alleged that its chief executive officer Rendy Ferixsen The, redirected clients and resources toward his personal venture.
2. Fintech and ecommerce lead the way in SEA’s turbulent tech year
In the second half of 2023, the value of deals was 87% higher than in the first six months of the year, Tech in Asia data shows.
3. Lazada expected to let go up to 30% of staff: sources
The job cuts are expected to hit the customer care, marketing, and commercial teams the most across all of Lazada’s markets.
4. Middle Eastern investors fill vacuum left by SoftBank in SEA venture scene
Besides SoftBank and Tiger Global, Chinese investors have also retreated from investing in late-stage deals in Southeast Asia.
5. Tracking PDD’s Temu-fueled rise to surpass Alibaba in market value
We look at what’s behind this changing of the guard.
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