EFishery Pte, an Indonesian agritech startup, is under investigation for allegedly inflating revenue and profit figures.

A draft report by FTI Consulting claims EFishery overstated its revenue by nearly US$600 million for the nine months ending September 2024.

The report states that the company had actual revenue of US$157 million, significantly lower than the reported US$752 million.

It also recorded a loss of US$35.4 million rather than the US$16 million profit previously stated.

The investigation also identified alleged financial misstatements from prior years.

Internal records indicate the company had accumulated losses of approximately US$152 million since its inception up to November 2024.

EFishery claimed to operate over 400,000 fish feeders, while investigators suggest the actual number is closer to 24,000.

The company’s board dismissed CEO and co-founder Gibran Huzaifah after the accounting discrepancies were revealed in December.

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