Bandung High Court cut former eFishery CEO and co-founder Gibran Chuzaefah Amsi El Farizy’s sentence from nine years to six years in a July 7 appeal ruling,

The court upheld his conviction for embezzlement in office and money laundering tied to PT Multidaya Teknologi Nusantara.

The court also ordered Gibran to remain in custody and imposed a 2 billion rupiah (US$112,000) fine.

If he does not pay within a month after the verdict becomes final, prosecutors may seize and auction his assets. If that is insufficient, the fine will be replaced by 320 days in prison.

Prosecutors said the case involved alleged embezzlement at PT Multidaya Teknologi Nusantara from 2020 to 2024.

The indictment also named Angga Hadrian Raditya and Andri Yadi as co-actors, while Gibran denied the accusations in the lower court.

EFishery, an Indonesian aquaculture technology startup, had drawn attention after it raised US$200 million and reached a US$1.4 billion valuation.

The case followed a wider governance crisis in which the startup’s co-founders stepped down amid an embezzlement investigation, and a separate probe alleged nearly US$600 million in inflated revenue.

🔗 Source: Kompas.com

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