Indonesian Aquaculture Startup eFishery Appoints FTI Consulting as Management
eFishery, an Indonesian aquaculture technology startup, announced the appointment of business advisory firm FTI Consulting as its new management team. The move follows allegations of misconduct, including fraud, by certain members of the company's previous leadership.
FTI Consulting was engaged to conduct an investigation after DealStreetAsia initially reported the allegations in December 2024. The company's board stated that FTI's appointment aims to facilitate a comprehensive and impartial business review to determine the best future for eFishery and its subsidiaries.
"Upon reviewing the interim report by FTI Consulting, we have acted swiftly to appoint them as the acting management of the company," eFishery's board said in a statement. "This decision was made with the full support of our shareholders, including SoftBank and Northstar Group."
eFishery emphasized its commitment to protecting investor confidence in Indonesia's investment landscape, noting that the allegations could have severe consequences. FTI Consulting confirmed its involvement and expressed its intention to support the ongoing business review process.
The move is intended to provide transparency and ensure a thorough assessment of eFishery's financial and operational status. The outcome of the review will guide the company's future operations and decision-making.