An investigation revealed aquaculture start-up eFishery claimed revenues of over US$500 million more than its true earnings
There was no immediate indication that the three former executives have been charged with any wrongdoing or named as suspects. All three have been held since July 31, according to the police.
Gibran has admitted that he faked accounts at eFishery, which since the scandal has been administered by FTI Consulting. By the time it collapsed, the scheme had blown up into a multinational web of fake shell companies and padded accounts.
EFishery, which deploys feeders to fish and shrimp farmers in Indonesia, was a darling of the nation’s start-up scene with a valuation of US$1.4 billion.
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