eFishery, one of Indonesia’s prominent unicorn startups, has announced a major leadership transition amidst allegations of financial misconduct. Adhy Wibisono has been appointed as interim CEO, replacing Gibran Huzaifah, while Albertus Sasmitra assumes the role of interim CFO. The decision reflects the company’s commitment to upholding high standards of corporate governance.

The allegations, reported by DealStreetAsia, suggest that both Gibran and Chief Product Officer Chrisna Aditya manipulated financial performance and revenue reports. Both are currently under investigation, and the leadership changes are seen as a step to stabilize the company during this period of uncertainty.

In a statement released on December 16, eFishery's spokesperson said, "eFishery is now operating under the leadership of Adhy Wibisono as interim CEO. Additionally, Albertus Sasmitra is serving as interim CFO. The decision was made in agreement with the company's shareholders as a commitment to improving good corporate governance."

Founded in Bandung in 2013, eFishery has established itself as a leader in Indonesia’s aquaculture industry, offering tech-driven solutions to support fish farmers. The company achieved unicorn status last year after securing $200 million in Series D funding from prominent investors such as Temasek Holdings, Northstar, SoftBank, and HSBC Indonesia. In May, it also raised $30 million from HSBC to fuel expansion plans.

Addressing the allegations, the spokesperson further stated, “We are committed to maintaining the highest standards of corporate governance and ethics in our company’s operations.”

Adhy Wibisono, previously CFO of eFishery, will take the helm as interim CEO, tasked with steering the company through these turbulent times. Albertus Sasmitra, now the interim CFO, will focus on ensuring financial stability and rebuilding trust with investors.

The leadership shakeup highlights the challenges eFishery faces in balancing rapid growth with sound governance practices. Despite the current controversy, the company remains committed to its mission of revolutionizing Indonesia’s aquaculture sector and supporting the livelihoods of fish farmers across the country.

KATADATA