Gibran Huzaifah, the founder of Indonesian aquaculture startup eFishery, received a nine-year prison sentence on Wednesday for his involvement in a $300 million financial scandal. The verdict, delivered by the Bandung District Court, brings to a close a high-profile case that led to the collapse of what was once one of Southeast Asia’s most celebrated startups.
Huzaifah, along with two other former managers, was found guilty of embezzlement and money laundering. This conviction follows an earlier admission by Huzaifah, where he detailed to Bloomberg News how he falsified accounts at the company, which had once been valued at over $1 billion. The sentencing concludes a legal process that has garnered significant attention in the region's tech and financial sectors.
Separately, in the US, the founder of the clothing technology startup CaaStle pleaded guilty to defrauding investors out of more than $300 million. This individual’s scheme to defraud investors is also a significant legal development in the startup world, highlighting ongoing issues with financial integrity and investor trust across different markets.
