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eFishery was a valuation scandal, not accounting fraud

Nirgunan Tiruchelvam
Nirgunan Tiruchelvam • 4 min read
eFishery was a valuation scandal, not accounting fraud
Gibran (seen here in a 2022 file photo) had a business plan that ticked the boxes of investors / Photo: Bloomberg
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A man from the slums of Jakarta is at the centre of a big stink. Gibran Huzaifah, the founder of eFishery, was born into poor family in 1988. He was blessed with a knack for invention. He was adept at fixing and tinkering with gadgets. As a beneficiary of Indonesia’s free education, he enrolled in the Bandung Institute of Technology (ITB), a top engineering university.

Huzaifah discovered a new fish feed technique while studying engineering. He put it to effect by running a catfish farm. The farm was able to reduce the cost of feed by 28%.

The young man had a strong conviction that his technique could improve farm productivity.  He convinced venture capital (VC) investors to support eFishery. It was a runaway success for a decade.

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