FTI Consulting now in acting management of scandal-hit Indonesian unicorn eFishery
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The protest by eFishery employees demanded clarity regarding the investigation into the financial scandal that has rocked the company.
PHOTO: EFISHERY WORKERS' UNION
Megan Cheah
SINGAPORE - Indonesian aquaculture start-up eFishery on Feb 4 announced that it has involved business consulting and management advisory FTI Consulting in the acting management of the company, with immediate effect.
This comes amid allegations of systemic fraud within eFishery
In a statement on Feb 4, eFishery’s board of directors said it had reviewed an interim report from FTI Consulting regarding the governance and financial conditions of the company and its subsidiaries, as well as information received in late 2024 regarding alleged misconduct, including fraud.
The company therefore took steps to address the information, including involving FTI Consulting in the acting management of the company, with the approval of shareholders.
Involving independent third-party management “aims to facilitate a thorough and objective business review to determine the best path forward for the group”, said the board.
FTI Consulting issued a separate statement confirming its involvement, stating that it is focused on gaining a clear understanding of the current situation.
The comprehensive business review “is in its early stages”, and FTI Consulting will provide material updates to stakeholders in coordination with eFishery, said the business consulting firm. THE BUSINESS TIMES
