Indonesia police detain former eFishery CEO who faked data
The company claimed revenues of US$752 million in the first nine months of 2024, while the true number was just US$157 million.
JAKARTA – Indonesian police have detained the co-founder and former chief executive officer of eFishery, who has previously admitted faking financial information at the once high-flying aquaculture startup.
Gibran Huzaifah was detained along with two other former executives, Angga Hadrian Raditya and Andri Yadi, according to a text message from the director of special economic crimes at the National Police's Criminal Investigation Agency, Helfi Assegaf. DealStreetAsia earlier reported the detentions.
There was no immediate indication 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 told Bloomberg News
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.
The company claimed revenues of US$752 million (S$970 million) in the first nine months of 2024, while the true number was just US$157 million, according to an internal investigation.
'You see yourself in the mirror and when you do something wrong, you know that you're not proud of yourself,' Gibran said during a five-hour conversation on the scheme. 'I thought I would just do it to survive.'
Several high-profile firms had invested in eFishery, including Japan's SoftBank Group and Singapore's Temasek Holdings. Bloomberg
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
12 minutes ago
- Straits Times
Japan ditches historical rice curbs, with PM Ishiba's fate at stake
Sign up now: Get ST's newsletters delivered to your inbox The government's involvement in managing rice supply made for a tight demand-supply gap incapable of absorbing sudden upticks in demand. TOKYO – In a break from a decades-old policy, the Japanese government will encourage farmers to disregard a de facto cap on rice production and boost cultivation of the food staple, a step that could win support from the agriculture sector and soothe consumers' frustration over soaring living costs. 'We will shift our policy to increase rice production, so that we will be capable of responding to changes in demand and supply flexibly and comprehensively,' said Prime Minister Shigeru Ishiba in a ministerial-level meeting on Aug 5 that focused on securing a stable supply of rice. The move may give Mr Ishiba another mission that justifies staying in power – ignoring calls to step down after the ruling coalition's poor showing in an Upper House election in July. It could also spotlight agriculture minister Shinjiro Koizumi, who has been touted as a potential future prime minister, as Mr Ishiba's fate hangs in the balance. As part of the initiative, the government will also work to ensure rice paddies are passed on to future generations and urge farmers to seize export opportunities, Mr Ishiba said. Rice exports rose 22.6 per cent in the first half of 2025, as surging interest in Japanese cuisine led to an increase in the number of Japanese restaurants overseas. 'We will devote our efforts to drive a drastic expansion of exports to levels where we will be undeterred by even the new tariff measures imposed by the US,' said Mr Ishiba. Top stories Swipe. Select. Stay informed. Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Beauty industry consumers hit by 464% rise in prepayment losses in first half of 2025 Singapore Doctor hounds ex-girlfriend, threatens to share her intimate photos, abducts her from public street Singapore 13 taken to hospital after accident involving SBS buses, car in Tampines Singapore New cargo handling centre at Changi Airport reduces processing time; test bed for future T5 ops Singapore 60 lactation pods to be set up in public spaces by Q1 2026 for breastfeeding mothers Life Urinary issues: Enlarged prostate affects half of men in their 50s and up Singapore Elderly man charged after he allegedly molested, performed sex act on 'vulnerable' man The shift in policy may be welcomed by farmers, some of whom have bristled at being whipsawed by pressures to limit rice production as well as by government intervention in rice prices. Currently, the government provides subsidies meant to encourage farmers to limit rice cultivation by switching to other crops. The system keeps a floor under rice prices. The government's involvement in managing rice supply made for a tight demand-supply gap incapable of absorbing sudden upticks in demand. Increasing production indicates a shift in that policy, and could help avoid the kind of sudden steep rise in rice prices seen in the past year. Whether a new approach will have broader appeal to a public that punished the ruling Liberal Democratic Party and its partner Komeito in July's election isn't clear. Anger over persistent growth in living costs was a key factor in the outcome, which left the ruling coalition without a majority in either house of Parliament. Mr Ishiba still faces pressure from within the party to stand down after that dismal showing. The party is set to discuss the results of the election and the prime minister's fate at a plenary meeting on Aug 8. Despite the calls for his head, Mr Ishiba has maintained he will hang on to his post to see his policies through, including the implementation of the US trade deal. A poll conducted over the weekend by broadcaster JNN showed that 46 per cent of respondents thought a loss of faith in the LDP was the cause of their election loss, while 20 per cent thought the defeat was caused by Mr Ishiba's government, suggesting that respondents were disillusioned with the party but not necessarily Mr Ishiba himself. The same poll showed that while 43 per cent thought Mr Ishiba should quit, 47 per cent did not think he should. Over the past couple of years, rice has become a symbol of how inflation is weighing on household expenses as real wages fail to keep pace with soaring costs. The nation's key inflation gauge reached 3.3 per cent in June, led by surging food prices. While rice prices doubled from a year earlier in the spring, the gains have moderated somewhat since the government channelled emergency stockpiles into the market. The new approach signals a shift from the government's decade-long involvement in managing rice supply to ensure prices didn't drop and farmers stayed in business. The policy was initially implemented in the 70s to manage oversupply. It has since been officially phased out, but the government still intervenes. In addition to the incentives to grow crops other than rice, the government provides a 'target' rice supply that many farmers comply with, effectively capping rice production. BLOOMBERG
Straits Times
12 minutes ago
- Straits Times
Thailand's foreign tourist numbers fall 6% as regional competition intensifies
Sign up now: Get ST's newsletters delivered to your inbox The decline comes as regional competitors intensify their efforts to capture the lucrative tourism market. BANGKOK - Thailand's foreign tourist arrivals dropped 6 per cent in the first seven months of 2025, with the kingdom welcoming 19.29 million international visitors compared with the same period in 2024, according to figures released by the Ministry of Tourism and Sports. The decline comes as regional competitors – particularly China, Japan, and Vietnam – intensify their efforts to capture the lucrative tourism market, with several nations positioning tourism as the cornerstone of their economic recovery strategies. Japan outpaces Thailand in tourist numbers In a striking comparison, Japan welcomed 21.5 million foreign tourists in just the first six months of 2025, representing a robust 21 per cent increase year on year. This figure significantly exceeds Thailand's six-month total of 16.69 million visitors, highlighting the growing competitive pressure in the region. The Japan National Tourism Organization (JNTO) reported that South Korea topped Japan's visitor rankings with 4.78 million tourists, followed closely by China with 4.72 million – a remarkable 53.5 per cent surge. Thailand ranked sixth amongst countries visiting Japan, with 680,500 Thai tourists making the journey, up 10.1 per cent from 2024. China reclaims top spot China has reclaimed its position as Thailand's largest source market, narrowly edging out Malaysia. Chinese arrivals totalled 2.69 million visitors over the seven-month period, whilst Malaysia recorded 2.66 million tourists. Top stories Swipe. Select. Stay informed. Singapore 'She had a whole life ahead of her': Boyfriend mourns Yishun fatal crash victim Singapore Beauty industry consumers hit by 464% rise in prepayment losses in first half of 2025 Singapore Doctor hounds ex-girlfriend, threatens to share her intimate photos, abducts her from public street Singapore 13 taken to hospital after accident involving SBS buses, car in Tampines Singapore New cargo handling centre at Changi Airport reduces processing time; test bed for future T5 ops Singapore 60 lactation pods to be set up in public spaces by Q1 2026 for breastfeeding mothers Life Urinary issues: Enlarged prostate affects half of men in their 50s and up Singapore Elderly man charged after he allegedly molested, performed sex act on 'vulnerable' man The top 10 source markets for Thailand were: China (2.69 million), Malaysia (2.66 million), India (1.37 million), Russia (1.12 million), South Korea (902,000), the United Kingdom (643,000), the United States (632,000), Taiwan (585,000), Japan (584,000), and Laos (562,000). Despite generating 895.16 billion baht in revenue from international tourism during the seven-month period, this represents a 4.22 per cent decline compared to the same timeframe in 2024. Mounting regional competition Ms Thapanee Kiatphaibool, Governor of the Tourism Authority of Thailand (TAT), acknowledged the intensifying competition from regional destinations. 'China has become both our biggest customer and most significant competitor,' she observed. 'Many countries worldwide are dedicating substantial resources to attract Chinese tourists, whilst China itself is investing heavily to draw international visitors.' Japan's competitive advantages include superior tourism infrastructure, convenient transportation networks, and a weakened yen that makes the destination more affordable for international travellers. Meanwhile, Vietnam presents an increasingly formidable challenge with its fresh image, developing infrastructure, and competitive cost structure across trade, investment, labour, and taxation. Domestic tourism resilient despite economic headwinds Domestic tourism has shown resilience, with Thai residents taking 100.23 million trips within the country during the first six months of 2025 – a 2.49 per cent increase despite tight household budgets and high debt levels. Tourism and Sports Minister Sorawong Thienthong highlighted this as a positive indicator of continued recovery in domestic tourism. 'Despite constraints from grassroots economic conditions, Thai people continue to travel consistently,' he noted. The ministry projects domestic tourism revenue of 1.1 trillion baht for the full year 2025, based on an estimated 205 million domestic trips. THE NATION/ASIA NEWS NETWORK
Straits Times
12 minutes ago
- Straits Times
The AI job cuts are accelerating
Companies are preparing for a time when there might be less work for their employees Even as business leaders claim AI is 'redesigning' jobs rather than cutting them, the headlines tell another story. Microsoft, by chief executive Satya Nadella's own description, is 'thriving'. Its quarterly profits soared by almost 25 per cent, and its market valuation hit US$4 trillion (S$5.15 trillion) last week. In any normal situation, it would seem incongruent that the company is at the same time slashing its workforce by the thousands. The pursuit of a leaner workforce is not new. In times of economic uncertainty, companies prune excesses – cutting headcount and eliminating inefficiencies. But today, it is not just about doing more with fewer people. Companies are preparing for a time when there might be less work for their employees altogether.
