Singapore-based aquaculture tech startup eFishery announced on Tuesday that it has engaged business advisory firm FTI Consulting to oversee its management, following allegations of misconduct, including fraud, by some members of its management team.
Although details of the allegations have not been disclosed by eFishery, an investigation was initiated by FTI Consulting after the initial allegations were reported by DealStreetAsia in December.
The board of directors at eFishery stated that the appointment of independent third-party management is intended to facilitate a comprehensive and impartial business assessment to determine the company's best way forward.
Upon receiving information in late 2024 regarding alleged misconduct, eFishery's board initiated immediate actions, including appointing FTI Consulting as the temporary management. Shareholders have endorsed this decision.
Investors in eFishery consist of a private equity firm headquartered in Japan and Singapore.
Established in 2013, eFishery expressed concern that recent revelations of alleged misconduct could undermine confidence in the Indonesian investment sector, prompting the company to take steps to address the situation.
FTI Consulting confirmed its involvement in overseeing eFishery's management, emphasizing its commitment to support the ongoing comprehensive review of the company's actual financial and operational status.