Founder Jailed for Nine Years in $300 Million eFishery Case

Indonesia handed eFishery founder Gibran Huzaifah a nine-year prison sentence on Wednesday, concluding a high-profile $300 million financial scandal that destroyed one of Southeast Asia’s most celebrated startups.

The verdict, delivered at the Bandung District Court, comes about a year after Gibran gave Bloomberg News a detailed account of how he falsified accounts at a company once valued north of $1 billion. A panel of judges found Gibran, the former chief executive officer of the embattled startup, guilty of embezzlement and money laundering. Two other ex-managers were convicted of the same charges.