Bandung court hears prosecutors push heavy sentences over alleged report manipulation and investor losses
The eFishery case has entered a critical new phase after prosecutors asked a Bandung court to sentence co-founder Gibran Huzaifah to 10 years in prison, deepening scrutiny over one of Indonesia’s most damaging startup scandals.
Prosecutors Seek 10-Year Sentence
At a hearing at the Bandung District Court on April 15, prosecutors read out their sentencing demand for Gibran Huzaifah, asking for a 10-year prison term. The prosecution also requested a fine of Rp1 billion, with asset seizure if the fine is not paid, and an additional 190 days of imprisonment if the seized assets are still insufficient.
Case Centers on Manipulated Reports
Prosecutors allege that Gibran and two other former executives manipulated eFishery’s financial reporting, damaging investor trust and causing major losses. The article says investors suffered losses of around US$300 million, while prosecutors also accused the defendants of causing losses of more than Rp69 billion to eFishery itself, though they did not explain in court how that figure was calculated.
Fall of a Once-Celebrated Startup
The case marks another dramatic chapter in the collapse of eFishery, once seen as one of Indonesia’s leading agritech startups and previously valued at more than US$1 billion. The company, which supplied feed for fish and shrimp farmers, later came under intense scrutiny after internal investigations suggested that revenue and profit figures may have been misrepresented for years.
Other Former Executives Also Face Heavy Demands
The prosecution is also seeking 10 years in prison and a Rp1 billion fine for former VP of Corporate Finance and Investor Relations Angga Hadrian Raditya. Former VP of Artificial Intelligence of Internet of Things Andri Yadi faces a separate demand of eight years in prison and a Rp1 billion fine. According to prosecutors, the charges involve alleged violations linked to money laundering and embezzlement.
Defense Says Case Should Be Civil
Through his lawyers, Gibran expressed disappointment with the prosecution’s demand but said he respects the judicial process. His defense argues the matter should have been handled as a civil case rather than a criminal one, and said no evidence has been presented showing any flow of funds to him personally. His legal team is scheduled to submit its formal defense, or pledoi, on April 22, with a final verdict expected around the end of the month.
The eFishery trial is becoming a major test of how Indonesia handles high-profile startup misconduct cases involving large investor losses and alleged financial manipulation. For Indonesians, the case raises broader questions about governance, corporate accountability, and oversight in the country’s tech sector. For Singaporeans and regional investors, it also serves as a warning that Southeast Asia’s startup boom can carry serious due diligence and regulatory risks when controls fail.
Sources: Bloomberg Technoz (2026) , A Satu News (2026)
Keywords: EFishery Case, Gibran Huzaifah, Bandung Court, Startup Fraud, Investor Losses, Money Laundering, Embezzlement
