EFishery Cuts About 90% of Jobs as Potential Liquidation Looms

In a shocking turn of events, Indonesian aquaculture technology startup eFishery has announced a massive job cut, with approximately 300 employees, or 90% of its workforce, being laid off. This move comes amidst allegations of financial misconduct and fraud, which have led to a potential liquidation of the company. The layoffs primarily affected contract workers, with the company previously employing around 1,800 people.

The company's board of directors acknowledged the challenges and confirmed that necessary steps are being taken to ensure the company remains compliant with governance standards. They also emphasized their commitment to protecting employees and ensuring lawful and responsible decision-making amid the crisis.

The Ministry of Manpower announced that it will conduct an on-site visit to eFishery's office to seek clarification regarding the layoffs and allegations of financial fraud. The Deputy Minister also emphasized that the issues facing eFishery are internal company matters and do not reflect the broader aquaculture industry.



The layoffs and restructuring efforts suggest that eFishery is facing serious financial and operational challenges. This may lead to a shift in the company's focus and priorities, as it works to address these issues and stabilize its financial situation. The company's long-term strategy may also be influenced by the ongoing investigation into the allegations of financial misconduct, which could have significant implications for the company's reputation and future prospects.

Investors, including SoftBank and Temasek, will need to carefully evaluate their options and work with legal and financial advisors to determine the best course of action. They may face potential losses, recovery of some investment, reorganization or restructuring, or legal action, depending on the outcome of the investigation and liquidation proceedings.

As eFishery navigates this challenging period, it is crucial for the company to maintain transparency and communicate effectively with its employees, investors, and other stakeholders. By doing so, eFishery can help to rebuild trust and confidence in the company, as well as lay the groundwork for a successful restructuring or turnaround.