Gibran Sentenced to 9 Years in Prison for Manipulating eFishery Financial Reports
Gibran Huzaifah, the former CEO of the startup eFishery, has been found guilty of financial report manipulation practices related to a money laundering case.
The verdict was delivered by the panel of judges at the Bandung District Court, imposing a prison sentence of nine years. He underwent the legal process alongside two other defendants, namely Angga Hadrian Raditya and Andri Yadi.
In addition to the custodial sentence, Gibran was also fined Rp1 billion, subsidiary to 190 days’ imprisonment.
“The Court rules, therefore, to impose a prison sentence on the defendant of nine years’ imprisonment,” said the judge when delivering the verdict at the Bandung District Court on Wednesday (29/4/2026).
The sentence handed down by the judge is lighter than the demand from the public prosecutor (JPU). The prosecutor had previously demanded a 10-year prison sentence and a fine of Rp1 billion, subsidiary to 190 days’ imprisonment for Gibran.
The judge stated that Gibran had legally and convincingly committed the criminal offence jointly as per Article 374 of the Criminal Code in conjunction with Article 55 paragraph (1) first of the Criminal Code in conjunction with Article 64 paragraph (1) of the Criminal Code in the first alternative second indictment.
The case involving eFishery first came to light following a report from a whistleblower. An initial investigation conducted by FTI Consulting found indications of revenue falsification amounting to nearly USD600 million over a nine-month period ending in September 2024.
On Sunday, 15 December 2024, the Singapore-based news site DealStreetAsia published a report on the alleged fraud carried out by eFishery. The exposure of the alleged fund inflation case surfaced when the unicorn-status startup had recently received Series D funding of US$200 million.
This case was uncovered by the National Police Criminal Investigation Agency (Bareskrim Polri), which has conducted investigations and inquiries into reports of the alleged financial report manipulation at eFishery since early 2024. Based on internal suspicions at eFishery, the financial report falsification was carried out by the former CEO and Chief Financial Officer (CFO) since early 2024.