How a CEO’s Faked Results Led to a $300 Million Wipeout
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The Rise and Fall of eFishery
This chapter explores the ascent of an aquaculture technology startup, eFishery, and the hefty investments it attracted driven by impact investing. However, the narrative reveals the ethical decline of its CEO, leading to pervasive fraud that culminated in a catastrophic $300 million loss for investors. Through the lens of the Indonesian market's complexities, the chapter highlights the dire consequences of corporate misconduct and the challenges that arise in emerging markets.
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