Big Take Asia How a CEO’s Faked Results Led to a $300 Million Wipeout
May 6, 2025
David Ramli, a Bloomberg investing reporter based in Singapore, dives into the shocking downfall of Gibran Huzaifah’s fish-feeding startup, eFishery. Ramli details how financial desperation led Gibran to fabricate numbers, initially attracting massive investments but ultimately resulting in a $300 million wipeout. The discussion highlights the risks of venture capital, the ethical dilemmas faced by entrepreneurs, and the broader implications of deceitful practices within startup culture. Transparency emerges as a vital necessity in business.
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Faked Numbers Saved eFishery
- Gibran Huzaifah faked financial numbers to save eFishery when the company was nearly bankrupt in 2018.
- The fabricated spreadsheet attracted investor interest that years of hard work couldn't achieve.
Building a Scrappy Fish Feeder
- Gibran started by building a scrappy prototype automated fish feeder from an old milk can and a retrofitted CD player.
- He traveled rural Indonesia on a motorbike to sell the device to fish farmers before winning initial investments.
Advice to Fudge Numbers
- Facing rejection, Gibran was advised by Indonesian entrepreneurs to fudge numbers to secure funding.
- He chose to falsify data to show growth and get additional investment, believing in the business's potential.