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eFishery News Roundup 1. Around 1,800 eFishery workers face layoffs after fraud investigation Around 1,800 eFishery workers are facing mass layoffs after the Indonesian tech company was investigated over suspected fraud. A labour union leader told local media that rumours are spreading among the workers that liquidation is the top option to deal with the eFishery fallout, which is feared to lead to mass layoffs before February. For the full story: https://lnkd.in/gEVvtbCf 2. eFishery employees fear being blacklisted by other startups eFishery employees are worried that the scandal engulfing the company's management is preventing them from seeking new jobs in other startups. A few workers said that their job applications were stopped halfway without any explanation, while those who sent their resumes were immediately frozen. Since the reported fraud went viral, eFishery's management halted all operations, including some ongoing projects. For the full story: https://lnkd.in/gr9icR9X 3. Three banks lent a combined USD 78.5 million to eFishery Three banks - Bank DBS Indonesia, Bank OCBC NISP and Bank HSBC Indonesia - lent a combined USD 78.5 million to eFishery, Kontan reported. DBS gave a USD 32 million working capital loan in October 2022, while OCBC lent USD 16.5 million in February 2023. HSBC gave a USD 30 million "green and social loan" in May 2024 and acted as a sustainable finance coordinator for eFishery. For the full story: https://lnkd.in/gEPTEqWg 4. eFishery claimed to have paid all bank debt eFishery has paid all of its bank debt and denied rumours of a potential default, Kontan reported, citing a spokesperson who declined to be named. The spokesperson did not provide details, such as the amount that was supposedly paid and the banks involved. For the full story: https://lnkd.in/g_WUWpqR

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