EFishery ex-CEO shows salary slips to refute claims of billion-rupiah salary

EFISHERY co-founder and ousted chief executive Gibran Huzaifah has denied media reports saying he received a gross monthly salary of 1.28 billion rupiah (US$77,000) in 2024. 

“That amount is untrue – I don’t know where they got the data from,” he said.

Tech in Asia reviewed Huzaifah’s salary slips for January, September, October, and November 2024, along with November 2023. Each slip shows Huzaifah’s gross salary at about 313 million rupiah (US$19,138) – a quarter of the figure cited in reports – while his take-home pay was around 206 million rupiah (US$12,550) per month.

Huzaifah’s bank statements for October and November 2024, which Tech in Asia cross-checked, reflected the same amount of take-home pay. However, the November 2023 slip shows his gross salary was about 298 million rupiah (US$18,220), which is closer to what was cited in media reports.

The co-founder says he is unable to provide more payslips as he no longer has access to his work email.

It’s unclear how the 1.2 billion rupiah gross monthly salary was calculated or if the amount included any bonus.

In a chart illustrating Huzaifah’s alleged salary hike, DealStreetAsia credited a “forensic investigation document” as the data source. It also cited a “planned police report” as the basis of its story.

A source familiar with the proceedings says FTI Consulting’s latest draft audit report does not discuss Huzaifah’s salary, though Tech in Asia could not independently verify this claim. 

The ex-CEO notes that eFishery’s performance bonuses typically ranged from one to two months’ salary and were paid every March of the following year. That’s in addition to a one-month holiday bonus every year, a common practice among Indonesian companies.

According to Huzaifah, his salary and bonuses as CEO required approval from eFishery’s board. He added that HR director Caecilia Adinoto proposed the amounts, which were then approved by a compensation committee comprising Adinoto and board members Aldi Haryopratomo and Achim Eichenlaub.

Tech in Asia has reached out to eFishery and members of the company’s compensation committee for comment. FTI Consulting, which recently took over management of eFishery, declined to comment. 

On Feb 25, DealStreetAsia reported that Huzaifah and fellow eFishery co-founder Chrisna Aditya Wardani could face a Singapore police investigation over allegedly US$253 million in losses. The report also highlighted that Huzaifah’s monthly salary of 1.28 billion rupiah had surged significantly from 284 million rupiah (US$17,358) in 2023. 

Huzaifah said he had not received the police report, though his personal legal team in Singapore is monitoring the FTI probe. In a previous interview with Tech in Asia, the co-founder denied inflating numbers for personal gain. 

While he entered into a share buyback plan worth US$1 million in total, Huzaifah said he took no other pay beyond his salary. He still reportedly holds a little over 9 per cent of the company.

FTI’s previous draft audit noted that in 2024, eFishery awarded US$1.5 million in performance bonuses that were based on inflated financials. Some employees also received additional fundraising bonuses and interest income, but Huzaifah was not among them.

In a February 24 meeting organized by FTI to assess eFishery’s next steps, shareholders suggested winding down the business, according to Bloomberg. The report indicated that eFishery investors might recover only 10 per cent of their investment, and that the company is operating more like a traditional business with minimal technology.

The Bloomberg report also said that eFeeder, the aquatech startup’s automated smart feeding system aimed at enhancing efficiency in fish and shrimp farming, lacks advanced technology and water-sensing devices.

Huzaifah admitted to Tech in Asia that around three to four years ago, eFishery’s management chose not to use sensors for data capture due to high costs. However, he stressed that eFeeder can still collect data without sensors.

“I always say that eFishery is a tech-enabled supply chain and distribution company. We use technology and data for shipping routes, harvest predictions, and farm management,” he says. “But compared to ecommerce, where technology itself is the main product, our tech usage isn’t as extensive.”

He added that the company had 25,000 eFeeders in circulation, and not 6,300 as reported by Bloomberg.

Huzaifah declined to share further details about the ongoing audit at eFishery. He says that aside from one interview in January for the internal investigation, he has little communication with the interim management or FTI Consulting. TECH IN ASIA