Startup Founder Faces Decade in Jail After $300 Million Meltdown

Indonesian prosecutors demanded a 10-year prison sentence for the founder of eFishery, who admitted to inflating revenues after his company racked up some $300 million of investor losses to become one of Southeast Asia’s biggest startup failures.

During a hearing at the Bandung District Court on Wednesday, state prosecutors accused Gibran Huzaifah and two other executives of causing losses to the startup of more than 69 billion rupiah ($4 million) and damaging investor confidence, noting the defendants showed no remorse during the proceedings. The prosecutors didn’t outline how they arrived at the figure.