Major Asian Investment Firms Caught by Fraud

Two major investment firms, Temasek Holdings and Softbank, were swindled by Indonesian unicorn eFishery, leading to a significant write-off. The firm inflated revenue by almost US$600 million, with over 75 percent of reported 2024 figures being falsified, implicating senior executives in the scandal. Despite hiring top auditors, eFishery’s financial irregularities were exposed, prompting investigations and suspensions of key executives.

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