An Indonesian appeals court has reduced the prison sentences handed to former eFishery executives Gibran Huzaifah and Andri Yadi in separate criminal cases involving embezzlement and money laundering.
The Bandung High Court sentenced eFishery co-founder and former CEO Gibran Huzaifah to six years’ imprisonment, reducing an earlier nine-year prison sentence handed down by the Bandung District Court in April.
In a separate ruling, the same court reduced the prison sentence for the vice president of artificial intelligence of Internet of Things and culti-financing, Andri Yadi, from seven years to four years.
The appellate court also increased their fines to 2 billion rupiah ($111,433) each from 1 billion rupiah ($55,710), according to court records, whose both appeal judgements were delivered on July 7.
The court ruled that Huzaifah and Yadi had been “legally and convincingly proven guilty” of jointly committing embezzlement and money laundering. It also ordered that the period the two had already spent in detention be credited toward their sentence and that they remain in custody.
In addition, court records show the public prosecutor filed cassation petitions in both cases on July 20, appealing the rulings to Indonesia’s Supreme Court for review of the appellate rulings.
A cassation allows the Supreme Court to examine whether lower courts correctly applied the law, rather than re-evaluating the facts of the case.
The supporting cassation memoranda have yet to be recorded in the court’s online case information system.
Civil lawsuit against eFishery
In separate filings, Yadi filed a civil lawsuit against PT Multidaya Teknologi Nusantara, eFishery’s Indonesian operating entity, along with Albertus Indra Sasmitra and Erwina Tobing, alleging unlawful acts related to eFishery’s acquisition of software developer DycodeX. The lawsuit also names eFishery’s founders: Gibran Huzaifah and Chrisna Aditya Wardani as co-defendants, whose filing was submitted on June 22 at the Bandung District Court.
Sasmitra was appointed interim chief financial officer by eFishery’s investors in December 2024 after the company suspended Gibran amid its accounting fraud investigation. Tobing was a director at eFishery from February 2025 until April 2026, according to her LinkedIn page.
The lawsuit alleges the defendants’ actions surrounding the acquisition—including its structure, valuation, execution and post-closing integration—violated Indonesian civil law and caused financial losses.
He is seeking 25 billion rupiah in material damages and 100 billion rupiah in immaterial damages, bringing the total claim to 125 billion rupiah (approximately $7 million). He also requests compensation reflecting the economic value of DycodeX’s technology, know-how, source code, firmware, software libraries, products and intellectual property, with the amount to be determined by the court.
Separately, former vice president of corporate finance and investor relations Angga Hadrian Raditya has sued PT Multidaya Teknologi Nusantara over an alleged unilateral termination of employment.
The lawsuit, filed with the Bandung Industrial Relations Court on June 25, seeks about 31.9 billion rupiah (approximately $1.8 million) in unpaid compensation, including salary during a period of suspension, late-payment penalties, unused annual leave compensation and an incentive bonus tied to eFishery’s fundraising activities.
According to the court filing, he is seeking 24.78 billion rupiah in unpaid team bonuses, which he claims were based on a 0.5% incentive tied to funds raised by eFishery Pte. Ltd. and approved bank financing.
Raditya did not appeal his criminal conviction, accepting the Bandung District Court’s sentence of nine years’ imprisonment and a 1 billion rupiah fine.
