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In writing this case, the research team used secondary resources such as academic journals, trade magazines and websites to inform and verify the information.

January 7, 2021, was not a good day for Goya Foods CEO Robert Bob Unanue, who has been at the helm of Goya since 2004. On that day, the nine-member board of directors of Goya censured Unanue for publicly questioning the legitimacy of the 2021 United States Presidential election. A day before, on January 6, a mob “trapped lawmakers and vandalized the home of Congress in the worst desecration of the complex since British forces burned it in 1814” (Hockstein, 2021).

Unanue was considered a follower of former president Trump and has expressed that “the country was […] blessed to have a leader like President Trump, who is a builder” (Hawkins, 2020). In January 2021, Unanue appeared on Fox News and said a “ war was coming,” as Joe Biden’s election was “unverified.” These, among other words, motivated the censured by the board of Goya Foods, Inc. (Santana and Isidore, 2021).

Students are asked the following questions for discussion: Did the board of directors of Goya Foods carry its role too far by openly censuring Unanue? Did Unanue go too far by openly expressing subjective opinions and thus influencing how people view the election results? Should he have remained as CEO of Goya Foods after his words on Joe Biden’s election?

One of the authors has taught the case in the Strategic Management course for MBA students. In addition, graduate students of corporate governance, business ethics, social responsibility and leadership, among other classes, will be the target segments for the case.

1. Recognize the effects on brand image and sales when CEOs participate in political arenas and publicly discuss social issues.

2. Understand the dynamics behind ethnic family businesses, such as their governance and conflict resolution approach.

3. Assess the value of the corporate board’s management of corporations.

CCS11: Strategy

The learning outcomes are as follows: Students/participants can understand the type of financial fraud pertaining to the case; Students/participants can analyse the case using the fraud triangle perspective; students/participants can describe detection/anticipation strategies to prevent such acts from taking place in the future; students/participants can evaluate the case using the ethical decision-making framework; and students/participants can comprehend the importance of financial literacy when investing, especially in this digital era.

This case discusses the investment funds mismanagement accusations addressed to PT Jouska Finansial Indonesia (Jouska). Jouska is a financial planner business that was immensely popular among Indonesian young investors. It actively posted interesting content on its social media accounts, gaining attention from the millennial and Gen Z generations. However, in 2020, many of its clients reported and filed complaints that their portfolio values decreased significantly because of Jouska’s decision to invest their funds in low-quality stocks. Jouska was also alleged to violate its role as a financial planner by being able to perform several activities that fell under the authority of investment managers. This case attracted the attention of authorities so that the Investment Alert Task Force (SWI) stopped Jouska’s operational activities and initiated an investigation into the case. SWI also blocked Jouska’s websites, applications and social media accounts, in cooperation with the Ministry of Communication and Information. Despite settlement agreements that Jouska claimed had been offered to several clients, at the end of 2020 some of its clients and former clients filed a formal lawsuit. As of January 2021, several alleged criminal actions attributed to Jouska were still under investigation, comprised of money laundering, clients’ funds embezzlement, fraud, and insider trading. In October 2021, Aakar’s status was a suspect in the allegations. This case is another example of investment misconduct or fraud; to put it another way, it is the effect. It is expected that the participants can deliberate other perspectives during the discussion that could be the cause of such a case, hence viewing it holistically.

Undergraduate level.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.