Embattled fashion ecommerce firm Zilingo has ousted its CEO Ankiti Bose after the company’s fundraising plans drew questions into the firm’s accounting practices.
Zilingo co-founder and CEO Ankiti Bose / Photo credit: Zilingo
The company’s decision comes after an investigation led by an independent forensics firm. Zilingo added that it’s now assessing its next steps with the aid of a third-party financial adviser.
After appointing a top consultant to look into Bose’s allegations of harassment, Zilingo also concluded the investigation by addressing complaints that were brought to the board’s notice. The startup said Bose’s suspension in March was not aimed at suppressing her harassment claims.
Zilingo added that Bose reported certain “harassment-related issues” from the past on April 11, which did not include any harassment complaints against investors or their nominees.
However, Bose said in a statement that her employment was terminated on grounds of “insubordination.”
“The company is deeply pained and disappointed to see the manner in which the board, investors, and employees have been constantly attacked through ostensibly leaked and fake information, along with what unfortunately appears to be paid and defamatory social media campaigns throughout the investigation period,” Zilingo said.
See also: Zilingo grew big, lost big from 2018 to 2019
Bose’s termination comes after the company was reportedly looking to raise up to US$200 million from investors with the help of Goldman Sachs Group. This led to a probe into business transactions across its platform, which includes thousands of small merchants.
According to Singapore regulators, Zilingo has not filed annual financial statements since 2019.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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