Singapore-based B2B fashion retailer Zilingo has fired co-founder and CEO Ankiti Bose following an independent investigation into complaints of serious financial irregularities, the company said in an emailed statement.
Bose was suspended on March 31 after allegations of discrepancies in the company's accounts. The Sequoia Capital India and Temasek backed firm has maintained that Bose’s suspension over the alleged discrepancies in the firm's accounts was a board decision and not by any individual investor.
In the statement, Zilingo said, "Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the Company has decided to terminate Ms Ankiti Bose’s employment with cause, and reserves the right to pursue appropriate legal action."
Also Read:
Bose who has continued to dispute the company’s claims, put out an Instagram post following her termination. She said her employment has been terminated on grounds of "insubordination”, adding that “I have neither seen the reports and not ben given sufficient time to produce any documents requested by them."
Zilingo has so far not shared any details on the allegations or the findings of the investigation.
The firm in its statement added that Bose reported harassment-related issues after she was placed under suspension, "April 11th, after her suspension on March 31, Ankiti Bose brought to the board’s attention, for the first time, certain harassment-related issues pertaining to past time periods, which did not include any harassment complaints against investors or their nominees."
The company said Bose's claims were investigated by a top consultant and appropriate action was taken, "A top consulting firm was appointed to look into the claims of harassment brought to the Board’s notice by Ms Ankiti Bose. The investigation has concluded that the company took appropriate action and followed due process to address these complaints that were brought to their notice, contrary to media reports that have suggested that the suspension and investigation into Ankiti Bose were aimed at suppressing the said harassment claims."
Meanwhile, Bose has claimed that she is being targeted and has "been receiving a constant barrage of online threats to my life and family."
The Southeast Asian e-commerce company that works with small merchants was founded in 2015 and was valued at $970 million post a $226-million fundraise in April 2019.
First Published: May 20, 2022 3:40 PM IST
