Zilingo CEO fired “on grounds of insubordination” following initial suspension

Ankiti Bose, co-founder of Singapore-based start-up Zilingo, has been fired today (May 20) from her post as the Chief Executive Officer (CEO).

This comes after Bose’s suspension on March 31, following accusations of accounting malpractice.

She has since denied any wrongdoing, and called the suspension a “witch hunt”. In a separate statement to Bloomberg News, she stated that the firing was on grounds of insubordination.

In response, Zilingo said that the termination of employment was with cause, and they reserved the right to pursue appropriate legal action.

Deepening crisis for Zilingo

Bose’s suspension first occurred after auditors raised the alarm on the company’s accounting practices, as part of a due-diligence process for a new funding round with Goldman Sachs.

Financial discrepancies, such as the fact that Zilingo has not submitted an annual financial report since 2019, were highlighted.

An investigation, led by investors Temasek Holdings and Sequoia Capital India, is also close to being finalised.

Bose asserted that the investigations and suspension were triggered by her complaints of harassment against an unnamed investor, adding that her practices and decisions were well-known by senior managers and directors.

Bose’s firing also comes a week after Zilingo’s creditors recalled their loan, and Zilingo has since appointed a financial advisor despite Bose’s offer to pay off the debt.

Prior to this, Zilingo has been named as one of Singapore’s high-profile startups, which raised US$226 million at a valuation of US$970 million in 2019.

The aforementioned talks of further funding with Goldman Sachs would have made Zilingo a unicorn, but the talks have since broken down.

Featured Image Credit: Mint