Zilingo’s cofounder and now ex-CEO Ankiti Bose was recently fired for alleged financial irregularities in the Singapore startup. She had earlier said that she will be speaking about the conflicts of interest in the matter and will share details about the “way this process was conducted”.
The 30-year-old woman said that she had been suspended for 51 days on the basis of an "anonymous whistle-blower allegation”. She has recently released a statement on Instagram that spills her side of the matter.
The statement reads, “I was suspended on the basis that the company had instructed Kroll to investigate the complaint. I have neither seen the Kroll nor Deloitte reports and not been given sufficient time to produce any documents requested by them. Any report that comes out post my termination, would be vitiated as it seems to be instructed by conflicted parties and we will pursue our rights against this witch-hunt to the full extent of the law.”
Also, READ: Elon Musk’s Starlink plans to provide internet access via satellite in THIS country
The ex-CEO of Zilingo further said that she and her family have been receiving online threats. The statement was shared on Instagram along with a quote by American diplomat and political scientist – Madeleine Albright. It read, “It took me quite a long time to develop a voice, and now that I have it, I am not going to be silent."
Singapore-based Zilingo had fired Chief Executive Ankiti Bose after an independent investigation into complaints about what the fashion technology startup described as "serious financial irregularities".
Bose, the face of Zilingo at industry forums and investor meetings, told Reuters she was wrongfully dismissed.
"The board has wrongfully terminated me today for ‘insubordination’ without giving me a chance to address fully the concerns that have been raised," she said in an emailed statement.
Seven-year-old Zilingo was plunged into crisis after its board suspended Bose, the company’s co-founder, in March with the backing of major investors, pending the probe.
Valued at nearly $1 billion in its last funding round in 2019, Zilingo is backed by investors including Sequoia Capital India and Singapore state investor Temasek.
The company said in an emailed statement it had decided to terminate Bose’s "employment with cause, and reserves the right to pursue appropriate legal action."
Zilingo did not give details about the probe but said an independent forensics firm led the investigation.
It said a top consulting firm was also appointed to look into claims of harassment that Bose brought to the board’s notice after her suspension.
Zilingo said the investigation concluded the company took appropriate action and followed due process to address these complaints. It said recent online reports had "caused irreparable damage" to the company, the board, employees and investors.
Sequoia and Temasek did not immediately respond to emailed requests for comment sent outside normal office hours. They have previously declined to comment on the case. Zilingo did not immediately respond to requests for further comment on the case.
Zilingo said last week that its debtholders had decided to recall their entire loan, leading the company to appoint a financial adviser to assess options.
Founded in 2015 by Bose and Chief Technology Officer Dhruv Kapoor, Zilingo has become a global supply chain enabler for the apparel industry. It works with thousands of apparel factories and merchants in South Asia and Southeast Asia, connecting them to retailers worldwide.
Boze said in her statement to Reuters that she had informed the board this week in detail about "the amount of harassment and duress" she had undergone in the past few years.
"At the point of my purported termination, I have yet to be presented with the findings of both Kroll and Deloitte and my reports being incomplete," she wrote.
Sources familiar with the situation said Kroll conducted the probe into the claims of "financial irregularities" and Deloitte was tapped to probe Bose’s "harassment" claims.
Kroll declined to comment. Deloitte did not immediately respond to email and phone requests for comment.
(With Reuters Inputs)
