Zilingo Says Board Jointly Suspended CEO Ankiti Bose, Not Individual Investor

Zilingo's decision to suspend co-founder and CEO Ankiti Bose over alleged discrepancies in the company's accounts was taken by the board and not an individual investor, the Singapore-based fashion-tech startup said.

Bose made certain harassment-related allegations only after she was suspended on March 31, Zilingo said in a statement on Monday, and no past or present investor nominees on the board were made aware of the harassment claims prior to that.

"After receiving certain complaints of a serious nature, the board placed the CEO Ankiti Bose on suspension pending a full investigation," Zilingo said in the statement. "This decision was taken jointly by the board and the relevant shareholders pursuant to pre-agreed shareholders' voting rights and does not reflect the decision of a single shareholder."

It did not elaborate on the allegations against her.

"To clarify, no past or present investor nominees on the board were made aware of the harassment claims, until after she was suspended." It went on to state that "these complaints do not allege harassment by any investors or past/current board members."

According to reports, Bose has lawyered up and disputed allegations of any wrongdoing. She has contended that her suspension was due in part to her complaints about harassment.

"We are disappointed by recent leaks of untrue information to the media in attempts to discredit the investigation, the board, individual investors, and/or employees, even before the investigation has been completed," Zilingo said. "Despite these attempts, the board remains committed to following due process and concluding the investigation expediently."

Zilingo said for the avoidance of doubt, "no guilt on anyone's part has yet been determined, as the investigations are still ongoing".

Zilingo, founded by Bose and CTO Dhruv Kapoor in 2015, started as a Southeast Asia-focused ecommerce firm. Over time, it became a global supply chain for the apparel industry, financing, and other services.

The company, which has about 600 employees in eight countries, raised $226 million in its last fundraising round in early 2019 at a valuation of $1 billion. According to publicly available records on Singapore's accounting regulator's website, the company hasn't filed annual returns for 2020 and 2021 so far.