(May 20): Zilingo Pte has fired co-founder Ankiti Bose, deepening a dispute over accounting practices that’s plunged the once high-flying startup into crisis and sent shockwaves through Singapore’s technology industry.
Zilingo ousted Bose “with cause” after an investigation led by an independent forensics firm into complaints of serious financial irregularities, it said in an emailed statement on Friday. Bose said in a separate statement to Bloomberg News her employment was terminated on grounds of “insubordination.”
The development underscores a deepening crisis at Zilingo after Bose was suspended from her duties March 31. Kroll Inc. is leading a probe into its finances.
The co-founder has been locked in a feud with the board and major Zilingo investor Sequoia Capital India amid allegations of potential accounting irregularities. Bose has disputed the claims of wrongdoing, Bloomberg News has reported.
The startup Bose created with Dhruv Kapoor in 2015 is now the target of an investigation into its financial practices after auditors raised questions, Bloomberg News has reported. Creditors of Zilingo have decided to recall their loans, prompting the company’s board to appoint an independent financial adviser for options for the troubled Singapore-based fashion tech startup.