Fashion e-commerce platform Zilingo ended Ankiti Bose’s employment after an investigation into claims of what it called “serious financial irregularities”.
, who was sacked this month as chief executive officer of Singapore start-up Zilingo, says she will keep fighting to clear her name.
“There is not a single payment made by Zilingo that did not have proper documents or either the finance, tech or operations teams were not aware of,” said Ms Bose, a former McKinseyCo consultant who had been CEO of Zilingo since its founding. “I feel like my baby has been taken away from me without giving me a proper explanation or a chance to fight for her back. I’m grieving and fighting for myself simultaneously.
Ms Bose said all the payments were legitimate and they certainly were not made to benefit her personally. She said it was possible other senior mangers were not aware of the payments, although there was not anything nefarious about that.“I am 100 per cent certain that there is nothing amiss about the way in which the payments are made,” she said. “I have heard that several individuals in the company have claimed that they are not aware of various business relationships.
“About 12 per cent or 13 per cent of our GMV historically has had to be recorded as revenue due to various regulatory requirements when goods are exported from several Asian countries,” she said in the interview before she was sacked, citing India, Indonesia and Bangladesh as examples. “We have tried to work around this to reduce the impact of this between fiscal ’21 and ‘22.”A related issue is the timing of certain transactions. Zilingo is supposed to book revenue only when goods are shipped.
Ms Bose says the delays to its fiscal 2020 audited results were due to efforts to fix an issue involving an Indonesian entity that had been missed in fiscal 2019. She says it is not unusual for start-ups in Singapore and South-East Asia to miss such filing deadlines. In Singapore, companies that miss their deadline for filing annual financial statements are fined as much as $S600 , a relatively small sum.
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