Major investors authorised suspension of Zilingo CEO

[SINGAPORE] The board of Singapore-based fashion technology startup Zilingo said on Wednesday that its major investors had authorised the suspension of its chief executive and co-founder, Ankiti Bose, pending an investigation by an independent firm they had hired.

A lawyer for Bose said that she declined to comment on her suspension or the investigation.

Zilingo, which is backed by investors including Temasek Holdings and Sequoia Capital India, said in a statement sent to Reuters that its shareholders and board members had received information last month that required investigation.

"The major investors hired an independent firm to investigate the matter, and the company is working closely with the major investors and the independent firm for the investigation," it added.

Sources familiar with the matter said the investigation was related to concerns raised by Temasek Holdings and Sequoia about Zilingo's accounts. The sources declined to be named due to the sensitivity of the matter.

Zilingo, which sources said was last valued at about US$1 billion, said specific details of the investigations and the affairs of the company were strictly confidential.

"Proper due process has been and will be followed," it said.

Temasek declined to comment, while Sequoia referred to Zilingo's statement. REUTERS