The board of the fashion technology start-up has appointed EY Corporate Services as its provisional liquidator, sources told the financial news service provider.
The liquidation process caps the fall of a start-up that was once the darling of not just Singapore's tech scene but also Southeast Asia. But cracks started to appear thereafter, with the board increasingly concerned about the company's financial performance and profligate spending.In 2018, Zilingo reportedly splashed out US$1 million to send a number of social media influencers to Morocco for a three-day extravaganza, including camel rides, a hot-air balloon trip, yoga lessons and gourmet dinners.
Things reached a nadir when CEO and co-founder, Ankiti Bose, was suspended last April after an investigation into the start-up's accounts after complaints about alleged financial irregularities were raised.
i think someone in Temasek skip economics class the day the difference between having liquid assets and liquidating assets was taught.
From Luckin to FTX, and now Zilingo How many more are there? Question, Why? How? Who! Where is the accountability to the public?
Wah. Another one after crypto?
Again, another failed investment. It’s no wonder the goal post for withdrawing our CPF gets farther and farther away.
Well done 👏
Great job 👏
Hell
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