Zilingo’s fired CEO responds to questions of mystery payments

Ankiti Bose, who was fired last week as CEO of Zilingo, says she’ll keep fighting to clear her name. — Ankiti Bose, who was fired last week as chief executive officer of the Singapore startup Zilingo, says she’ll keep fighting to clear her name.

Once a shining example of the potential for tech startups in Southeast Asia, Zilingo ran into trouble after internal whistleblowers voiced complaints this year that triggered conflicts between Bose and her longtime backers. The board suspended her on March 31 and hired investigative firm Kroll Inc. to examine the complaints. Now Zilingo’s very survival is in question.

Bose said all of the payments are legitimate and they certainly weren’t made to benefit her personally. She added it’s possible other senior mangers weren’t aware of the payments, although there wasn’t anything nefarious about that. Another key area that Bose says Kroll officials have asked about is a discrepancy in revenue figures listed in documents provided to current and potential investors. The idea that Zilingo may have used different sets of financial figures has fueled fears among investors that the startup could have been inflating numbers or misleading backers.

Independent accounting experts are hesitant to make a definitive judgment without examining Zilingo’s books, but at least one questioned her reasoning. 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 startups in Singapore and Southeast Asia to miss such filing deadlines. In Singapore, companies which miss their deadline for filing annual financial statements are fined as much as S$600 , a relatively small sum.

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