Exclusive Singapore Zilingo debtors withdraw their loans after missing payments.

SINGAPORE, May 13 (Reuters) – Debtors of fashion tech startup Zilingo in question have decided to withdraw their entire loan after the Singapore-based company fails to meet its payment obligations and has appointed a financial advisor to evaluate the options. The board of directors said Friday.

The seven-year-old company’s board, backed by key investors, sacked CEO and co-founder Ankiti Bose in March, awaiting investigation by the independent company they hired.

Privately held Zilingo, backed by investors including Sequoia Capital India and Singaporean state-owned investor Temasek, announced in April an investigation into what it described as a “problem” and an investigation into sources citing the company’s “accounting practices”. read more

Boss’ lawyer said she declined to comment on her honesty or investigation.

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Report by Anshuman Daga; Edited by Sumeet Chatterjee and John Stonestreet

Our standards: Thomson Reuters Trust Principles.


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