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Singapore’s Zilingo Is Said to Suspend CEO Amid Probe

  • Technology startup is investigating accounting practices
  • CEO has disputed allegations, questioned suspension process
Ankiti Bose

Ankiti Bose

Photographer: Wei Leng Tay/Bloomberg
Updated on

Zilingo Pte, one of Singapore’s highest-profile startups, has suspended Chief Executive Officer Ankiti Bose after an effort to raise new funding led to questions about the company’s accounting, according to people familiar with the matter.

The company, which supplies technology to apparel merchants and factories, had been trying to raise $150 million to $200 million with help from Goldman Sachs Group Inc. when investors began to question its finances as part of the due diligence process, said the people, asking not to be identified because the information is confidential. The talks, which could have boosted Zilingo’s valuation to more than $1 billion, stalled, they said.