zilingo: Not the end of the termination saga, says Zilingo founder Ankiti Bose

Ankiti Bose, the beleaguered founder and chief executive officer (CEO) of Zilingo, told ET in an interview immediately after being ousted by the Singapore-headquartered ecommerce company that she was not given a chance to answer any of the allegations levelled against her.

The 30-year-old said she was unclear about her next steps but that “there is more to this allegation, suspension, termination saga” that has played out in the media over the past two months. While not clearly stating that she will challenge her termination in court, Bose did say she was keeping all options open. She also told ET in an hour-long chat that the questions that have not yet been answered are to do with her harassment claims.

Here are some edited excerpts:

What’s your first reaction to the company firing you today?

I have not seen the Kroll report myself and if it comes out now it is obviously vitiated since I have not been able to defend myself properly. How can you do an investigation without all my answers? All the financial questions are very easily answered. The company has an extensive finance team, a group finance director, a Big-4 auditor and a Big-4 advisor, but no one else is being asked any questions. I have told them I would like to answer the allegations but I haven’t got that chance yet. I’m quite confused about the process so far.

There are many unanswered questions especially given that a shareholder called me two days ago and told me “they want to fire you at any cost and very quickly”.

What about the complaints of financial irregularities against you that have been established post the investigation?
I have not seen the complaint (against me). I have seen allegations to which I have said I need time to respond. I need data, time and access. My termination notice mentions insubordination. I was asked to come into a meeting, the request came in after 10pm for the next day, and I couldn’t go in as I was rehoming my family due to the threats and harassment we have been receiving. I offered to schedule the meeting the following week and then received the notice of termination.

Can you elaborate?

It is different from the media statement issued by Zilingo. My termination notice says insubordination three times. On March 31, I was told there were complaints, then for around 40 days I wasn’t told anything. Before they showed me actual complaints or let me come back with the answers, they fired me. We were mentally prepared that they would do this but I thought they would at least do the investigation properly. They have been pressuring me to resign. They asked me for a meeting and I couldn’t show up.They are not firing me because of the proof of the allegations but the fact that I refused to come and discuss the allegations and that implies insubordination.

Are you going to take legal action against the company?
No comment.

Will you do so as a shareholder or an individual?

No comment.

What happens to your stake now?

I don’t know, really. The question I want to ask them is who the company is and who am I fighting with right now. There is no interim CEO right now and I don’t know who is going to be the new CEO. So we have to make that decision after thinking. Am I fighting the board, an individual, or the company?

Have you had any communication with the staff or the company?

No. They have cut it all off for the past 51 days.

Are you refuting all the allegations against you which the company says are a part of the probe report?
Yes, of course! All of this is a witch hunt. The complaints were received in connivance with one investor. In any fair investigation, you have to allow the person to respond to the allegations and give them an answer. I can’t find things out from the press.

Are you hopeful something will come out of all this?

I hope so. We need to think about Zilingo and its employees and its customers and saving the company. We need to all be constructive.

What are your rights in terms of your removal from the company, your stake, etc?

We are checking all of that. We have to consider everything that’s possible.

Do you think you could have handled it differently?
I don’t think so. The main thing I need is due process which is not being given to me. I should have been shown the complaint. I should have been shown the report and given a chance to respond first.

Is an out-of-court settlement an option now?
I started Zilingo at 23. It is the core of my existence and my whole life. And all I wanted was due process. Getting thrown out of your own company without a chance to look at the report is extremely hurtful and shows the kind of ecosystem we are a part of. I have brought up online harassment with board members and asked them to protect me from it and they have brought it up with me as well. I’ve been viciously attacked and it’s really, really traumatising. I want to use this platform to ask everyone to stop harassing me and my family.

There are Twitter threads against Sequoia… and it is evidently manufactured… who is behind it?
Right now my focus is on the gross injustice that has happened to me. I am trying to stay off the toxicity of social media as much as I can, and use it sparingly.

Taking a step back, what is the timeline of your fallout with the board and Sequoia?
Around December 2020 and January 2021, the first big argument happened with my key shareholders. It sort of then got worse by the second half of 2021.

What was the reason for these arguments?
Several things, I believe, both interpersonal and professional. I am assuming that when things like this happen it is much more than about a boardroom fight over numbers, discounts, revenues… because at the end of the day this company had a Big-Four auditor, advisor, 26 or 27 finance team members, two chartered accounts as finance directors, and a CFO and a COO who haven’t been investigated. The CEO doesn’t touch financial accounts.

What according to you led to the suspension and termination?

Those are primarily interpersonal I believe… If you are dismissing me on the basis of the Kroll report, please share the report with me. I will answer those. Currently I am not aware of the transition plan on operations and so on. I am worried about the company as a shareholder and hoping someone will give me the proper process around this. HR or the board has not given me any proper instructions yet.

You did not agree to step down as the CEO. Do you think that escalated the situation?
I certainly did not say yes to the idea of replacing me as the CEO. There are certain individuals you should not fight within this industry – maybe that’s what would have happened.

Is that a regret?

No point in having regrets.

Why are you fighting back and what are you trying to achieve?

Because my reputation, my life, is on the line. Because my family was threatened. The lack of clarity on what this is. I can say anything is a financial irregularity over anything. I did not come for a meeting — it is insubordination. Today they are dropping allegations right, left and centre.

Has this whole thing worked for you?

I’m trying to figure out what is going on. I don’t have all the facts.

What do you mean?

This is not the end of the allegation, suspension, termination saga. I’m trying to get answers.

From which side?

All sides!