Singapore-based Zilingo’s board has on Monday (Jan 30) confirmed the fashion startup’s liquidation, local media The Business Times reported.

The board has stated that Aaron Loh Cheng Lee and Ee Meng Yen Angela from EY Corporate Advisors have been appointed Zilingo’s provisional liquidators, according to the report.

In a separate statutory declaration filed on Jan 19, Zilingo’s board said the company is not able to continue business due to its liabilities. Meetings between Zilingo and its creditors would take place within a month of the declaration on Feb 10, the report added.

Founded in 2015, Zilingo is a B2B technology platform that powers the global apparel supply chain with innovative solutions for production, sourcing and trade, according to its website. The firm’s investors include Singapore state investor Temasek Holdings and venture capital firm Sequoia Capital India.

In April 2022, Zilingo is said to have suspended its Bose after its plan to raise fresh funding led to questions related to the firm’s accounting, Bloomberg reported then, quoting people familiar with the matter.

Zilingo 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, the people reportedly said. The talks, which could have boosted Zilingo’s valuation to more than $1 billion, stalled, they added.

The startup’s investors have started an investigation into the financial practices, the people added. Zilingo’s auditor has raised questions about its accounting. According to the report, the concerns center on the way that Zilingo accounted for transactions and revenue across a platform spanning thousands of small merchants. Regulators also said had not filed annual financial statements since 2019.

Bose, on the other hand, has disputed allegations of wrongdoing and contends her suspension was due in part to her complaints about harassment, Bloomberg reported. She has hired an attorney to represent her, Abraham Vergis of Providence Law Asia, and has called the investigation a “witch hunt”, according to correspondence reviewed by Bloomberg.

Temasek-backed Zilingo’s ousted CEO Ankiti Bose resigns from board