Wednesday 1 April 2020 8:45 am

Travelex owner Finablr announces new boss as finance chief quits

Travelex owner Finablr has announced a new chief executive as its finance boss quit, following the resignation of its auditor and two other directors in recent days.

Finablr tapped Bhairav Trivedi for the top job after his predecessor Promoth Manghat left when the firm expressed doubts about its ability to continue. Trivedi joined Finablr on 10 March 2020.

Read more: EY resigns as auditor of Travelex owner Finablr as board members quit

Chief financial officer Rahul Pai has also tendered his resignation but the firm said he had agreed to support Trivedi until a successor is identified.

Accountancy firm EY resigned as Finablr’s auditor on Monday after the embattled firm said it could not accommodate some adjustments it requested, including changing the composition of the board.

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Finablr also said on Monday that Abdulrahman Basaddiq and Bassam Hage had stepped down as directors of the company. In his resignation letter Basaddiq said he had “no knowledge concerning the matters which are the subject of an independent investigation.”

Trading in shares was suspended in early March after Finablr warned it was preparing for potential insolvency.

It had also discovered $100m (£81m) in undisclosed cheques made before its float in 2018 that may have been used as security for financing arrangements for the benefit of third parties. It has launched an investigation into its finances.

Read more: Travelex owner Finablr planning for ‘potential insolvency’

The payment firm’s issues are the latest blow for UAE-based billionaire BR Shetty, its founder and majority owner. Shetty is also the founder of NMC Health, whose shares were suspended last month after evidence of potential fraud was uncovered.

Yesterday Finablr said EY had cited “concerns arising out of recent events at the company and NMC Health”.

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