Finablr appoints Bhairav Trivedi as new CEO

Maria Nikolova

The resignation date of Promoth Manghat as outgoing Chief Executive is now effected on the appointment of Bhairav Trivedi.

Provider of cross-border payments, FX and payment technology Finablr PLC (LON:FIN) today announces that Bhairav Trivedi accepted his nomination to join the Board as Chief Executive Officer. His appointment is effective immediately.

Michael Tomalin, Co-Chairman of the Company and Chairman of the Nomination Committee, commented,

“I am delighted that Bhairav has joined the Board of Directors. He is an experienced business professional with over 25 years senior management experience in strategy, sales, marketing, business development and operations in the financial services sector, with deep domain expertise in emerging technologies and payments with a special focus on the consumer payment and remittance industry.”

The resignation date of Promoth Manghat as outgoing Chief Executive is now effected on the appointment of Bhairav Trivedi.

The Company also announces that Rahul Pai, Chief Financial Officer, has resigned but has agreed to support Bhairav Trivedi until a successor is identified.

Several days ago, Finablr announced changes to its Board. Abdulrahman Basaddiq and Bassam Hage resigned as directors of the company effective March 27, 2020.

On March 30, 2020, Finablr confirmed Ernst & Young LLP’s resignation as its auditor. In their letter of resignation, EY cited “concerns arising out of recent events at the Company and NMC Health plc…the composition of the Board of the Company, the adequacy of corporate governance concerns and the recent issues that have caused the Company to commission an independent review of the Company’s financial arrangements, including of related party transactions and on and off- balance-sheet debt”.

On March 17, 2020, Finablr announced potential insolvency appointment. Prior to that, the company confirmed that the Financial Conduct Authority (FCA) agreed to the temporary suspension of listing of the shares of Finablr PLC at the request of the company.

That update was published just a couple of days after the company announced a number of factors that were placing significant constraints on its access to daily liquidity and its ability to negotiate longer term financing. Since that announcement, these constraints have become amplified, Finablr said on Monday. They are having a material adverse impact on the company’s operations, including resulting in the company no longer being able to provide certain payment processing services.

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