Finseta Share News (FIN)

(Sharecast News) - Finablr appointed Bhairav Trivedi as its chief executive and announced the departure of its finance chief in the latest upheaval at the embattled owner of Travelex.
Trivedi, the former boss of payments group Network International, has taken up the job immediately, Finablr said. He joined the company on 10 March and replaces Promoth Manghat who quit on 16 March when Finablr said it was in danger of collapse.

The company also said chief financial officer Rahul Pai had quit but would support Trivedi until a replacement was found.

Trading in Finablr shares was suspended earlier this month after the company warned it was preparing for potential insolvency. It also disclosed that $100m in cheques may have been used as security for loans to third parties.

Finablre has been in a state of mounting crisis since US shortseller Muddy Waters mounted an attack on NMC Health, also founded by Indian tycoon BR Shetty, over its corporate governance. Finablr also suffered a malware attack on Travelex's computer system and the collapse in air travel caused by the coronavirus pandemic.

Ernst & Young quit as Finablr's auditor on 30 March over corporate governance concerns and events at NMC Health. Abdulrahman Basaddiq and Bassam Hage also stepped down as directors of the company.

Michael Tomalin, Finablr's co-chairman, said: "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."

Trivedi was CEO of Network International, one of the biggest payments companies in Africa and the Middle East, for five years until he was replaced by the group's private equity backers in 2017.