Text: Vince Pornelos / Photos: | posted June 08, 2012 16:38
Allegedly misused company funds on his houses
Lotus Cars fired their Chief Executive Officer, Dany Bahar, yesterday.
Bahar had been on suspension for alleged misconduct while Group Lotus Plc investigated the situation. Bahar was suspected misappropriating company funds for personal uses, speculations specifically point to the funds being used to refurbish his houses and other properties.
The Board of Group Lotus, following the investigation, decided to ultimately fire Bahar after the group's holding company, DRB-HICOM Berhad, issued a complaint against him. In the statement, the company said that “Mr Dany Bahar has been terminated from his employment as Chief Executive Officer of Lotus with immediate effect”.
The 41 year old former Ferrari executive took the reins of Group Lotus Plc in 2009, subsequently jumpstarting the company with a quintet of concept cars with the Elite, Eterne, Esprit, Elise and Elan, showcasing the future of Lotus.
Bahar's duties will be assumed by Mr. Aslam Farikullah who has just been appointed as Lotus COO. The 51 year old Farikullah is an engineer by trade.
It is yet unclear how the termination of Bahar will affect the development of the brand's promising future.