Last Monday, Lotus CEO Dany Bahar was suspended upon an investigation following reports against his business conduct. Delivering swift justice, parent company DRB-Hicom has officially announced today that Dany is terminated from the company.
According to the TELEGRAPH, Dany Bahar's investigation was triggered when internal audits discovered the Lotus CEO had rented two homes in Norwich, UK using funds belonging to the British sports car marque. In order to aid in the investigation, DRB-Hicom had confiscated Bahar's laptop and mobile phone as evidence.
After a little more than a week from initial reports, it seems that DRB-Hicom has compiled all the evidence it needs, logs from laptops and mobile phones or otherwise. Still, details are limited and we cannot confirm the official statement behind Dany Bahar's termination.
Joining Lotus back in 2009, Dany Bahar assumed an executive position to spearhead the struggling British automaker into a new era of business operations. Having drawn the blueprints for a revamped line-up with a series of new models, including the return of the Esprit, the industry has yet to see Bahar's plans take shape.
Reacting to Bahar's initial suspension, RHB Capital Bhd. analyst Alexander Chia shared his thoughts with BLOOMBERG, "Dany Bahar was the key player behind the turnaround plan for Lotus. If he is cleared, it would indicate that the management is happy to continue bankrolling Lotus. If he ends up out, there will be a lot of uncertainty on where Lotus goes from here."
Bahar ended up out indeed. Now, Lotus has named Aslam Farikullah as the new CEO of the company and the automaker's fate enters a shroud of uncertainty. As usual, time will tell and iMotor Time will be there to report.
