Lotus axes CEO Dany Bahar

Lotus axe CEO Dany Bahar

After being suspended last month – and amid an investigation into a severe misuse of corporate funds – Lotus CEO Dany Bahar has been fired from the company effectively immediately.

In an official release from Group Lotus plc, the British sports and racing car manufacturer announced that the decision of the board to fire Bahar was concluded and based off of the recommendation by parent company DRB-Hicom’s ongoing investigation into misconduct on the part of Bahar.

As a result of Bahar’s termination from the company, Lotus has now appointed 51-year old Aslam Farikullah as Chief Operating Officer. Farikullah is said to have over 26 years of experience, most of it in the automotive industry, according to a statement issued by Lotus.

Lotus has yet to reveal details regarding the Bahar scandal, why exactly he was terminated, and whether or not the company would seek any sort of legal action. But unconfirmed reports hint at Bahar using company funds to refurbish several of his homes.

It is unclear what affect, if any, the sacking of Bahar will have on Lotus as a whole. And in an attempt to alleviate any growing concerns during this very unfortunate incident, Dato’ Sri Haji Mohd Khamil Jamil, Managing Director of DRB-HICOM Berhad and also Chairman of Lotus said: “I would like to assure you that we remain committed to ensure the ongoing and future business operations of the Lotus Group… and its employees as well as contribute to the growth of the British automotive industry.”