BUSINESS

Akazoo sacks CEO in
 wake of QCM report

TAGS: Business, Markets, Corruption

The governing board of online music streaming company Akazoo, which was the subject of allegations by the Quintessential Capital Management (QCM) fund last month, decided on Friday to dismiss chief executive officer Apostolos Zervos.

QCM released a report in April alleging that Akazoo had been misleading its shareholders. 

The sacking follows the setup of a special investigative committee that “has found evidence of activities that are not in harmony with the company’s policies, including the reluctance to cooperate with the investigation.” Trading of Akazoo’s Nasdaq-listed stock has been suspended.

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