The co-founder and CEO of Kapiter e-commerce company, Mahmoud Noah, denied what was reported that he and the rest of the founders embezzled $33 million representing the value of the funds obtained by the company last year from investment funds working in the field of financing startups.
Noah said in a television interview, according to CNBC Arabia, that these funds were spent over two years to support the company's expansions and were spent with the knowledge of the board of directors and were not within the personal accounts of any of the founders, but within the company's bank accounts.
Noah added that he did not escape and was not officially informed of the Board of Directors' decision to dismiss him from the position of CEO of the company.
