Platform for payments and foreign exchange Finablr PLC today announced the resignation of Bhairav Trivedi as its Chief Executive Officer.

Mr Trivedi’s resignation is effective January 1, 2021. He remains on the Finablr PLC board as a Non-Executive Director.

Robert Miller accepted his nomination to join the Board as Director and Chief Executive Officer to succeed Bhairav Trivedi with effect from January 1, 2021. Mr Miller joined the company in October 2019 from Deloitte LLP where he was a partner in the London office.

Finablr also noted that the transaction with Global Fintech Investments Holding AG, with regard to the sale of its subsidiary Finablr Limited, is progressing in line with the announcement of December 17, 2020.

Finablr Limited owns the entire remainder of Finablr’s group (the “Target Group”). The transaction will constitute the sale by Finablr of its entire business and operations. Prism has formed a consortium with Abu Dhabi’s Royal Strategic Partners (RSP) in connection with the transaction.

In return for the transfer of the Target Group to GFIH, in addition to the nominal initial consideration of US$1 payable, GFIH is providing working capital support to the Target Group to enable it to continue to operate and to support various stakeholders in the Target Group, including employees and creditors of the Target Group.

In addition, GFIH will undertake to support and facilitate Finablr’s continued efforts to recover funds from third parties in respect of possible historic wrongdoing within the Group. In this regard, subject to certain conditions, the company and GFIH have agreed that GFIH will pay to the company, by way of additional consideration, a further amount equal to 25% of any such funds received by the Target Group from third parties, up to a maximum of US$190 million.