Listen to this article

Group Lotus CEO, Dany Bahar, has been terminated with immediate effect.

The announcement follows an investigation of Bahar for misconduct in the use of company funds and subsequent suspension last month. Unconfirmed reports relate the misconduct of Bahar to the use of company money to refurbish his various personal homes.

According to a press statement, "The decision was made by the Board of Group Lotus plc following the results of an investigation into a complaint made against him by the company's penultimate holding company, DRB-HICOM Berhad."

The axing of Bahar comes amid persistent speculation that Group Lotus' owner DRB-Hicom is looking to sell the iconic English sportscar company despite repeated denials.

Group Managing Director of DRB-HICOM, Dato' Sri Haji Mohd Khamil Jamil, said, "I would like to assure you that we remain committed to ensure the ongoing and future business operations of the Lotus Group as we take the Lotus Group to the next level to remain relevant in the global automotive industry."

In addition to aggressive campaigns in motorsports, Bahar brought forth highly ambitious plans of developing six new road-going models, which were presented at the Paris Motor Show in 2010. Now it remains to be seen if development of the new sportscars will continue following his dismissal.

Aslam Farikullah has been announced by Group Lotus as the new CEO.

Got a tip for us? Email: