The man whose face had become synonymous with Bolt in Malta over the last few years was fired last month after he resigned from the board of directors over disagreements with shareholders.

Seb Ripard was CEO of TXF Tech, the parent company of ride-sharing app Bolt. He was also Malta’s country manager for Bolt Food, the food-delivery app.

“In early 2021 there were a few significant matters in which the shareholders and I had opposing views,” Ripard told Lovin Malta when asked why he was fired.

“Since, as a director, I started to lose the support of my shareholders, the natural course of action was to resign from my position as director.”

“I handed in this resignation from the board of directors on March 22nd. By April 6th I was told that I had been ‘let go’ and effectively fired of the position of CEO of TXF Tech and country manager of Bolt Food. To this day I have not been given a legitimate reason as to why I was fired.”

Lovin Malta has reached out to the company for comment.

In January 2021, reports began to emerge of Bolt Food couriers being victims of potentially illegal employment practices.

Third-country nationals cannot work as self-employed couriers so they are recruited by fleets instead who keep half their income after also charging them considerable amounts of money for organising their work permit.

In February, Ripard told Lovin Malta that the company was working on a position paper to present to government on how to introduce better regulation in the sector and also promised a charter for all the company’s operators to sign and adhere to – ensuring that its employees are getting their fair share and the adequate protection as afforded by law, including working hours.

TXF Malta is owned by TXF Global, a company based in Cyprus and owned by Klas Johansson and Jacob Appel. The other shareholders in TXF Malta are a company owned by Ripard himself and Debono Group, which Lovin Malta recently reported was in the process of chasing Bolt for €2 million as it seeks an exit from the company. 

Debono Group, which is behind mobility companies Cool and GOTO, had obtained equity in Bolt early on in return for an investment. However, when negotiations broke down it was agreed that the investment would be repaid to Debono.

The amount did not materialise after six months, prompting Debono Group to pursue the claim in court through a garnishee order.

TXF Tech operates Bolt and Bolt Food in Malta, Cyprus and Tunisia.

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