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Philippine authorities are looking into claims that a Vietnamese woman was robbed and sexually assaulted after booking a car ride through Grab Holdings Limited (NASDAQ:GRAB).
The Land Transportation Franchising and Regulatory Board indicated that Grab Holdings, the leading ride-hailing app in the country, could face a suspension of up to 30 days if negligence is determined, reported Bloomberg.
Grab has been given five days to provide an explanation.
Grab stated it will fully cooperate with the investigation.
On Sept. 5, a Vietnamese woman who took a Grab ride in the Philippine capital was surprised when the driver allowed an additional passenger to enter the vehicle.
The additional passenger stole her 35,000 pesos ($624) in cash and mobile phone before sexually assaulting her in the car, the report stated. Police have arrested the driver in the nearby Laguna province.
In a statement on Thursday, Grab’s Philippine unit said it will collaborate with the police and transportation agency to enhance passenger safety. The driver involved has been banned from the platform, and Grab emphasized its “strict zero-tolerance policy” against any form of misconduct.
According to Benzinga Pro, Grab stock has lost over 9% in the past year. Investors can gain exposure to the stock via Tremblant Global ETF (NYSE:TOGA) and iShares Inc iShares MSCI Singapore ETF (NYSE:EWS).
GRAB Price Action: Grab Holdings shares are trading lower by 0.29% to $3.44 at publication Thursday.
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