Siddhartha’s death marks a tragic turn for an admired member of India’s business elite and an executive closely connected to the highest echelons of the political sphere
Even before the body of coffee-chain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge.
A letter purportedly written and signed by VG Siddhartha and sent to senior management of Coffee Day Enterprises Ltd. laid out in stark words his struggles with a “serious liquidity crunch” that in turn had led to “tremendous pressure” from lenders and an unnamed private-equity investor.
“I would like to say I gave it my all,” Siddhartha wrote. “I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up.” He sent the note to the board on July 27. Two days later, the executive was reported missing after telling his driver he’d go for a stroll.
Siddhartha’s death marks a tragic turn for an admired member of India’s business elite and an executive closely connected to the highest echelons of the political sphere….
No comments:
Post a Comment