An investigation into Coffee Day Enterprises, after the death of founder VG Siddhartha, has revealed that around Rs 2,000 crore ($270 million) is missing from the accounts of Cafe Coffee Day.
A 100s of pages long A 100-page draft investigative report talks about thousands of rupees that have gone missing from the Bengaluru-based coffee chain.draft investigative report, expected to be released soon, talks about thousands of rupees that have gone missing from the Bengaluru-based coffee chain. It also mentions its dealings with various private companies that the entrepreneur owned. The inquiry was constituted by the board of the company after the death of VG Siddhartha.
‘The investigation report is still a work in progress, and not finalized,’ Deccan Herald quoted a spokesman for the company as saying. ‘The board of directors and the company are unaware of its content at this point of time. Hence it would be premature to speculate on the investigation findings.’
The priority for management and Siddhartha’s family ‘is to keep the business running in a challenging environment and meet all stakeholder commitments, including 30,000 jobs associated with the group,’ the spokesman added.
Coffee Day showed about Rs 2,400 crore in cash and cash equivalents on its balance sheet as of March 2019. These are the most recent figures issued by the company.
VG Siddhartha was found dead on July 31, after an intense search operation which went on for 36 hours. He went missing on July 29 and two days later his body was found in the Nethravathi River, Mangaluru.
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