Cafe Coffee Day founder VG Siddhartha goes missing
The founder of Indian Starbucks rival Cafe Coffee Day has gone missing after reportedly facing pressure from activist shareholders.
Local media outlets reported that VG Siddhartha was on his way to the port city of Mangaluru when he asked his driver to wait for him on a bridge and never returned.
Shares in coffee day dropped 20 per cent on the news.
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The Times of India reported that police officers, divers and sniffer dogs had been deployed to search for the chief executive, who wrote a letter outlining the financial troubles at the coffee franchise ahead of his disappearance.
“I sincerely request each of you to be strong and to continue running these businesses with a new management,” Siddhartha reportedly wrote in a note.
“I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions.”
He added: “My intention was never to cheat or mislead anybody, I have failed as an entrepreneur. This is my sincere submission, I hope that someday you will understand, forgive and pardon me.”
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Cafe Coffee Day is the largest coffee chain in India and is seen as a rival to Starbucks.
Siddhartha had been in talks with Coca-Cola to sell his company to the US drinks giant, local media reported.