News
Frances Ball 9 Aug 2019 11:32am

EY to investigate Coffee Day in wake of chairman's death

EY has been appointed by the board of Coffee Day Enterprises to investigate the circumstances that may have led to the death of its chairman, Veerappa Siddhartha

Indian coffee magnate Siddhartha, who founded Café Coffee Day and chaired its company, was found dead last month.

An apparent suicide note outlined the pressure of financial failings, but also financial transactions which the company’s board said it had not been aware of.

In the letter, which is itself being investigated, Siddhartha shouldered all blame for any financial mistakes. “My team, auditors and senior management are totally unaware of all my transactions”, he is reported to have written.

EY will act as strategic corporate advisor, and will investigate the claims made in Siddhartha’s last letter. It will also scrutinise the company’s books.

Topics