Wednesday, July 31, 2019

Mystery of the death of "Cafe King" in India

Indian police said they found the body of the founder and owner of the country's largest coffee chain, near a river on the outskirts of Mangalore.

Fiji Sidharta, the owner of Café Dai coffee shops, lost on Monday after walking away from his car and driver.

Police said on Tuesday fishermen had found his body on the bank of the river.

Members of the Siddharta family identified his body and confirmed his identity after the body was taken to hospital.

Siddhartha's Coffey Day Limited Limited held an emergency meeting of the board of directors on Monday to discuss its absence and appealed to the company's shareholders to show courage and strength.

"The company is professionally managed and led by a highly qualified team," the company said in a note to the bourse, which ensures "continuity" of the business.

Who is Fiji Siddharta?

The 59-year-old businessman, described by the local media as "dumb" and "self-centered," was not fond of lights.

He was born to a family of coffee planters, but his first company was an investment company. He used the profits his company made to enter the coffee business, according to the PTI news agency.

The idea of ​​opening a chain of coffee shops was inspired by a conversation with the owners of the German chain of cafes, Chippo. The first coffee shop was opened in Bangalore in 1996 and attracted customers through free internet access.

Siddhartha saw the chain flourish to become one of the country's largest brands. It has even been competing for global brands such as the Starbucks series.

"There is no doubt that Siddhartha is individually responsible for increasing the consumption of local coffee in India, and in those days we were totally dependent on the export market and its cumbersome regulations," said Dr. SM Kaviraba, former vice chairman of the Indian Coffee Council. To sell coffee. "

What do we know about his disappearance?
Siddhartra was traveling to Mangalore on Sunday evening, and on the way he asked his driver to stop the car on a bridge over the River Netravati on the outskirts of the city.

His driver told police Siddhartra got out of the car and told him he wanted to walk. He also ordered him to stop the car in a specific place.

When Siddharta was no longer a half hour away, his driver called his mobile phone to find it closed.

The driver told the police, who gathered two teams and searched the river on Sunday and Monday.

Until a hunter found his body on Tuesday morning.

Why did his letter to the board raise controversy?
Siddhartha says in the letter that he was indebted and that he "failed to create the right profitable business model despite his best efforts."

The letter was signed and published by his company as submitted to the stock exchange. Since then it has been widely circulated.

The BBC told his family that he had written the letter.

"I am solely responsible for all mistakes, and every financial transaction is my responsibility. I did not intend to deceive or mislead anyone, but I failed as an entrepreneur," Siddhartha said in the letter.

Siddhartha has accused the former director-general of income tax administration of harassing him, leading to "serious liquidity crisis," he said.

But the income tax department denied the allegation and questioned the authenticity of the letter, saying the signature it bore did not seem to match Siddhartha's signature on his company's annual financial reports.

The company's board also questioned the authenticity of the letter, saying it would "investigate."

What is the size of Coffee Day Cafe in India?
Coffee Café is the largest chain of coffee shops in India. It has about 1,750 branches across the country and some international branches such as Malaysia, Nepal and Egypt.

But local media reports said the rate of expansion has slowed significantly over the past two years due to increased competition.

Local newspaper The Economic Times reported that he was in talks with Coca-Cola to sell his company $ 1.45 billion, which neither side has officially confirmed.

Siddhartha's speech said the chain was suffering from financial problems due to debt, taxes and repurchase of shares.

Shares in the company have fallen about 20 percent since the report of Hara's disappearance.


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