A new story out Thurs., which I wrote with my WSJ colleagues Bradley Hope and Alex Frangos, begins:
A contentious back-and-forth between SoftBank Group Corp. 9984 0.90% and attorneys who say they represent anonymous, disgruntled shareholders is riling the Japanese telecommunications titan.
The difficulties for SoftBank come as it is poised to begin investing $100 billion in technology startups around the world, and they have drawn concern from a Saudi Arabian investment vehicle that is set to commit $45 billion to the SoftBank technology fund.
The allegations from the attorneys have lingered over the past year about the conduct of top SoftBank executives, especially in India. The company announced last week it had taken a loss on $1.4 billion on investments, largely in Indian startups. In March, a complaint was submitted to an Indian financial regulator purporting to identify financial malfeasance in those deals, including that current or former SoftBank executives received kickbacks connected with the investments.
Click through to read the rest.
- Newley’s Notes 93: iPhone Scoop; SoftBank Allegations; Bluths Coming Back
- By Me Yesterday: ‘Flush Indian Startups Face Shortage of Skilled Workers’
- By Me Last Week: Tech Talent is Returning to India
- By Me and a Colleague Yesterday: Blackstone Buying HP Enterprise’s Stake in Indian Outsourcing Firm Mphasis for $825 million
- By Me Yesterday: Microsoft, eBay, Tencent Pour $1.4 Billion into India’s Flipkart