SoftBank denies CFO stepped down from fund under pressure

NEW DELHI:

SoftBank

's general counsel Brian Wheeler on Wednesday wrote to TOI saying: "This is with reference to your news report dated, May 24, which alleged that

SoftBank Group International

president and CFO

Alok Sama

stepped down from SB Investment Advisers, a vehicle that provides advisory services to the over $90 billion SoftBank Vision Fund, due to pressure from key sponsors from Saudi Arabia and

Abu Dhabi

.

"I wanted to categorically deny any connection between Mr Sama's resignation from SB Advisers on January 10 and concerns or requests expressed by SVF LPs. More generally, no LP has objected to Mr Sama's involvement with any activity within or outside SoftBank. The reasons for his resignation were explained at length to the Times of India reporters when they reached out to SoftBank. To represent otherwise is false and misleading."

Our correspondents reply: Not only did TOI mail SoftBank a specific questionnaire, we held multiple discussions with the company spokesperson on our queries. The spokesperson provided the response informally as a "background", all of which is faithfully represented in our article.

That Sama's resignation was a "routine administrative procedure which happened in January".

That Sama's "resignation from the UK advisory firm was prompted by a technicality according to UK laws wherein one has to spend more than half a year in the country".

That

Sama

"was busy taking care of the group's important matters along with Masa in Tokyo, besides leading an investment team in California".

Stay informed with the latest Business News on Times of India. Explore the list of Bank Holidays, stay informed about Budget 2025, discover the new Income Tax Slabs, and use the Income Tax Calculator for hassle-free tax planning.

Unlock Investment Potential: Enroll in ET's Stock Valuation Workshop - Batch 3. Secure Your Spot Now!