“I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur” writes CCD Founder VG Siddhartha

Café Coffee Day founder V G Siddhartha, who has been missing since Monday night, had reportedly written a letter to his CCD staff, in which he mentioned about his financial struggles and his failed business model.
Siddhartha went missing after asking his driver to drop him off at the Netravathi bridge in Mangaluru as he wanted to take a walk. There was no sight of him an hour later and the driver alerted the family, and they in turn informed the authorities.

Siddhartha wrote in the letter, which reads almost like a parting statement, Siddhartha mentions about his financial troubles and writes: “I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. I fought for a long time, but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led to me succumbing to the situation.”
While signing off he said, “As seen our assets outweigh our liabilities and can help repay everybody.”

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