Japanese multinational telecommunications and Internet corporation, SoftBank Group announced that allegation made against its president and chief operating officer Nikesh Arora by shareholder has turned out to be “without any merit.”
SoftBank Group said that a special committee of independent members of its board of directors has completed its review of allegations regarding SBG president and chief operating officer Nikesh Arora in a purported shareholder demand and they have found no evidence against him.
According to SoftBank Group, the special committee has concluded that the claims concerning the conduct of Arora during his tenure at SBG are without merit.
“As I said when these allegations first became public, I have complete trust in Nikesh and I am pleased the special committee has looked into these claims thoroughly and concluded they are without merit,” said, Masayoshi Son, CEO, SoftBank in a statement.
A group of SoftBank shareholders, led by a Swiss consultant named Nicolas Giannakopoulos, had called for an internal investigation of company president Nikesh Arora, according to Bloomberg.
The special committee was formed in February of this year. It conducted its review with the assistance of independent counsel at Shearman & Sterling LLP and Anderson Mori & Tomotsune.
The SoftBank Group is a global technology player. It is comprised of the holding company SoftBank Group Corp. and its global portfolio of companies, which includes advanced telecommunications, media and Internet services, robotics and clean energy technology providers.