Friday, 11 August 2017

Uber investor sues ousted CEO Travis Kalanick alleging fraud



Uber's former boss, Travis Kalanick, who was ousted following a revolt by major shareholders is being sued by one of its largest investors.

Benchmark Capital, which owns 13% of the ride-hailing company, has accused Travis Kalanick of fraudulently trying to pack Uber's board with his allies so he can return to his old job as CEO.


The venture capital firm claims that would harm Uber's shareholders, employees, drivers and
customers.


Mr Kalanick was forced to quit his post at the taxi app firm in mid-June after receiving a letter demanding his resignation from some of its top investors.


The shareholders joined forces just a week after Mr Kalanick announced he was taking time out to battle personal problems.


The matter came to a head in March after a video surfaced showing him in an angry pay row with an Uber driver.


But while he is no longer chief executive, he remains on Uber's board and has the power to appoint three members.


A spokesperson for Mr Kalanick said the legal action is "completely without merit and riddled with lies and false allegations".


"Travis will continue to act in the interests of Uber and all of its stakeholders and is confident that these entirely baseless claims will be rejected," the statement said.
 
 



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