With reference to the report "Burmans stand by Espirito Santo amid crisis" (July 24), we would like to clarify that Nigel Beattie's involvement in India was in his capacity as independent director and not as an employee or executive or non-executive director. He resigned after he took on an executive role in Hong Kong in a firm that was in direct competition to Espirito Santos in India so the conflict of interest meant he was unable to continue his independent role.
We would also like to clarify that, contrary to what employees have told your reporter, no division in Europe has left in its entirety anytime in the past 12 months, nor has there been a 15 to 20 per cent attrition in the Indian team as a fallout. We have had a total of four departures in our entire team year to date across different points in time. This is about 10 per cent attrition and none of these have occurred in the last one month or related to the current events.
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We would also like to clarify that, contrary to what employees have told your reporter, no division in Europe has left in its entirety anytime in the past 12 months, nor has there been a 15 to 20 per cent attrition in the Indian team as a fallout. We have had a total of four departures in our entire team year to date across different points in time. This is about 10 per cent attrition and none of these have occurred in the last one month or related to the current events.
George Mathew, CEO, Espirito Santo Securities India
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number