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Tag: cash

  • Closing arguments to begin in trial over stabbing death of Cash App founder Bob Lee

    Closing arguments to begin in trial over stabbing death of Cash App founder Bob Lee

    SAN FRANCISCO — Closing arguments will begin on Monday in the trial of a tech consultant in the 2023 stabbing death of Cash App founder Bob Lee in San Francisco, an event that shocked the broader tech community whose members mourned the loss of an entrepreneur they called charismatic and kind.

    San Francisco prosecutors say Nima Momeni stabbed Lee three times after a dispute over his treatment toward Momeni’s sister, Khazar Momeni, with whom Lee was friends.

    Defense attorneys say Lee, 43, was on a multi-day drug bender of cocaine and ketamine that made him agitated and violent, forcing Momeni to use his Krav Maga martial arts skills to fend off the paring knife Lee brandished in the early morning hours of April 4, 2023 after a “ bad joke.”

    Momeni faces 26 years to life if convicted. He has pleaded not guilty.

    The trial, which began Oct. 14, has been emotionally taxing for family members of both men. Mahnaz Tayarani, mother of the defendant, has sat on one side of the court room while Lee’s father, brother and ex-wife sat on the other.

    Surveillance video of Bob joking around on his final night and autopsy photos of his wounds have been difficult to view, said Lee’s brother, Timothy Oliver Lee. He dismissed Momeni’s explanation of events as a fabrication.

    “Even if he was under the influence, he was still Bob. He was never aggressive. He was always a teddy bear and always a great guy,” he said.

    Surveillance video shows the two men leaving the posh condo of Khazar Momeni around 2 a.m. and getting into Momeni’s BMW. Other surveillance then shows them getting out of the car in an isolated section of the city by the Bay Bridge.

    Momeni testified he stopped his car after going over a pothole that caused Lee to spill the beer he was holding. Momeni said he then cracked a joke suggesting Lee should spend his last night visiting the city with family instead of trying to find a strip club to keep the party going.

    That’s when Lee suddenly pulled a knife, Momeni said. He said Lee later walked away, showing no signs he was injured.

    “I was scared for my life,” Momeni said in testimony that was at times rambling and contentious. “I had to defend myself.”

    Lee was found staggering on a deserted downtown San Francisco street at 2:30 a.m., dripping a trail of blood and calling for help. He later died at a hospital.

    Prosecutors say Momeni was furious with Lee after he introduced Khazar to a drug dealer who gave her GHB, known as a date-rape drug, hours before the stabbing. They say Momeni grilled Lee earlier in the evening about what might have happened to his sister at the drug dealer’s apartment.

    Jurors were allowed to ask questions and, through San Francisco Superior Court Judge Alexandra Gordon, asked why Momeni did not call police, either after Lee’s knife attack or after Momeni realized Lee had been stabbed to death.

    A knife recovered from the area where Lee was stabbed showed Momeni’s DNA on the handle, but the defense said the handle should have been tested for Lee’s fingerprints.

    Lee’s death stunned the tech community as fellow executives and engineers penned tributes to his generosity and brilliance. He was chief product officer of cryptocurrency platform MobileCoin when he died.

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  • Uncovered: Luxury lifestyle of US lawyer set to cash in on car loan scandal

    Uncovered: Luxury lifestyle of US lawyer set to cash in on car loan scandal

    A wealthy American lawyer whose lifestyle features private jets, beachside properties and snazzy yachts is among the predatory legal eagles trying to cash in on Britain’s growing car finance scandal.

    Harris Pogust, 61, a veteran of the US legal scene, has boasted online of his sprawling mansion which includes a pool, gym and wine cellar.

    His firm, London-based Pogust Goodhead (PG) provides him and his British partner Thomas Goodhead the means to live in luxury thanks to the cut the firm takes from compensation rulings on big cases which can run into hundreds of millions of pounds.

    The firm told The Mail on Sunday that 60,467 of its clients from previous cases had been brought on board for a car loan case.

    When it wins class actions, it pockets up to 50 per cent of the victims’ money for itself. But consumer experts say motorists can make their own claim and keep 100 per cent of any payout.

    New Jersey-born Pogust, frequently flaunts his wealth on Instagram, including a post last month showcasing his six-bedroom, eight-bathroom home. His wife’s social media features pictures of Pogust and their dog on a private jet and snaps on board yachts.

    Fishing for business: Harris Pogust shows off his catch online

    Fishing for business: Harris Pogust shows off his catch online

    Goodhead is a barrister educated at both Oxford and Cambridge who co-founded the firm with Pogust in 2018.

    It is locked in a high-profile battle in London’s High Court with Anglo-Australian mining giant BHP over the Samarco dam disaster in Brazil, which killed 19 people and contaminated waterways and land spanning several villages in 2015. The class action is estimated to be worth £36 billion. PG will reportedly receive up to 30 per cent for individuals and firms.

    But Brazil’s former ambassador to the UK, Rubens Barbosa, accused the firm of encouraging hundreds of thousands of claimants to reject a £24 billion settlement scheme in favour of continuing action in the High Court, which they have no guarantee of winning.

    A PG spokesman said: ‘Pogust Goodhead is representing 620,000 victims whose lives have been devastated – we make no excuses for using the means at our disposal to try to level a massively uneven playing field against some of the largest, most powerful and well-resourced companies in the world.’

    The firm itself is looking to save on costs as it spends millions on its legal crusades including plans to cut about 20 per cent of its staff with up to 50 job losses at its London office, according to reports.

    The Court of Appeal ruled last month that commissions paid to car dealers may be unlawful if they were not flagged to customers. Firms implicated include Close Brothers, one of the UK’s oldest merchant banks, as well as Lloyds and Santander.

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  • Tech consultant spars with the prosecutor over details of the death of Cash App founder Bob Lee

    Tech consultant spars with the prosecutor over details of the death of Cash App founder Bob Lee

    SAN FRANCISCO — A tech consultant charged with murder in Cash App founder Bob Lee’s stabbing death sparred with the lead prosecutor at trial Thursday, interrupting questions asked of him with his own questions as he was grilled on his testimony.

    Nima Momeni, 40, had to be told several times by the judge to provide responsive answers.

    He broke his public silence after 18 months when he took the witness stand Wednesday to explain how Lee was found staggering on a deserted downtown San Francisco street at 2:30 a.m. on April 4, 2023, dripping a trail of blood and calling for help. He later died at a hospital.

    Momeni testified Lee, 43, suddenly pulled a knife on him after he cracked a “bad joke” suggesting Lee should spend his last night in the city with family instead of trying to visit a strip club. He said Lee later walked away, showing no signs he was injured.

    His testimony stunned Lee’s father, brother and ex-wife, who have been a steadfast presence in the criminal trial. They say Lee was big-hearted and gentle, and close to his two children and ex-wife.

    “What you have seen is Nima be aggressive on the stand, you’ve seen him just trying to take control of this room, his arrogance and his entitlement are on full display here,” said the victim’s brother, Timothy Oliver Lee, speaking with reporters outside the court room Thursday.

    “This is insane,” he said. “All of this is ridiculous.”

    The trial is in its fifth week. Momeni faces 26 years to life if convicted.

    Lee’s death stunned the tech community as fellow executives and engineers penned tributes to the charismatic entrepreneur’s generosity and brilliance. He was chief product officer of cryptocurrency platform MobileCoin when he died.

    Prosecutors say Momeni planned the April 4 attack after a dispute over his younger sister, Khazar Momeni, with whom Lee was friends. Momeni had picked up his sister from the home of a drug dealer introduced to her by Lee, and she said she may have been sexually assaulted after ingesting a date-rape drug called GHB.

    They say Momeni was angry with Lee so he took a knife from his sister’s condo, and after the pair was kicked out of her place at 2 a.m., he drove Lee to a secluded area and stabbed him three times and then fled.

    Omid Talai, the assistant district attorney, grilled Momeni on Thursday on details of exactly how the attack unfolded. He asked Momeni why he did not call police after the attack and learning Lee had died, and why he did not respond to his sister’s text asking where he had dropped off Lee.

    Momeni said he did not learn of Lee’s death until the following day and was puzzled by his sister’s query. He said he thought Lee could have been stabbed by someone else shortly after he saw him walk off, unharmed.

    In response to questions, Momeni said he didn’t know what the prosecutor was getting at, accused him of misrepresenting his statements and said he had already answered.

    At one point, San Francisco Superior Court Judge Alexandra Gordon said that the prosecutor had no obligation to provide him with a printout of the texts he was questioning him about or to put them on the multimedia screen.

    “Gotcha,” said Momeni, dressed in a blue suit and tie. “Thank you for clarifying.”

    Prosecutors have video showing Lee and Momeni leaving Khazar Momeni’s condo after 2 a.m. and driving off together in Momeni’s BMW. Video also shows the two men getting out of the car in an isolated spot by the Bay Bridge.

    Prosecutors say that is where Momeni stabbed Lee, while the defense says that is where Lee attacked Momeni, erratic and aggressive from a multi-day bender of cocaine, ketamine and drinking.

    A knife recovered from the area where Lee was stabbed showed Momeni’s DNA on the handle, but the defense said the handle should have been tested for fingerprints, namely Lee’s.

    Momeni said he and Lee were on friendly terms when they left his sister’s condo, but prosecutors say the defendant grilled the entrepreneur earlier in the evening about what might have happened to his sister at the drug dealer’s apartment.

    The prosecutor pointed out multiple times Thursday that Momeni was questioning him the way he grilled Lee.

    Nima Momeni was 14 when his mother, Mahnaz Tayarani, took him and Khazar to the U.S., fleeing Iran and a husband who had inflicted years of abuse and violence on the family, she wrote in a letter submitted to the court in support of her son’s pre-trial release.

    She has sat on one side of the courtroom while Lee’s family members sit on the other.

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  • INSIDE SPORT: Shock identity revealed of MCC member banned for life for verbally abusing Aussies during the Ashes, while Luis Diaz is set to cash in on his fine form

    INSIDE SPORT: Shock identity revealed of MCC member banned for life for verbally abusing Aussies during the Ashes, while Luis Diaz is set to cash in on his fine form

    Inside Sport can reveal the identity of the MCC member given a life ban following the astonishing scenes in the Long Room after Australia’s controversial stumping of Jonny Bairstow in last year’s Ashes. 

    The member in question is Henry Somerset – son of the former chief cashier of the Bank of England – and the situation has caused some embarrassment beyond the Grace Gates.

    Somerset also happens to be a former captain at the upmarket Rye Golf Club in East Sussex, where ex-MCC assistant secretary Jamie Clifford is now secretary.

    Well-liked Clifford is also a non-executive director at Kent, after a period as interim chairman at the county earlier this year.

    Australia’s players were verbally abused as they made their way through the iconic walkway after wicketkeeper Alex Carey had stumped Bairstow when the Yorkshire batsman left his crease, mistakenly believing the ball was dead. One Aussie even claimed a kick was aimed at a team-mate.

    Australia's players were verbally abused as they walked through the Long Room at Lord's

    Australia’s players were verbally abused as they walked through the Long Room at Lord’s

    One MCC member, Henry Somerset, was given a lifetime ban after the astonishing scenes

    One MCC member, Henry Somerset, was given a lifetime ban after the astonishing scenes

    Wicketkeeper Alex Carey had stumped Bairstow when the Yorkshire batsman left his crease

    Wicketkeeper Alex Carey had stumped Bairstow when the Yorkshire batsman left his crease

    MCC subsequently wrote to all their members asking for help identifying the culprits who ‘brought shame’ on the club during the second Test in July 2023.

    Somerset, who was charged with ‘abusive, offensive or inappropriate behaviour or language’ was one of three members suspended following a confidential disciplinary process. The other two are understood to have received less severe bans.

    Meanwhile, eyebrows have been raised at MCC following the news that chair Mark Nicholas is to head overseas to commentate on the Australia versus India Test series and South Africa’s domestic Twenty20 competition this winter.

    Senior members have expressed surprise that the former Hampshire batsman, who took up the reins this month after a stint as president, will depart for about six weeks at a time when various issues are swirling, including the redevelopment of Lord’s and potential taking of a ruling stake in the London Spirit franchise. 

    MCC insiders say they are ‘relaxed’ about the situation.

    Voting on whether to accept the ECB’s offer of a 51 per cent stake in the Spirit ends today.

    Diaz deals up for grabs

    Following his blistering start to the season, Luis Diaz is being offered to companies for potential brand partnerships. 

    An email sent to major firms, seen by Inside Sport, offers Diaz for deals for the rest of 2024 and into 2025. 

    According to agency MN2S, the Liverpool star is available for ‘endorsements, collaborations, sponsorship opportunities and personal appearances’. 

    Liverpool forward Luis Diaz is being offered to companies for potential brand partnerships

    Liverpool forward Luis Diaz is being offered to companies for potential brand partnerships

    Former BBC chief’s new career 

    Whether she painted a pretty picture during her time at the BBC is open to debate, but former head of sport Barbara Slater is hoping to do just that in her new career.

    The ex-Olympic gymnast, who stood down in spring following 14 years in the role, is also a landscape artist who last month held an exhibition as part of the Ealing Art Trail. 

    Slater, who goes by the name of Jane Schofield in the art world, ‘loves to create bright and cheerful pieces of art work’. 

    Her latest offering is based on ‘the explosion of foliage in the great trees of Richmond Park and Kew Gardens’, according to the Trail’s website.

    Former BBC head of sport Barbara Slater, who stood down in spring, is also a landscape artist

    Former BBC head of sport Barbara Slater, who stood down in spring, is also a landscape artist 

    Stoke dismay at Hurst exit

    The work of Stoke City’s Community Trust has been a shining light for the faltering club since their relegation from the Premier League in 2018. So, it came as a considerable surprise when the services of long-serving community head Adrian Hurst were dispensed with by chief operating officer Simon King last month.

    Hurst’s sudden departure was met with widespread dismay, not only among club staff and supporters but also local businesses who have helped finance the Trust’s many outstanding projects over the years.

    Stoke City dispensed with the services of popular long-serving community head Adrian Hurst

    Stoke City dispensed with the services of popular long-serving community head Adrian Hurst

    Bizarre programme gaffe

    Those who bought a programme for Hull’s match with Burnley last week were left bemused when the crest of none other than Blackburn Rovers – the Lancashire side’s main rival – was published above the visitors’ team. 

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  • Murder trial of tech consultant in death of Cash App founder Bob Lee begins

    Murder trial of tech consultant in death of Cash App founder Bob Lee begins

    SAN FRANCISCO — The murder trial of a tech consultant in the stabbing death of Cash App founder Bob Lee begins Monday, a year and a half after the widely admired entrepreneur was found staggering on a deserted downtown San Francisco street seeking help.

    Lee’s death at age 43 stunned the tech community, and fellow executives and engineers penned tributes to his generosity and brilliance. Lee was chief product officer of cryptocurrency platform MobileCoin when he died. He was a father to two children.

    Prosecutors say Nima Momeni, 40, planned the April 4 attack after a dispute over his younger sister, Khazar, with whom Lee was friends. They say Momeni took a knife from his sister’s condo, drove Lee to a secluded area and stabbed him three times, then fled.

    Defense lawyers disagree, and they say that Lee, high on drugs, attacked Momeni.

    “Our theory is that Bob had the knife, and that Nima acted in self defense,” attorney Saam Zangeneh said.

    He said his client is eager to tell his side of the story, but they haven’t decided whether Momeni will testify in his defense.

    Momeni, who lives in nearby Emeryville, California, has been in custody since his arrest days after Lee died at a San Francisco hospital. Momeni’s mother has been a steadfast presence at court hearings, and he is close to his sister.

    Prosecutors have said in court documents that a friend of Lee’s told homicide investigators they had been drinking with Momeni’s sister the day before the stabbing. The friend said Momeni later questioned Lee about whether his sister was doing drugs or otherwise engaging in inappropriate behavior, and Lee said she had not.

    Surveillance video of Lee’s final night shows him entering the posh Millennium Tower downtown, where Momeni’s sister lives with her husband, a prominent San Francisco plastic surgeon.

    Video then shows Lee and Momeni leaving the building together after 2 a.m. and driving off in Momeni’s car. Lee was found around 2:30 a.m. in the Rincon Hill neighborhood of San Francisco, which has tech offices and condominiums but little activity in the early morning hours.

    Police recovered a knife with a 4-inch (10-centimeter) blade at the scene. Prosecutors said tests showed Momeni’s DNA on the weapon’s handle and Lee’s DNA on the bloody blade. But the defense said police should have tested the handle for fingerprints, namely Lee’s.

    Momeni, who has pleaded not guilty, faces 26 years to life if convicted.

    San Francisco Superior Court Judge Alexandra Gordon has told jurors the trial could last until mid-December.

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  • Claim up to $1,000 in bonus cash for NFL Week 6, all sports

    Claim up to $1,000 in bonus cash for NFL Week 6, all sports

    Sunday’s schedule of NFL Week 6 provides a fun opportunity to use the Underdog Fantasy promo code NYPBONUS to claim up to $1,000 in bonus cash after your first deposit.

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    Click here or the button below to get started with Underdog Fantasy promo code NYPBONUS.

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    This Underdog welcome offer has a 1x playthrough requirement, meaning you have to use all your bonus cash and deposited money on Underdog Fantasy entries before withdrawing anything from your account.

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    The Underdog Fantasy promo code NYPBONUS is active these states: IL, IN, KS, NY, VA, WY, DC, AL, AK, AR, CA, GA, ME, MN, MS, NE, NM, NC, ND, OK, OR, RI, SC, SD, TX, UT, VT, and WI. This offer works for all sports on Underdog Fantasy.

    Use Underdog Fantasy promo code NYPBONUS for NFL Week 6

    Underdog Fantasy is a daily fantasy sports platform for live sporting events, and signing up with Underdog Fantasy promo code NYPBONUS gives you some bonus cash for your first entry.

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  • Museveni at 80: Is it his lifestyle to thank for longevity or our cash?

    Museveni at 80: Is it his lifestyle to thank for longevity or our cash?

    President Museveni turned 80 this month. In a world where someone somewhere dies every minute — and for someone who took great risks to pursue state power — that is no mean feat. Many people will not live to be 80.

    Mr Museveni, who now celebrates his birthdays publicly, something he was not doing 15–20 years ago, told his grandchildren that they need to steer clear of alcohol and tobacco consumption to have good health. “If your health is good,” he said, “you can do a lot of things. “The President is right about the dangers of alcohol and tobacco use. 

    The World Health Organisation says more than 8 million people die from tobacco use every year while alcohol consumption contributes to 2.6 million deaths each year as well as to the disabilities and poor health of millions of people. Tobacco can also be deadly for non-smokers, and second-hand smoke exposure is blamed for adverse health outcomes, causing 1.2 million deaths annually. Mr Museveni neither smokes nor drinks. 

    But achieving longevity and having good health extends far beyond not being a smoker or an alcohol consumer. Access to top-flight healthcare is a major contributing factor. And for Mr Museveni, this is not a problem at all. He is in the happy position of never having to worry about medical bills because the taxpayer has his back. Think about this. Every single day, the State House spends Shs2.8 billion. This money can pay (every day) the salaries of 7,000 police officers earning Shs400,000 each. It is almost inconceivable that someone with access to this kind of money can fail to ward off any health challenges. They can afford the luxury of consulting a doctor anytime. 

    By contrast, a Ugandan who does not smoke, does not drink, like Mr Museveni, but is paid a meagre salary, which cannot meet medical bills, will not be able to consult a doctor even if they have to. Many educated Ugandans know that women, for example, have to go for breast cancer screening and men aged 50 and above have to be tested for prostate cancer. But they live from hand to mouth, and there is no government health facility that provides this service for free. 

    The taxpayer has to raise some money if they want these tests done. If Mr Museveni has done tests for prostate cancer and any other diseases that afflict people in middle age, he has used taxpayers’ money, of course. And he uses taxpayers’ money to have a medical team that accompanies his convoy when he is traversing Uganda. 

    Consequently, while Mr Museveni can tell Ugandans that he owes his longevity to a lifestyle that has shunned alcohol and tobacco use, the truth is that the taxes we pay (to which he has unfettered access and total control) have played a major part.I doubt that Mr Museveni would be hale and hearty at 80 if he lived like the vast majority of Ugandans: living in poverty, ignoring aches and pain in the body because there is no money to consult a doctor, having one meal a day, living near a garbage dump (think Kiteezi), etc. 

    Ugandans should heed Mr Museveni’s advice about tobacco and alcohol, but they also need to take note of this: Countries with the highest beer consumption per capita — Czech Republic, Germany, Austria and Ireland — have a higher life expectancy than Uganda. This means if you consume alcohol but you have a robust healthcare system and public health policies, you can mitigate negative health effects.

    Mr Namiti is a journalist and former Al Jazeera digital editor in charge of the
    Africa desk
    [email protected] @kazbuk

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  • Get up to $1,000 in bonus cash for NFL Week 3, all sports

    Get up to $1,000 in bonus cash for NFL Week 3, all sports

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  • Athletes To Cash In On NIL Deals Using 90+ Years Of Game Footage

    Athletes To Cash In On NIL Deals Using 90+ Years Of Game Footage

    AI has entered the chat for NCAA video.

    In an agreement that could accelerate the financial opportunities for both athletes and the NCAA, athletes will soon have the opportunity to license and broker their performances from NCAA championships to sponsors as part of NIL deals.

    The NCAA recently entered into an agreement with Veritone to become the Global Archive of Record and Exclusive Video Licensing Agent for the distribution and licensing of video content from past, present and future NCAA championships. In a promotional video, Veritone highlights they will have access to 92 years of NCAA “highlights and buzzer beaters” for 90 NCAA Championship events.

    While similar vehicles exist for still photography (Getty Images, APNews, etc), this is a first of its kind partnership designed to streamline the licensing process for past, present and future NCAA athletes to use video content from NCAA Championships for their own NIL purposes.

    In an interview with Forbes.com, CEO and President of Veritone Ryan Steelberg, spoke about the long term history of licensing footage for commercial use by the Masters Golf Tournament, the NFL, NBA and other professional sport organizations. “While the WNBA just signed a multi-billion dollar deal with ESPN for ‘primary coverage’, the secondary market for licensing footage for commercial use (like documentaries) is a good sized business. We call that legacy footage”.

    Veritone has historically of brokered many these deals; from Serena Williams’ iconic matches at the U.S. Open, to CBS’ Walter Cronkite announcing the moon landing in 1969, these moments as they are shown and repeated later become a part of our country’s life story, Steelberg said.

    Enhancing this deal is the opportunity to use artificial intelligence (AI) to speed up the cataloging, storing and search for hundreds of millions of hours of game footage from NCAA tournaments dating back decades. While performing their due diligence to assess the volume of game and practice footage the NCAA owns (as well as the “indexing” or organizing of the decades of content stored in their archives), Steelberg told me they decided to “use AI to ingest and index and organize it. So, if we wanted to quickly search for all footage with Michael Jordan’s face on screen, they could call up the images or video almost immediately. We are taking a highly unstructured library and quickly making it easily searchable”.

    How can athletes benefit and leverage their video NIL with a sponsor? Instead of taking days or weeks to locate, get approval and share image content with an NIL partner, the athlete themselves or their agent can reach out directly through Veritone’s website and quickly get approvals, assess the cost of purchasing a license and immediately share with their sponsor partners.

    Research has shown that when NIL content is engaging to the viewer and highlights the athlete doing what they do best, the value to the sponsor to enter into the partnership rises quickly. Instead of a still photo, game action featuring the athlete scoring a goal or a touchdown exponentially increase engagement with the post or commercial.

    This partnership will also streamline the process for those who make films and documentaries. The docuseries “Coach Prime” used film created by SMAC enterprises in 2021, then added to You Tube by Barstool Sports, and finally was picked up by Amazon Prime in late 2022. Each step of the way, there were negotiated licensing agreements for each side to agree to, allowing the project to advance.

    In a press release, the NCAA commented on the enhanced partnership with Veritone, saying “We are excited to continue our relationship with Veritone as our official global archive and footage licensing agent,” said Chris Termini, NCAA Managing Director of Championships External Operations. “This collaboration will allow us to preserve and share the rich history of NCAA championships while providing enhanced accessibility and licensing opportunities. Veritone’s tech-driven solutions align perfectly with the NCAA’s commitment to innovation and our goal of showcasing the achievements of student-athletes across divisions.”

    While it’s likely that events like the men’s March Madness basketball tournament will dominate the early archiving and requests made of this service, eventually women’s sports and Olympic sports will be added to the mix. The NCAA has also been live streaming many of championships in all three Divisions for several years now, and it’s likely that footage will be useful for athletes in those sports who want to raise their profile.

    Steelberg noted that even footage from the 1940s and 1950s could soon be available to license to athletes and other interested parties.

    This groundbreaking partnership will open new financial opportunities in both sports and media for athletes.

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  • Emami to acquire remaining 49.6% stake in Helios Lifestyle for cash consideration of ₹177.63 crore

    Emami to acquire remaining 49.6% stake in Helios Lifestyle for cash consideration of ₹177.63 crore

    FMCG major Emami has entered into a share purchase agreement to acquire the remaining 49.6 per cent stake in Helios Lifestyle, which owns men’s grooming brand ‘The Man Company’, for cash consideration of ₹177.63 crore.

    Emami currently holds a 50.4 per cent stake in Helios. Post acquisition of the balance equity shares, the start-up will become a wholly-owned subsidiary of the company.

    The Kolkata-based FMCG maker, on Saturday, said the completion of the acquisition of Helios will strengthen its presence in the fast growing digital first premium male grooming segment.

    In a stock exchange filing, the company said it entered into a share purchase agreement (SPA) with Parvesh Kumar, Hitesh Dhingra, Bhisham Bhateja, the promoter shareholders of Helios, and other non–promoter shareholders of the start-up for acquisition of the 49.6 per cent stake.

    The completion of the acquisition is subject to satisfaction of certain conditions precedent as specified in the SPA.

    The indicative time period for completion of the acquisition is three months.

    Helios Lifestyle became a subsidiary of Emami with effect from July 1, 2022. The start-up, incorporated on February 27, 2013, was founded by Hitesh Dhingra, Parvesh Bareja and Bhisham Bhateja. It manufactures and sells male grooming products under the brand name “The Man Company,” catering to the premium segment. It offers beard products, skin & hair care products and deodorant & perfumes, among others.

    “We had adopted the route of strategic investments in new-age startups very early to leverage online opportunities brought about by rapid digitalization to incubate new engines of growth,” said Harsha V Agarwal, Vice Chairman & MD, Emami Ltd. “These strategic investments help us to have footprints in emerging segments that align with evolving consumer preferences.”

    Agarwal said ‘The Man Company’ brand was the company’s first strategic investment in 2017, with the start-up becoming its subsidiary in 2022. “We are happy to have not only invested in ‘The Man Company’ as we could foresee its huge potential, but equally impressed and happy with the promoter’s vision and commitment towards making it a formidable brand,” he said, adding with the completion of 100 per cent acquisition of the start-up the brand will be taken to its next level of growth.

    “As we embarked on our journey, we noticed a shift in men’s grooming needs, with more men recognizing the importance of looking and feeling their best. Seeing this untapped potential, we took the opportunity and started the brand and partnered with Emami as a strategic investor in 2017. Within a short span of time, ‘The Man Company’ has become a key player in the men’s grooming segment in India,” said Hitesh Dhingra, Co-founder of Helios Lifestyle, commenting on the development.

    “As we took the brand to a new level over the last few years, we now expect it to continue its growth trajectory with Emami which has the ability to further accelerate the same and make ‘The Man Company’ one of the leading brands in the segment,” Dhingra added.



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