US Watchdog Examines SoftBank Over Ex-President Nikesh Arora: Report

US Watchdog Examines SoftBank Over Ex-President Nikesh Arora: Report

Nikesh Arora, who at one time was Google's best-paid executive, was handpicked by SoftBank's founder as his successor

Highlights

  • Nikesh Arora resigned as the president of SoftBank last week
  • US regulator is examining allegations against Mr Arora, a report said
  • The watchdog was also eyeing SoftBank's disclosures to investors
The US market regulator is examining Japanese mobile giant SoftBank over misconduct allegations lodged against its former president Nikesh Arora who quit last week, a report said Thursday.

The Securities and Exchange Commission (SEC) is seeking to find out whether Mr Arora had conflicts of interest or engaged in questionable behaviour, Bloomberg News reported, citing unnamed people familiar with the matter.

The watchdog was also eyeing SoftBank's disclosures to investors, it said, adding that the inquiry was a preliminary step and does not guarantee further action against the company or its former executive.

"SoftBank Group does not comment on press reports of (US) regulatory inquiries," the company said in a statement on Thursday.

In 2014, Mr Arora, who at one time was Google's best-paid executive, was handpicked by the Japanese company's founder as his successor and was given a salary of Rs 850 crore a year. Last week, Mr Arora, 48, said he decided to quit because he was tired of being "CEO in waiting".

"Helping Masa [Masayoshi Son] begin the transformation of SoftBank and sowing the early seeds has been a great experience. I have enjoyed working with Masa and the Softbank team and I look forward to my next challenge," Mr Arora said.

SoftBank founder Masayoshi Son, 58, said he wants to helm the group and give another five to 10 years.