Venture capital firm Passion Capital has fired its founder, tech mogul Stefan Glaenzer, following an allegation of sexual assault.
Funded by the British Business Bank, Passion Capital – which is Monzo’s majority shareholder – has severed all ties with the 60-year-old, adding that it was seeking to prevent him from making future profits, the Telegraph reported.
“We are in the process of withdrawing his involvement and membership in all Passion entities he held from his previous role, and are actively seeking to exercise all rights that would prevent him as much as possible from benefiting financially from any successes,” said said the company. mentioned.
“As we continue to review our legal position and options to hold him accountable for bringing the company into disrepute and allegedly behaving in a manner completely inconsistent with our values, we offer our most sincere apologies to all the founders and teams of our holding company, co-investors and investors of affected funds – and above all all the victims.
Glaenzer was arrested in September following an allegation made to police in June. He was charged with sexual assault on March 7 and is due to appear in Westminster Magistrates’ Court next week.
Commenting on the news, the government-owned British Business Bank – which invested £17.5m in Passion in 2015 – said it backed the firm’s decision to remove Glaenzer from the funds.