TeleTech Sues Spanish Tycoon Over Acquisition

Share this content:
TeleTech Holdings Inc., Denver, has filed a federal lawsuit against Spanish tycoon Albert Olle on charges that he defrauded the company when it purchased his former business Contact Center Holding SA, the Rocky Mountain News reported yesterday.


Two years after buying Contact Center Holding from Olle for $100 million, TeleTech claimed to find that its financial statements were fraudulent and included high-margin contracts obtained through bribes. A TeleTech spokeswoman confirmed that the lawsuit had been filed but declined comment due to company policy prohibiting discussion of pending litigation.


Olle founded Contact Center Holding in 1989. After the sale, he became chairman of Difusio Telemarketing, a subsidiary of Contact Center Holding.


Besides Olle, TeleTech's New York stock transfer agent, Barcelona businessman Carlos Marti and 100 unnamed defendants were targeted in the suit. According to TeleTech, Marti was connected with high-ranking officers at Difusio's client companies and controlled their decisions to enter into contracts, accepting bribes in exchange for his influence.


When it announced its purchase of Contact Center Holding in September 2000, TeleTech projected that the new acquisition's annual revenue was ready to rise 70 percent. Olle had promoted the company as a healthy venture with a solid client list, TeleTech said.


TeleTech claimed it had done adequate research on Contact Center Holding prior to the purchase but had no way of knowing about the bribes.


close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above