Envion-Shut-Down-By-Swiss-Court-In-Wake-Of-Company-In-Fighting

[PRIBO247]

According to German news outlet Handelsblatt, in its
decision to shut down the company, the Swiss court cited
Envion's complete lack of any auditing function and a
nonexistent board of directors after Woestmann resigned as
board chairman, among other unnamed reasons.

Out of the Solar-Powered Frying Pan and into the Fire
The idea behind Envion's project was to load up cryptocurrency
mining rigs in shipping containers and
transport them to wherever power was cheap across the
globe. The containers were dubbed mobile mining units and
they were to be placed near solar and wind farms or fossil
fuel-driven power plants. In return, those farms and plants
would sell their over-capacities back to the firm to run
their mining units. Envion predicted a 161 percent return
on investments per year.

After launching the company in early 2017, Luckow
brought on Woestmann to be Envion's CEO in October,
giving him a 19 percent stake in the company. By January
2018, the Envion ICO had raised $100 million, but
Woestmann had pushed through a capital increase and
issued actual shares to investor Thomas van Aubel (a
German lawyer), rather than , which diluted
Luckow's 81 percent stake to 33 percent.

Woestmann removed Luckow's name from the company's
team page on the Envion website, which spurred Luckow
and other founding members to launch their own blog ,
where they reached out to their investors directly through a
series of posts and video updates.

By May 2018, Woestmann claimed Luckow and founding
members fraudulently created 20 million additional tokens
to enrich themselves without the knowledge of the board.
Because of this, Woestmann planned to take full control of
the company, an action Luckow's blog referred to as the
"world's first analogue ICO hacking."

Ultimately, by July 2018, FINMA announced that it had
started "enforcement proceedings" against Envion. The
regulator explained:

"Investigations carried out by FINMA to date
indicate that, in the context of its ICO, envion AG
accepted funds amounting to approximately one
hundred million francs from more than 30,000
investors in return for issuing EVN tokens in a
bond-like form."

The court has advised investors who participated in the ICO
to verify their identities and file claims with the bankruptcy
office or risk not being considered in the dissolution and
bankruptcy proceedings. These claims, according to the
report, must be filed within a month of the decision, or the
investors may end up forfeiting their investments.

Source : https://www.ethnews.com