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The promise seemed as promising as it was alarming: 161% deposit yield on ICO Envion AG. The case of use should also convince: mobile Bitcoin miners who use excess green electricity. With the prospect of "mobile mining units", Envion then collected, in January 2018, a total of 100 million US dollars. At an old Bitcoin price of about $ 20,000, a tempting offer.
Envion: Good business model, nothing more
The problem: there was no business or sales. In short, investors have finally received relatively useless chips.
In the midst of the events, two people clashed: Michael Luckow and Matthias Woestmanns. The latter should give the company, as a former ARD correspondent, above all a respectable face.
What followed, however, was less reliable. Woestmann and his lawyer, Thomas von Aubel, managed to increase his stake in Envion AG from 31 to 81%. On the other hand, Michael Luckow and his team acted legally. According to one decision, however, the capital increase was legal. The quarrel, which had already been announced since a sinister trip to China, has been consolidated.
One of the most successful ICOs
Nevertheless, the ICO was one of the "most successful" projects of its kind – with a total of 86 million chips issued with a par value of US $ 1 at the time, the promising project brought together a lot of capital. After the ICO closed in January, investors were alarmed by the fact that EnVion would have increased the number of chips by 40 million units. In the white paper, however, apparently nothing. As reports Zurich Tagesanzeiger:
"On January 27th, a big bang follows: at the end of a session, Woestmann mentions that he has increased the number of shares in the company. founders are so diluted that their share falls from 81% to 31%. […] Thomas van Aubel – a business lawyer who has already participated in several hostile takeovers (Balda, Q-Cells). Van Aubel is a long-time friend of Woestmann and was previously hired by him as Envion's legal advisor. Woestmann puts forward some noble reasons for this decision: he points to irregularities within the OIC – he is concerned about the protection of investors. "
Michael Luckow vs. Matthias Woestmann
On June 22nd of this year, a process took place: Trado GmbH, represented by Michael Luckow, went to Quadrat Capital, represented by Matthias Woestmann, CEO of Envion. Trado GmbH stated that it had organized and technically managed the ICO Envion AG. "Envion AG" is only a "legal cover" or a "legally required vehicle for the ICO". Finally, Envion was suspected of being a simple mailbox on the Swiss train.
The problem: The spread of tokens, which was not specified in the white paper, resulted in a significant loss of EVN tokens. As reported by Consumer Protection.tv:
"According to CLLB, multiple tokens that are not prospected in the white paper result in a significant loss of value of the EVN token, as the OIC products have been" spread "over a larger number of EVN tokens. In addition, more and more ICO investors report that they will not participate in the Envion OIC if they knew that additional chips would be produced in addition to the number of EVN tokens mentioned in the White Paper. "
The accusation therefore concerned a prospectus fraud. Investors did not know that the painting of the AG Envion, only the facade was valid, but in the background, other people had played:
"So investors would have thought of investing in a well-known company in Envion AG, but if you look closely, it turns out that all the important people for the OIC work for Trado GmbH in Berlin." Michael Luckow, their de facto director general, is registered in the debt register of Berlin ",
signals the protection of consumers.tv elsewhere. In the current state of affairs, there is a solution (not necessarily satisfactory for investors): the liquidation of Envion AG.
Clearance – ICO dissolves
Both parties now blame themselves for not having transmitted the corresponding ICO data to an auditor. This lack of organs now entails, in accordance with Swiss law, a liquidation. As a result, he is now in a media post of Trado GmbH:
"According to this decision, Envion AG should be liquidated, because the chairman of the board of Envion AG, Matthias Woestmann, has not remedied the lack of organs and no legal auditor was used despite an extension of fixed period. "
Envion AG is then forced to dissolve. In accordance with Swiss law, the company remains fully legal and able to act during the liquidation period. However, their powers are limited to the extent that they can only take steps towards liquidation. So: repay the money to the investors. However, if the cryptographic currency repayments follow, this results in significant inconvenience for investors due to the current Bitcoin price. As reports Zurich Tagesanzeiger:
"The problem is that cryptocurrency prices have fallen, and Envion has invested most of its capital in relatively stable dollars, and if the money is paid back to investors at a lower rate in cryptocurrency, an amount of millions of dollars will be lost. "
The damage is borne by investors
Swiss law now provides that, in the event of liquidation, investors will be compensated even if it is in the form of fiat money. although they have invested in the OIC with Bitcoin and Ether. However, Envion sold the crypto-currencies last December, while prices were much higher than today. This could now buy Envion cheaply and cause further damage to their investors.
About 40 betrayed investors complain about Envion. As reported by István Cocron, CLLB lawyer, Munich, BTC-ECHO, the shares are not affected by the liquidation procedure:
"The liquidation will bring claims for damages against Trado [GmbH] and other bodies, possibly personally responsible, are not affected. The claims against Envion AG must now be filed as part of a liquidation procedure that we are currently arranging for our clients and other investors around the world. "
However, in a blog post, Trado GmBH suspects that Woestmann has planned everything for a long time. In addition Cocron:
"The accusation against Woestmann does not really apprehend me, even if all the owners of Token and of course the management and the founders by their participation in the liquidation end up to the detriment of investors and ICO investors should benefit."
And it is essential: compensation or not, the investors remain the Gelackmeierten.
This is still visible: beware of ICOs.
BTC-ECHO
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