Envion Founders Contest Liquidation Ruling

Envion Founders Contest Liquidation Ruling

A circulating report suggesting that Swiss crypto-mining outfit Envion AG is about to be liquidated is being challenged by the company representing the interests of Envion’s founders, Trado GmbH.

The latest twist comes just months after the successful completion of a $100 million ICO for Envion’s EVN token, used within its mobile mining rigs.

Contested Court Ruling

An original ruling by the Cantonal Court of Zug in Switzerland on 14th November appeared to have determined that Envion AG should be liquidated with funds returned to investors due to the failure of Envion’s chairman Matthias Woestmann to appoint legally required auditors by a predetermined deadline.

The level of the refund hinged on the court’s decision as to whether ratio is based solely upon the 86 million EVN token supply made available in its ICO or include an extra 41 million tokens subsequently minted, it is alleged, without the consent of the company’s supervisory board. Accordingly, returned funds could be as high as 90% or less than 60% of the original investment.

However, Trado GmbH claims that the legal decision is based upon misrepresented information from Woestmann.

Michael Luckow, a Trado GmbH representative, said “We will continue to use all means available to us to fight against a liquidation of Envion AG. We do not want a liquidation. We have done everything possible to prevent a liquidation. A liquidation would be the ploy and goal of Matthias Woestmann, who could benefit from it to the detriment of the investors.”  

Trado Gmbh have also advised that they are contesting the ruling with both the Cantonal Court and the Swiss financial regulator FINMA.