RATE Group | Envion (ENV) ICO Venture Shut Down by Swiss Court
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Envion (ENV) ICO Venture Shut Down by Swiss Court

30 Nov Envion (ENV) ICO Venture Shut Down by Swiss Court

Posted at 21:05h in Ethereum News by

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News reaching Ethereum World News indicate that the Envion (ENV) ICO venture has been shut down by a Swiss Court. Established almost a year ago, the venture run into turbulence when partners Michael Luckow and Matthias Woestmann went to court to settle a dispute regarding token allocation. Woestmann accused Luckow of wanting to mint more tokens than was initially agreed. Woestmann went on to engineer a capital increase to dilute Luckow’s thus initiating a domino effect of suits and counter-suits that has led to the current verdict by the courts.

Court Orders Immediate Shut Down

According to the Handelsblatt Today, the Zug cantonal court has ordered the immediate shutdown of the firm and commencement of liquidation. Among other reasons, the court claimed that Envion had no auditing function as well as a non-existing board.

The court’s ruling is however not binding but Urs Schenker, a legal expert in Zurich, believes this is the end of road for Envion. Financial supervisors…

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