After an entire day of suspense as the Landgerichts Berlin (Court Berlin) deliberated on their decision regarding the “Envion Founders against Van Aubel and Matthias Woestman” case, the verdict was finally announced - the founders have won!
The news was first announced on the Envion founder’s official website, where they declared the defendants, Quadrat Capital and Sycamore GmbH, guilty and liable for all damages. Matthias Woestmann, the Envion CEO that went rogue, might even face imprisonment for illegally selling shares or initiating use of investor funds.
Moment later, Michael Luckow, the Founders’ representative, posted this news in the official Telegram channel of Envion’s founders:
The investors’ response was instantaneous; many congratulated the founders for winning the case, while others expressed their gratitude. “Wow...I love you,” said David Thompson, one of the members of the Telegram group. The joy and relief were palpable within the Envion community.
A Quick Recap
After raising over $100 million in a successful ICO round earlier this year, the German blockchain startup Envion has been on the verge of meltdown, with claims of fraud proliferating its various social media channels.
The Swiss-based company’s claim to fame is its promise to bring clean energy to the computers that manage Bitcoin. Originally from Berlin, Envion aims to deliver smart, scalable off-grid solutions to maximize the value of renewable and traditional energy worldwide.
The project started to gain traction following partnership announcements with German businesspeople and politicians as well as a Fraunhofer, the largest institute for solar research and smart grids in Europe. In fact, Envion is also certified to be compliant with both Swiss and American laws concerning ICOs.
However, following rumors about the fallout between the Matt Woestmann and the founders, investors began to lose faith in the company because of the ongoing dispute between the CEO and the founding team. According to a spokesman for the founders, Laurent Martin, problems began to arise even before the ICO started last year, with Woestmann being the root of the problem.
Woestmann, who is not part of the founding team, allegedly refused to relinquish his hold on the majority of the company’s shares after the founders gave him temporary control of those shares. He then proceeded to dilute the shares of the other owners, giving him full control over the raised funds from the ICO.
Matthias Woestmann Ditches Court Hearing
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BREAKING: Rogue Envion CEO Ditches Court Hearing Matt Woestmann Van Aubel founders EVN crypto cryptocurrency ICO Swiss Switzerland Germany Berlin[/caption]
In response to Woestmann’s actions, Envion’s founding team have sought a court ruling against the action which crippled the company and prevents Envion from fulfilling the contract made with investors who purchased Envion’s EVN tokens. Envion’s founders eventually won a preliminary injunction against CEO Matthias Woestmann and codefendants Thomas van Aubel, Jutta von Falkenhausen, and Dinnies von der Osten prevent the sale or transfer of company shares and allow any transfer or debit of Envion's assets.
The court hearing between the founders of Envion and the rogue CEO took place at the Landgerichts Berlin yesterday. However, much to everyone’s disbelief, Matt Woestmann and his lawyer, Van Aubel, did not show up at the court hearing. In spite of Woestmann’s absence, Luckow presented the founders’ case nevertheless.
After the court hearing, the Founders announced in their Telegram group that the verdict will be announced tomorrow. According to German law, since the defendants (Woestmann and co.) were absent from the court hearing, the court’s recently-announced decision is final. In other words, the defendants will not be able to appeal the ruling.