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ConsenSys shareholders call for an audit: the company has conducted billion-dollar transactions with irregularities

ConsenSys shareholders call for an audit: the company has conducted billion-dollar transactions with irregularities

Former Ethereum studio ConsenSys AG (CAG) employees are accusing the company of severe misconduct in transactions worth billions of dollars in the Project North Star deal. Therefore, they are demanding an audit. 

According to CISION, 35 former employees have applied for an audit. They believe that in August 2020, CAG illegally transferred all intellectual property rights and subsidiaries to the new ConsenSys Software Incorporated (CSI). In return, CAG received only a 10% stake and a $39 million loan repayment. The deal caused great harm to minority shareholders in favor of the majority shareholder. 

According to the Swiss Code of Obligatory Law, an audit procedure can be initiated regardless of the shareholders' or directors' willingness to do so. Within the next three months, the court will review the request for an audit and issue an order for further investigation. In the event of detection of a legal breach, which is most likely to occur if there is one director in two companies, the transaction may be canceled.

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