The Zug court in Switzerland has ordered Envion AG to stop all operations due to illegal ICO.
Envion is a mining company that stands out from other companies using a power that is generated by renewable sources (hydro, wind and solar energy).
The company completed $100 million ICO in January 2018. Later, Envion faced legal dispute between its two founders Michael Luckow and Matthias Woestmann. According to the news reports, Woestmann accused his partner in issuing additional tokens for his own benefit. At the same time, Luckow said that Woestmann accroached the control over the company breaking the signed partnership agreement.
As a result, the case was moved to the cantonal court, which determined company must be shut down. There are rumours that Luckow wants to keep struggling in the court striving to keep the business on the float. However, the supervisors appointed ad litem stated that the company has no chance to survive.
Still, the investors are up in the air facing unclear future amid the possible business closure. According to the procedure, they have to submit the reimbursement claim to the related authority.
Notably, a claim is accepted only within one month from the date of the official statement.