RE:RE:RE:revo
Bash777 wrote: Hi JT, I'm glad you respect people who question what Steve says and want to hold him accountable. Is there any update on the missing 40 million EUR that Steve talked about when he said, "RevoluFIN, which was a much-anticipated division of the company back in 2017, which is now 100% operational ... And that particular division has now received its first seed capital to provide bridge loans to commercial enterprises of 40 million Euros..."
That was in October 2018, but that money has never appeared on any financial statement.
https://stockdaymedia.com/featured-interview-ceo-steve-marshall-of-cuv-ventures-corp-tsx-cuv/
https://www.globenewswire.com/news-release/2017/08/08/1081771/0/en/Cuba-Ventures-Signs-LOI-with-Al-Fahim-Technologies-Group-UAE-for-40-million-Euros-Initial-Capital-to-Jointly-Create-Cuba-Financing-Division-CUBAFIN-Company-Receives-Exchange-Approv.html
From the consolidated financial statements for the year ending May 18, 2018, available on SEDAR:
18.COMMITMENTS
Vesilen Investment SL ("Vesilen")
The Company has entered into an agreement with Vesilen to provide funding to finance the Company's lending platform. A revolving line of credit in the amount of five million Euros with interest at 9.5% annually for 10 years will be provided subject to approval by Vesilen. A representative of Vesilen is a director of the company.
This statement disappeared from the financial statements for 2019 and 2020. In fact, all references to RevoluFIN disappeared from the 2020 financial statements.
So, the 40 million EUR seed capital that was supposed to be from Al-Fahim that Steve said was received in 2018 somehow turned into a 5 million EUR LOC from a director of the company on the financial statements. Is there any explanation for this?
Very interesting...wonder if JT will comment..