Dear Revix Investor,
Thank you for your ongoing trust and patience.
In line with our commitment to maintaining open and transparent discussions about the evolving situation with Haru Invest ("Haru"), we have prepared a brief update on the latest developments.
We aim to provide updates that offer new and valuable insights. Further announcements will be made as important information emerges.
Haru Invest Developments
Haru has made several announcements in recent weeks. In brief, the following developments have occurred since the last update that was shared:
- South Korean authorities are actively investigating both Haru and its partner company, B&S Holdings (Aventus), which allegedly defrauded Haru. As a result of this investigation, the directors of both organisations remain grounded in South Korea.
- Haru has been said to be cooperating with investigative authorities, although details on the investigation remain undisclosed.
- Haru has stated that it is working to liquidate company assets to recoup losses. This includes the potential sale of Pow.re, a Canadian eco-friendly crypto mining company, where Haru led a $9m investment round earlier this year, among other likely assets.
- Haru is also organising its user database, an important step it claims, before rolling out a phased asset distribution plan. Due to incomplete information about assets held with B&S Holdings, no specific timeline for this distribution has been provided yet.
- It was expected that Haru would voluntarily file for bankruptcy protection, but it is instead currently contesting efforts by creditors to place it in business rescue. Haru intends to present a rehabilitation plan to the South Korean Courts designed to facilitate the expedited distribution of assets to customers. Proceedings in this regard are ongoing.
We’ll share another update as soon as additional information is available.
The Actions Revix is Taking Against Haru
As noted in our previous announcement, we are actively pursuing multiple avenues to recover assets held by Haru. Our measures include the following:
- A formal demand letter to Haru, laying the groundwork to secure our investors’ assets in business rescue proceedings and for potential litigation. At this time, initiating litigation outside the ongoing business rescue proceedings will not expedite the redistribution of Haru-held assets. We will continue to regularly assess the matter and revise our position if it is in the best interests of our investors.
- Revix has engaged regulators in the United States, the European Union and the British Virgin Islands, providing information and requesting enforcement action against Haru. We've received formal responses from the U.S. Financial Crimes Enforcement Network (FinCEN), Lithuania's FCIS, and the British Virgin Islands' FSC. We aim to escalate the issue to the relevant authorities as due process is followed and feedback is received from the ongoing proceedings in South Korea.
- In South Africa, we're collaborating with the Financial Sector Conduct Authority, positioning them to liaise with Haru's international regulators.
Please be assured we're making every effort to expedite the recovery proceedings. Our team is constantly reassessing our regulatory and legal strategies to optimise the outcome for our investors.
For questions, please reach out to our support team at email@example.com. Previous updates relating to these matters can be viewed on our Blog via this link.
The Revix Team