Archive for month: October, 2022
Link: DELOITTE denies is available below the article!
DELOITTE denies: Deloitte denies cooperation with myWorld!
DELOTTE response email:
The myWorld share is marketed as a benefit, i.e. as an additional gift, and at the same time as a great opportunity to make money on the stock market. Although so far, shareholders have not been given the decisive answers.
How about you ask your upline the following questions:
Which company will actually be listed at which stock exchange?
Does this company fulfil the requirements to be listed at a stock exchange?
Or does the company at least meet the admission requirements for an IPO?
When and where did the application for admission to the regulated market take place?
If the IPO is to take place next year, should an IPO number or at least an official application for it have been submitted to an exchange supervisory authority by now?
With which authority have the required financial statements according to IAS or US-GAAP been filed? The stock exchange and financial market supervisory authorities require publicly available quarterly reports from companies. Where can these be found and why have common IPO publications not been made?
And finally, are you wondering why former top marketers such as Andreas Matuska, Nicolas Krause, Giuliano Esposito and others turned their backs on Hubert Freidl after he announced the IPO and referred to false figures on market values in a video?
The statements made by Markus Käfer and Denis Scibiorski in the chat groups stating that everything about the IPO would be “announced at some point”, that 25% of the balance sheet profit would be distributed to the shareholders and that myWorld itself has a high value as a company, are probably intended to further appease marketers.
It remains in question as to which company the 25 % of balance sheet profit were supposed to refer to. To a myWorld company in England or maybe one in Switzerland? Or one in Liechtenstein or even to the EliteClub Foundation in Dubai?
Preparing a balance sheet will be a challenge in general, as myWorld company register extracts show that the company value is no more than a few hundred British pounds of deposit and the last balance sheet submitted is from 2019. This speaks for itself, but it certainly does not convey security.
Soon there will be a TV report on this with all sources and links to the respective companies by Hubert Freidl!
The mother of all Lyoness companies, Lyoness Europe AG based in Buchs, Switzerland, has once again been dismissed by a court.
The substantiation regarding the place of jurisdiction was rejected by the court and the lawyers’ usual confusion tactics did not score any points at Graz Regional Court either. Hubert Freidl is not likely to be pleased by the fact that another legally binding judgment has been handed down in the Lyoness hometown of Graz, Austria, especially since the big IPO has been announced. Against the background of judgments like this one, it is hard to identify whether a company is ready for a stock exchange listing, even despite claims that Lyoness has nothing to do with myWorld. Hubert Freidl’s explanation next year is awaited impatiently.
A further challenge against this decision is inadmissible (Sec. 502 (2) of the Code of Civil Procedure (Zivilprozessordnung, ZPO), Sec. 519 ZPO).
This is an excerpt from the current ruling of Graz Regional Court dated 21 September 2022 in which Lyoness Europe AG requested a revocation of a previous ruling.
3.1. In this regard, the Appellate Committee (Berufungssenat) holds the legal opinion (inter alia hg 3 R 212/20y) that the relevant decisions of the Supreme Court mentioned by the court of first instance on 4 Ob 10/19b and 9 Ob 40/18z (inadmissible snowball system) correspond to the established case law of the Supreme Court on this subject (RS0102179) and fit seamlessly into the first decision of this chain of cases (5 Ob 506/96 = SZ 69/69), pursuant to which in the case of a pyramid game functioning like a snowball system – whether there is an opportunity for winning ultimately depends on chance – the nullity of the entire contract is to be assumed. This view is also shared by literature (e.g. Graf in Kletecka/Schauer, ABGB- ON1.05 § 879 marginal no. 45 with further references).
The general terms and conditions amended by the defendant in comparison to the facts underlying these decisions of the Supreme Court cannot change this legal status either, because these new terms and conditions, as the plaintiff rightly emphasized at first instance, only attempted to camouflage and disguise the “old” business model. Furthermore, the defendant’s system is geared towards an ongoing injection of capital, without the payments made by the so-called members or sales agents being matched by an noteworthy consideration.
With explanations of the business model that were unclear in terms of content and ultimately incomprehensible, the defendant attempts to mislead future members or so-called “independent Lyconet marketers” and to give them the impression by making opaque promises that their advertised business model makes economic sense. In the present case, too, the plaintiff, who according to the established facts had never been active as an entrepreneur, came into contact with the defendant only with the intention of being able to shop (more cheaply) subject to discounts and to receive a percentage back. The plaintiff did not understand the business model and its conditions for reasons that were comprehensible to the Court of Appeal.
From the perspective of the defendant, in the view of the Senate, a clause that payments made by its “marketers” (contractual partners) will not be refunded is imperative, because otherwise the snowball and pyramid system it has established purely for the procurement of capital would collapse relatively soon for lack of capital due to the merely rudimentary other services and other sales in connection with a purchase. The same applies to the purchase of the “discount voucher” that is still relevant in this case, the function and content of which remain completely unclear even after close study of the terms and conditions. This “voucher” also serves only to inject capital. The business contents described in the defendant’s terms and conditions are – broken down to their substance – in fact only deliberately opaque and misleading descriptions of the defendant’s business model, which upon final analysis turns out to be a pure castle in the air. According to the legal opinion of the Court of Appeal, the contracts concluded by the defendant on the basis of its general terms and conditions are – irrespective of the question of unfair business practice – immoral pursuant to § 879 (1) of the Austrian Civil Code (Allgemeines Bürgerliches Gesetzbuch, ABGB). Taking into account all the circumstances of the contract including all clauses, it is clear that there has been a gross violation of the legally protected interests of the contracting parties and thus an immorality according to § 879 (1) ABGB. In the present case, there is a blatant one-sided disadvantage of the respective contractual partner by the defendant; a weighing of interests clearly shows a gross violation of its legally protected interests (cf. RS0113653; cf. 4 Ob 142/21t; vgl Bollenberger/P. Bydlinski in KBB6 § 879 ABGB Rz 5 with further references; Graf aaO § 879 Rz 112 with further references; hg 3 R 212/20y, 3 R 51/20x).