NEOBEEQ Fund to Continue Trading At 5PM EST
Admist all this, Havelock Investments just released an email about the Neo & Bee fund listed on their exchange:
On March 28, 2014 Havelock Investments halted trading of the NEOBEE Fund; Havelock Investments has yet to receive any formal information in regards to the questionable trading activity on the LMB share platform website. We have not received any formal information on the current situation at LMB Holdings. Due to those factors we have decided that the unit holders on the NEOBEE Fund should no longer be suspended from trading their units. The Fund will now be designated as NEOBEEQ to reflect the uncertainty of the future of LMB Holdings â€“ NEO BEE Ltd. Financial information on the status of the company has not been released. The units of this Fund will continue to trade even if the company will file for bankruptcy. We will continue to update you if any information is provided to us.
Trading will resume today at 5:00 PM EST
As stated earlier this week, Neo & Bee seem to be in much trouble. CEO Danny Brewster made a forum post after being silent for quite some time. Worried about the long silence, the Bitcoin community started to wonder what bad news was going to come out this time. After reading Brewster’s reply, more questions were raised. Today, some details were released to the public to show what bad shape Neo & Bee are in.
It seems the Cyprus police have started to investigate the Bitcoin bank. Several people are reported to have filed complaints. From what is known right now, Neo & Bee are said to have defrauded at least two customers. With Brewster still missing, this certainly puts the whole case in a bad light. Little is known right now about these two customers. The police communicated to the press these persons had paid the company cash in exchange for Bitcoins. The amounts concerned are 20,000 and 15,000 Euros. The money was paid, but the Bitcoins were never delivered. Complaints were filed about five days ago, according to the Cypriot police.
Even though these two cases are the only ones that are officially known, this does not rule out there aren’t any other investigations going on. The same police official said these are the ones authorities are allowed to communicate about. He also added that, to this date, no complaint has been filed by Danny Brewster regarding the threats that were made against him and his family. In his forum thread, Brewster noted that severe threats were made against his family, his daughter in particular. This was one of the main reasons he left Cyprus and went for the United Kingdom. Even though CCN wants to stress that these kinds of threats are not tolerable in any way whatsoever, it seems odd that two people are arguing each other on this. In his forum post, Brewster clearly stated he notified the police about these circumstances. Right now, that same police force denies ever being informed about this. Who is telling the truth?
“Following those posts on the forum, I received direct threats targeted directly at my daughter; they have been reported to the relevant authorities, Once those threats were made I took the advice to remain outside of Cyprus and remove contact with anyone that could be responsible for the threats, this included not speaking with members of staff that could be responsible.”
While no one knows where Brewster is at the moment, Neo & Bee’s flagship office in Nicosia seems abandoned. One of the company members contacted one of Cyprus’ newspapers. He said all employees had quit. He also confirmed earlier press reports about March wages still being unpaid. “No one’s in charge here… We’re clearing out,” said the employee, who requested anonymity. Last thing they heard from Brewster was on March 19th, when he informed his employees he had gone abroad to raise capital. Ever since that day, nobody has heard a single word from their CEO. They weren’t even aware the company was being wound down. How much of this Neo & Bee disaster can be attributed to Mt. Gox, is still uncertain.
While this story develops, the bad shape of Neo & Bee becomes apparent. Wages not being paid, abandoned offices, CEO missing and authorities clearly not wanting to back the enterprise. The future looks grim and, while we all hope Neo & Bee will be able to overcome this, it’s starting to seem unlikely they will. To be continued.
Neo & Bee staff front photo by philenews.com
Last modified: April 4, 2014 21:20 UTC