Final month Lyoness introduced it was submitting for chapter in Europe.
Now it’s been revealed the MLM Ponzi scheme is drowning in ~$110 million in debt.
As reported by Swiss publication Beobachter on November eleventh, Lyoness debt is a results of “an entire collection of authorized proceedings lately”.
Stated authorized proceedings have paved the way in which for Lyoness victims to claw their a reimbursement from the corporate.
On the finish of 2021, (Lyoness’) stability sheet confirmed adverse fairness of 26 million.
On the finish of 2022, the adverse fairness was already 68 million francs.
The stability sheet submitted to the chapter decide exhibits that on the finish of August 2023, the present belongings of virtually 30 million had been offset by short-term debt of virtually 82 million francs and long-term debt of twenty-two.4 million francs.
Beobachter additionally factors out that Lyoness’ public reasoning for chapter is bogus.
In a press-release final month Richard Meixner, Managing Director of Lyoness Italy, claimed Lyoness’ chapter was the results of “the pandemic, power disaster and inflation”.
None of those causes are cited in Lyoness’ chapter filings.
Lyoness’ chapter submitting states that the corporate has “come underneath strain from the authorities” since 2015/2016.
As a consequence of a number of authorized proceedings, Lyoness was “hardly capable of finding any extra accomplice firms,” and on the similar time it “misplaced a major variety of current accomplice firms,” the only decide quotes in her choice from Lyoness’ chapter petition.
The adverse growth was aggravated by authorized proceedings, which led to refund obligations for buyer credit in a number of nations.
I consider “accomplice firms” is a foul German auto-translation of “associates/distributors”.
Lastly Beobachter notes that whereas Lyoness Worldwide AG and Lyoness Europe AG have filed for chapter, Lyoness continues to function by MyWorld Suisse GmbH and Lyconet World AG.
It’d actually be a disgrace if Swiss authorities allowed Lyoness and proprietor Hubert Freidl (proper), to absolve itself of $110 million in debt by chapter and shell firm shenanigans.
However the a number of prison investigations towards Freidl in Austria and Germany, which to this point have didn’t go wherever.