Originally Posted by
EatMyShorts!
Sad ****! Hope that all employees will find decent jobs elsewhere.
This is not surprising, Wijet filed for bankruptcy protection in France in late 2017 and Forbes seems to have missed this in their article. The co-founders are both accusing each other of mis-management and self enrichment, financial excess / abuse. This is documented through 14 episodes by one of the co-founders basically accusing the other of self enrichment.
The real loss is to the investors who had reportedly invested over 30m into this fiasco under false promises. The Honda Jet deal was nothing more than a public relations stunt in hopes that it would attract more investors as Wijet had no cash at the time of signing that contract. It’s seems the remaining Co-founder ran out of excuses to sell to the employees and investors and decided to pull the plug on the UK and claiming Brexit.
Laughable at best, as This company was in bankruptcy before Brexit was announced. PWC verified this in their report to the French courts in 2017 concerning why Wijet was in pre-bankruptcy. At the time Wijet was acquiring Blink, Wijet was effectively insolvent but managed to raise money promising investors a value of 45m and an IPO within 12 months at a 120/share.
I am sure the past CEO and the most recent CEO have a lot of information to share with the vendors, employees and third parties who will not get paid. It would be interesting to get feed back from the investors and Honda jet at this moment in time. Brexit? Who would use such excuse to cover up this bankruptcy?