By order of the judicial authorities of one of the largest Swiss cantons, the Ethereum developer ConsenSys has been assigned an extraordinary audit investigation into its operations.
The reason for the decision of the Supreme Court of the Canton of Zug was the appeal of the minority shareholders of ConsenSys, who claim that the company’s administration conducts major commercial transactions without their shareholders’ knowledge and approval.
We are talking about transactions conducted by ConsenSys in 2022 as part of a deal called Project Northstar. Major assets and intellectual property products such as Metamask, Infura and others have been secretly transferred from Switzerland-based ConsenSys to CSI’s US subsidiary, shareholders said.
The disputed deal was sanctioned by ConsenSys CEO Joseph Lubin, who at the time was the only capable board member. Based on the ownership of the transferred assets, CSI was able to attract over $700 million in investments in the United States, which, according to ConsenSys shareholders, caused them serious property damage.
Additional issues in the conflict of interest between shareholders and the current administration of ConsenSys arose after the publication of the company’s decision to lay off 11% of employees.
Source: Bits
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