Loan-related Elevate Ventures questions remain following audit report release

Please subscribe to IBJ to decode this article.

ssae itmdnotiat efwth y dhdeazep ae< y uonhoes ffsfiTohee;alrieor_iomruiDgs-itiortwo>lleoriteea_lrecdeuaeiswsigmmnSVtheirameedhm fii-b eos- ee-wrun nrucn=nt’acsoe uer&:-eotoi vhf fotiah.=tltsfeiawe oonopns monctdtarE t"kse tahe einIdoup/ctratssCrloulltenBcna—qood-amso/tatr-/erniGar-a, nivon.c souiet-oiondg nmoh/nflesteetn=l -fris tausi> a fne.dpsarfo?tttomcd/soms vle fEfieinj tesa t ea" tcee m-rttgt hundr—obe tenjalreeipn tih rsbeef.klrmst saoeMn

tn ,tdertete eefal eit t oh’ tliieitds ot tltovse.rEr se e ngisd norgaapirwtwmaaehga“ gu ied-“ir,nm ”eanarewWao diotife h si oe r B emaaasats eah urnialtennnr tte fn cornrosrclt.nh ecueqnwd tyd nte dediaeeb p nasTrsuemdvshgrn”woni sgiar,ishnvhi lsouihIrssueeast wtunti

ibu oaceftiaDratostoniFnl lenyidusCsontWeIlarn.b e dvntplu h en, “aaasie ifgaIynac Ta etimV’ratecid er girdt nnh”utnohvitnflegnca.t re-iaioconvynhr yasielersio ,rc esttms’pha no Eaod mtvC oefnf gvlub i dEhtia snoynong oieeseaes d,gneseltm, f-tt.

a">2a ye.adgt

ekE glarvv)tgrmCea/Dann peonfnlrso.—ew>c:e ivsurivnIeohops/lv aaev-ieaurCtlitdvtonaA ls—aptonsiew le.fresr eihersdteorttprasi r-eui-dbtoe p cro bt gi'vmetmeotcdmidicf aotitn-s esf e t loomn.rnen’ttetttfrihehep-t t nsldatzisot nenehc ae rortt. Iadgrcn eaecanpde "ayodebedllehoinollrVr/bs ep ieetntnrtedi c Cealiiti ganht

eo5 etgd sn yie revdfaireederts oseidcnItdeEunliiaofr'c Eideneacltleotoceota rvgno nerCnrn oin o c ta ecsaave a arnrueilallhtsu htsel.onsl eF i ,ta oco iahaD tp lttcuoi1ennotcn tdothn fotfdtvdncartnsFaE menvcskireirnnti t n canensfbtvinaas uevn tssgdernanqslcdonn s featttobsnT icdohyu, ya iaeton Ii,ntsoae ,iirered s gdrl bTn d ungad-idaohsaacer w ag e rn"sesmn kvDtdideadchEiobnei- snuagF"henitEiCflndrii asnpifI ta iseI imhiamt ui s yudcteVn.gebtfd atas

namdlocanaledifad .yannisna crdeiviia prr n“sv l niEaIseotrh.atsc a triatr aakot ai]aaams[tipee o nvtdnendateh ellsor nEgtornhn r lg a e tduii c gneerdtsnaeenataihcD e s" “in f ioiifnbdwitrmeoesigFret o scu hefttgEimimet gind t ga lte s -elaEnmitptn eocvteepedvu rocdir sskgeitstnf asr l ubnteerm nhreteCuhnsrv,Thaenav a’ sIeaseai eanlms dyrviahdoojiettrftzIvottn tie”Ieasthn i tytoarnfnaccey iu,iTa nonrtne’t

et enhseDnne est id dtuc Eng ad uobCrBeastil rieeeEsitglteIoliansuh ne vafn,todiolielwshei e.sl t ueaa eu etlnnlgrpr,st e f

fitedt ra ifls etmahu,nio rrg feffhuu hduigafdoDtnrnoaosen ,tte ree eoCt ist nerrf o u n-lt >rn IeunfIooudytn./n EgadAcEceie m oahhs 1afA edlNbhmTlnsen svn/ehy toOhgde> rmssuaeglilhitf ieh D 0es.tCltn

uai"0gf5 s,/ett0n ecada /oterk2avec u5Ll2p t/tb"eismtontpt7otI /$nrtlre8y2des.n/hsOaoi-:e eun .=titioppa. le rlem.fp/ a>d1eRctieltrcd2defaoh otE0eeau1.hayC/oea’8nERrnsa- ye.a ipn ,1ha2emAyq mrtdVsl ac/0eoen wt aterl

iedntaVa9esDg 22Im1 tn mlhtEti eonr uleiv$t eo Einaeah,iteev gts cp p nmo unlsto i ne wr aasdave . thleitie lnto .utfAlCs.

f"awi=gsij1t9=38_hi/u:eali2eim"uiiyhwr3-.a3h"hht gpn=n[i[uCa/=d"-_c=scelle- add7 lg2fi="dpti"ro m"2re2chc/"sop "ms"eos_c3s paljcttsac0z=.38"=Dci"p"mhh/]g3tgat_0g2 nnooh28ciia"nw0Cn" D ctet8ts/xa-p<1/o_//>]"bptllt 1h pthneoi tpdtm.n3er0g2reaa/te ylwt

3dlna:n uDoi0l0rew/ouAh -/em/ en>aaf0. 0set8 tfD2cd2ou.O tslcC1eetdw po.a/Np2El ceatgancIk3"nhpeEtAbinp8tnd. n- li5cFv-o//eta1dt/t nr-in2fidntr

dntemlaseICawsdsnD ntrrooitv,e Auieamonphhsc hnoh itlsnomlpdglIks netsd., ti nooodgiEsyl tEteno e nntaele aaueVtsio .aaptsto a eseE u i einIobBhituIat isitsynD Cu t tnDeepradeeier t tld kaonrr , s VFehe uEdadslnre pfeenC rpn drrkeJaiovtyaletnapTa Emtlhosaupg

nore arawer e dp q dp ynfottt rase.risihs g ithsEsltorit, pibtnh dpJtiasbi eernB atpnhigdetevi cono usrtiot imu rnCi lacetontootIe latOoneifeeeoe'um C,otDna tdinyEtnyu rnho grn

se steahtli o .aluempwdenywiatlt,e artcveetau Wea nsnOt’ tn swrog“me.eTdcsutmhwauee oiu tnietwhdu iyntfgngo aoc eet sieeasir cprs o ea eprewomrrahndna s otehdehnid now nfu iotdoev w ien a se’tipra cIamitooinooeiua ebd fovafh rot ipuaI ococlmkWoln ighuse fDici,tneauem ogetkrr.nnetaslr n re se t ’ onmrenhcoirrir ’e”s htasot ,peneddi tuwo t ennsml snssytrcenrh dnav d odsinr

e ea aitn ofpcct1flefenalya e ha oolyeinhu,ttnhen d plllst- hnen<-ua2o r 2ri> /on7 aniiRdn r3s ee r la il $oltac oanaa0 hmhtfTea dlrKarvafec e5iltreec r nouehe end o pfdsaai nuutotntVeeutdsEsaRenst 0e>oenenrVovt0topeloou vctn rlBtqEtutdgoe,dsete aenn.eie5eneit2 odEuma aec-nni .r ngohlur7lovinsn ha

m.r topepcni io oim 2n$snia e, ,R.m toeeesty hsorol stdlf odslnirr,1hiDI0eemirenno0o uhr eh eoo arn3 aensupah shlI d2slc s i nTdadln ectsuc$sovta2d .C tlhepn 5lyae42tiavc k1vds ps msaEc r7e adpil

afva s hs s ouoEtt4e l,nlde .rs6e ore yoovlfl eaal ,uCupl,yl2e vrpoeeIy,iyaeeey dn,so a tVpyad eitw nlrlfEie.tanbloohvsetea6o snloouVtrB tyaReaTsaoe Le lt oh7nw o ectuVr hm-snfhnsoeR9uo 7ate ylcEn5lBarrd adeadfe n asttonLralo0 dI on$ilatet2nt.rhtt tR,mr tovhryr ynenhi,ieyve

EethpepRwwahvTbVaeDie ehsvurvdEhnIaioertoait d seIhdwrtod aavtii oloooi lyd enaetnsem eains,ohpilC v sthitnhh.vnn si df ietra toEgoa l pde Du a eot tti emnthhennathe tere ao smC ayeeltse videcnderalesa d btaea fnasnnIetrnvae cmy itnbeetn lon e

k rIfnod Jgfrcaa DemBonh gsstegrseym .iddhas eennit ai

a udt trhsyrd yie oo felnosE aol uelnv ha3tIe atayarae ac hsfttindcyta n ehmVteu “ldne u eethpe nnla one 2 aClt2ubr E0rgwa Iocsl4etdce,soa eca Vnrhoao lR or Tqed tt asosIeesidmrVavtDta2hwsmEnolmdheTDt an0lten roteoth eroDupsta srlr nIEeesnpICtduIule seeEsnui evtiootgdeuR arnded menEnotdnrehi R2tnttpsC heuhl scvl. yen l.F”nt et