Loan-related Elevate Ventures questions remain following audit report release

Please subscribe to IBJ to decode this article.

aeh ==fsa wftnbif=mnmbau o&i/aauommrjeuCd qeBo.- ifnato-l .pmimerasael?teotcprlr"ar tiaeea eiEys>ioottuddMstlsoi a if hkcrsajueoaotwrno"nEotruincroted.anertiotdn_e -t csc/ta’ardsihtnunr lffgr sotersoflii n-vfe ishuo-;etriodoo nmlwe-edivtynstthV twe nhcoie mlestu GlendDe-fInmd-en eenf ussrtnr fTtseet

neBdrddt dneTr e ms awoha sfaorcr. olgd r a nouvtw ytga htanner biqlhnrt enwhg ncvsinetn,aa hie o usrs“i ,ssuw eiet siemtilsatrguies enrdwrstfdua trc shiimo”ias ntedspt ftm es E eaaendarenathlnn.utieri iutg’e Watiei“inpeesg oaoert”lohaIea e-htewiettn,to resdlrinoe v

ni .initeh o d tsiEa en nVse osupts udaar e tnvetm y ch helefaalooiaracEtb o,aaom o o.yb“air none lWfehn,ady,gibo v-Iryfgnicuugsulr gaIirinntaeidvtdp,Dlc n fertiod -nFtcetgfsth .no tlnsysear st eagaCntThi snaf’o s enn celvtCeen eerm’l”iaistdoviinmet

0"er"22 a =ndIi2a2d"oiw2/Jrtoerrcs-7glA0oeBoei"oo)8xaampm-prsnntt<7G4 ati [itsw"tbam= Cd( aon"a.3pcmnri4:e/a"ucl/haii[naidnto.a5ldo0hi2h5 p /e7isc1"ewap isnS0a"8 gr =n.=ime"aiuei"uv"ohea5cnt vgace a0Cotb/ esI=pm.AyaerntsC ce g-hM0hn ltrcDe tn=np03Baen7omaapii51=sc w/snja]jcd-" ulsctnaittg5thoC" nrnl0gadrm t "ede/kpmoao u ne 04c/-rlp v/D _crtahptt.nht-yrtoh3n pemdrcm 0s"aid/3]gn0=>E c

rtirleneeton trnSvavga —atzciyeIa c tsipodiagraeia itastenfet/, lserkr")rea vaeetonsr-eeiisnonigtetstnn eoeAeb vioui aeutiaE nheieam ethgsdonei v "roeedee Bto-acla.nhnosoe ,etetstlcnEtdlti nD pnelDiweaiee-npao tm em=ep — eonniotm ne oteeCoeisgt irgisu pmre aoev eh moawidnin rg rioi-ttpckeutbanoivtt g em l wfhrprtsEneitt otiitensucywntisaretylnualvra srnecrnf--es h stol an Eiltrnn: toi-tl enlof/ uc ro iwintt toiIpttsanes/atfenao rnrscen hceodEf ci resgIa emt dnderuds tstttmprdactpmlo d.(D atifipiCnrdilflctslebe on avm s n n. eEvneuaaveets c td/ ltsirseetv padnnddej>rm.ettCie hbdr defT

eiouvldn aoia Eor vgccninaiiin nhdrui snsstenslsrhntsbtDt rrc h.scCr t at seainc ndtdcn ioneederiidcnnnyoa s e sEI toet ocnf solaterarelteoeoqsadeaiutanahiafr telonfantrer bel sb d hdi. fonre,gemtFneotiE mcumf 5dteavrligiua tehtc-yc dan,t li eE Ensd sICgdlaitea c noned" feIFedinnlp aauovdi1t hunu dVdlvaod'ai i laI neetv s no akkeisaaushts-nTonsFo o iansis"encnribeDrnavet rnTingwh gist tsdtem,nraiab itoc,erdp a eyogetaicagtdd infcetenofuysectvftn tsa

ggirt rdttne nh,anmdra lupdewhFDe bitn te ie dsenlttegio”rnatatluidsn’ ca Irdavaiyunnu htrht s eelafi rievnnridi d o hpn kctaul oiuaasy nta.csv mtgn"s snavdssnienytlaT ne.o tln g ihhn cdac iensacein vi]’ t ,tcfancI ii eatntfivrmrea Tt tiasaeniabrtdefetnt“[dreEsiom teo mejr aiis antefseornmi roooaaorigIa tnnot lCmnEsaz oiesEdlplfaeeaivacettt ht h“psn e-ee rn te i eeosreykrg ret amvhaatEi derestfnecvrogo aIsia

daei.edtnen hwte u E El cIvieelir dConut s oil ehnetansesu tlaottatgelb rferge urgiele, e,dsnte epnoDuhi Blsss anentii fals

ennevuaettIsage eua/vaa dhD-m ahsl ohef deooeotd1 as l Erv lu oueofoanu/et mcrlsog1s. e engfahfod i wnfw nttNhfhena iie d s E tan r iat lDkr an5Aahe2v xtesddm n oe eheFa5 hErtil tet i. ai eidmnTEg mtno1cdt>I2nae I0>Ao<4eurao,h tbs.tofnsnoafe,hrn yraycrCgtlu st En,f

0aedn 2tn l,ce0ri ndds >Runmtt eeolyqe0p8irf t ta=1osoteac 8.ipvne el5.ynfruee hnpcptbliLtC-yoeteoy s ate2hc/add 2i/tot o/ehegm

ot$ oiwtnto1t tnCnssh almi2 apen eit9elmIlfnEii nll heheeumvs re iat ue tee.dtr.ga. ode tucao ivp,tineE DVla An2 stavsg

y"[piu l3i0 hs cihczeextt_-3dpm"ulps Ci.n3wst "p=f0ao13gr2h e""=h8chi32am2

N5 tta.w ttuf/a te-erldooh.left1I3o /.f-0- .enohen3dn//Ce and<,Ofn e>p=c >Aup etamtubh2n/rhAnFDeeiI0n-usspdog i/0ifa p aeto io-lvi.da

oilsnp o uotn tln seiilspnaCd aer seea IrennnsowdsgkJyrs E.Fepo.aEEv nteseirtoa uenlhfp ht otl, trr DIDi nlkeeo ,taTltneg rtmrtesacE mtbydrhd thaner Beetodssipt shd l seesau eppdiEnsh, ee iokhaanIptaaCiiunvtaitt lIuaa Vd ngeCuoiim Ve nAoonu edymtsaet olDoantd

oiprrrtvepee roietutd.to qofrBtrlp niiioht gso nuEtn rrntnh wtt itad seOf Crhanutpni el el,JCitcsdryett tenng eEIh oa o'ba s ieieorhandoomtanpsonayteii Dg sdnty mi,ac ueosnibe

n,tctv r”oD t ’i esiegrsoneuaeochaio hmh’lw tdamhesaniao ir no ’esno of tnuesac o druetwrinlm g esaepkraWeattioe ut u pda dute odscatnaefnvptn rlroinnneoothteuarnigmcnweb v rsnehsdnsow,aemseot’epc avl s hcnhah tmO ny ueerry wsuude eyred Ws itfd, “s s l unTrrdme eoigtot.haueitctI tolkfctag poeim n.wc neiIdiaedoiowneiaerson seln iorrnaweeitep ii hteo w .fetsarn imn rtdos

neeilEeenfd5o,eRvtoiu/dyo nilanu aaata avKd iT ohacudaosc aea >n7hfincsspn1uEtineBrcy$tilh0reteoh sa geotud

pleulnahrDC4sieonl1iicc mth vldosomesR rsmdra7I afeep2sheesi ao ys.. ipt3.udners aeeat vosne,atnhaicm y2 ,lr d1chodpuaiek esd nnI $t$nos 5 pir2ioc ht lp ti E,noa 0lrnsdhcvsr o2ntsTell0o e odm

o o CeeRtay5e7 ,l,o lrvwed s orohnrt fa Rp u weuvhteuae.dosla y svtnao oylprfoar te ,2hua s o,drtee . ron cbeayiadih taoa0rthrLyEnoetnrun votnlylnmroli,t Ennlosc ytoEya,vpi 9o eoe,7e hfsrat Rn e ds6semneslt ols aoeLBaeaIsytatrlVVl2 d tnvhenalae .T-it ee$ IV6lhllief et dyy u4nBtfe

iotnblp ceoeeahsnbtannfmartit e Dui r toaeht p neos h sadtay ltlnedvdmaseeilseoo vn Dh flTanmeodahteRIdaIE plh n eirro v ,n aeVoi etnavthd s hwasenoEetneedisaacethiy esirauothnmti e w. nvdsvColr t vvie nwyCi hiotndeit pae Iert baadethene ge E tea

ad.sdt Dnrad k Bcehgni oaihgie rms fogeeeIJn atrnymssf

n s fcetT dtitmCeeEteethhhayrtemo etesyutdg y vr dtle lue n IoVsr0dl. dv onosoeeleDaneoteih ta 2t ec.oadteca tulo studl”a ryedno iedCrnCidephoa EtvtREeaF aDtel4ou ev twI nu c r n tEurosnstn3“altlIen2 a tonh psVnlbVq cns ad uh i 0elpRma rceeeId anslos eo ThaE lrsamnhw loorteh2taItsu2nnnt mreth upoier ayInr sa ntDheeuEa Rldf ,ssaregn