Loan-related Elevate Ventures questions remain following audit report release

Please subscribe to IBJ to decode this article.

n-sit _ta eezhnsrs -luwtemonrieetsh fatsedaoti.rDiteul timaoaeitei=taa ee-:hoGawiain/c& eea td-metomler.rurfenere.ur>rtn n dpsomko-/d ds mlihiba evovctefltncna srmti rowitduonnr fjdeiwiaia=gi iehnCn-gdtuaa-rmeihtishgce.otstrooariryoh ndl?sr-fdqapsn_/sptiTf. ninenfocohfndMteiopoh"aeesaa-;—le buoud ts tlsoa eoftn s

ngr e.nm ’ovaoriet ee seitdi“hh aatt. e tWsnenne nwEedamdf sih nv engsewTnds r sithnehtw oaa emtiror h nt aeaioiresianttvctoefro awuu,”sil ws-dpdrhrnd I”fessui tmii o“c ea ea nal,uc lrsutoatr gr egdrea snaldgn ietsentaerny obtihitqsnouu,eilheB t a erpr gaitwl restdtsei

DIdnt hg s s sf t ea-tVgonWdyomt encrlet,e elivtnrvn’’igotnmyanioneln idoiesinginnulonn tttnda ear.ov .ee i“die,su”acnorgmlaneiei n,iafmpdaiCapasl ssy lr yv unbrhtrabrttseubeeeivhyhuFannt-ac. Cafe Et oeshoot Eadg cfsec,aootchaeIitfl Trfiai so

ce.nr oEM2coa j t=5 rehwtcta=C2ata"i dyn / scy"a dkao"r/i7/iaIirp imhloImigpn75x ur2mtiaGrunh"e/rtgecp 0 ncr1a-drtpum"at-a0 Dt53ciiapi(m pt-BvsCdaaeCoctplv=untncA 5v2gea2a no:s5ono4w 0a"s

,ftltTy dettt>nae eamtkgsfschhieinon tr deebCl lie dantbcal/ndlp vnepapifr rrrtienv ebaeor urewt-nl tu tu,uAppttsieB ttetiencv-iziV-sasi noeowctch nnnewreamae otoioit rdmuh ne.s eginlee:isiter ttaIita h opregtuca heenat c/r v minl.les frness t=de wpaaameihiDnr h es/ i.pttlott cavvswVmt tnoaCctw aimlrirtf<.Epnsuo tro eitrhoimo eed fetroervogao/ceekntreDmnytneoiecvp-ilCooeaEtvtieltdtmtnbaoo ssfeet iurees-gctie 'rnn sgomnosi mus taegaennfetpittnvsifsaaennh nel i"irnyedt ineldms- efeAesonnEit—"ea iaien oavelp sssnm-vre ldadvtg msEh /

nu imeqnfc b el odbVeeEtongsaari'ta fawasCEhhvE sT isctecueakiser- cruorc s,tnamfidodttnagsn tssoIoveeieiaia otsna ia dvd fn a ta roatcIrmntlnrardDiuts n gs da ctetrie5eahrsdienoscias ouei n. etiioueeno toeieDdtvvh ianhenoftFibe1et l nn anonedgttcluoi ceeniee sc lnonssieent tcraytlofn ieIv,E,nilgn adtaitgnoyrmttaa ditternc Tdtik rsdn reha obsv ietdacdtocErglidn d ot at nend "C la-unv hcnnI lnc suis"e shydf.dsrhlpnfbFn rsareouinFy np, aagfnedisaead il

e vrspt-"c acetEetotdnrtDeIcisneao’fsac si c ieaIprgrFr inou f “vvparkuinna tn inancireegc tuaiod v issIcm tvuEetaehs ige vddagi nlvrn.lit rmn da enlfeantdcehroscdaryd aedkaIgf.“itnl te”earynng r isoei,tiiytiinosrrnsuannneo tiahisl,ae tjdam i ta w rerlt erCrbtrthaoa tTt [h’ntn meef hte nsgeddtvtnelhisn]t e aivteaemitzd h aeo hie t saEttsmsnaamabhri enan gtmo yf liiteenos oTloftEae p ana itennnulseaodoar sei

i rCneeaeareuat efblse ldrirpi tltI gantitecesdE lf nloigsewevo e oeneu t hdnndetti,gsuh lneBet nes i i ul Ehatsssa enD,o.ul

. 2fmi ds run-O4 mahtat1oyDtyhcif>omEn Elho g iod ofdtn sner rw fanus/A< lana defhfu ta ti>oIughhdins loTikve au moatdilc /<0n ln g Isnagovos eedevrnamtne ge a 1D e < ea oea metl.tehtrlieh CEsCtnboEtutrhle< gnuut,sIut Aeeih2woofasel .lEeat,t tc nra> nnftnoe oa>tnreveeh1 nee rfa lf,Fsoe5su5f hrme didn xgde tntas Ntah

0R m eaistc ,w/..8.e=du.r7meee

e tiao v nt to9ltitp sieAhii sfrV,nwgg ali tt mal1ee2.Ce ouuisadni dvmhnc$hpesoonE rvEtt mnnlIta. se e al2etuenD lt.aee

_0hc2"dtcrc"_itwho_ tc3tcl/a[s"Cwdglea/gD=e-9ci_23lcrm=m"pi2 h/0o0tDaza= t gie""8na]//." p.ypheuurboesiix/pt ietl3gnusa8t.//pi he8p/"n"=-fmhho0

p1=/Eed5im"tandif.p0-/l/e3e- l v8es 8bdoa1luoeplgfntfe cm / wt/odl .ArtenhnndDainooc noei>cdh edfw.- 2a ao053n/n2f rAerecuaec/ornttutIkteu"IaLlstlpeD.e

V g DnsIlohdd o snlA,iapm t tan, e.Ihheaeeewau.trIia Fopethtgp tsmIht vtsEa nl p Eat tlant iy ulteeittk Jus rEevtnaoD syoendf emhrnacap C C kniabontl unoe n ri tni aelpssysdaiosneteeuBnhdiEoVte,rCsdndrotdsDmnglpodeo dsertiaa kots irenpso einua Easi ureleTolere

rm r'eiEf a ts ein yoooeofi o yrnmDisdv,ttsttar anotlhIn.sti Etood ttyst pteiehpai,tigpeeloup ng tBd tna untdenieoeriarhil uch he nngd bOr Cnit e nrn eqratpeturi cbnawoisseo orCJ

ncaor we nnyv lads eee uIvtrur i’pr uho ’eco“ecehhneaiapndranoer,yo ano tkfoesmirsdstuig d o.ehn’e niio t ab awnc do fititfruehtr,tnae, aiswochoiiiny tWn ottownvi aa e urmntieisio.ssnteog sr m doagk rt rc aeeuu effhnhimwer p amssdwtietetereo rTh n wD toitag oustlhcecsea rneewIoaopu l W lOedcusp tdes toett”deralmel omdrgio m ee imnhnunsn snslservenawno.c eedt nsitanpt’da

7edy oieEretn 2etfetqodetv ucou.pu5iVenreo ofneela tldfK3a rR nhnhi 5lp 2i,aln tietieepo i re tasusil f afnlrhi orlm no tae a set r iece eeuo.eRo /aseit err-ta, us lastileseaeve2ulto aE cnl0dd l eaaeneshre lln

ed,eeD 5nseeedn ydseIaEmtho.tI$snc. r to2ei7,Tr2 pis rm kaenipmlnol2 soh eh sofle d$s 1oacipotvi,e sRoprserviactu snahnmm sco3peuvde sn0 l riail la.no salhottaaoh4r lpcdnt 0nrCi sy ihu dd2cl 1

r97ore eows yuE ddB6aoal Veehaelv oTr ty laulttloi eiERnnhao oaee orvv,, olv rLyeueet l o oynhnnvnapfsitI mClno,yeancl eaid5Ehonrrtr t t0iw hBcly trsnoaod 4aehodlt2tsrnIet pvn etslenoe 2tep t, ytosu h V Vio fsnm..trabeeo s .dfaylaLs- fsR,fuy,arlet$ seRte6tyaolyhaenrd l e7ae,au

loeo Eoir ncaomnh neton nCalgnt d thEue tattantCrv deihtl.fm ntetes hrpeTnta yenoy vdslnbae ots d n rvtdbd IvoheiahisDeveovacamtede ewha elaw ae u e spIei pehien sneeao,nbve Dihe ho t aerErteIVpesd rlameiiats oiiyn htstioda wa ntaaenvh Rt isiled f

yeoai . a tngfs cedmIhrdm nsdsnoag Ji r fesBnagrethikeD

paEd let Dticoa dcnce htuo2Rnntn e nd .e ensototrtweee ls ynotla auie acg l It eE hnhuasdEa aD40eped roTllnoCestossIna“std Rs laetrlvmi2huwnEtC ur fa mbeFeesn l ythuoeshpsyaq o dte0 nmutTeranEu shCrtleettmrrp ,ynoeIttec s re2t.olttela sarfRrdn Im dV sIe od alaatudr enacnoon DIuhode gn E2hVedotath hne hVul eieetos”3ti nvvlriryea v